Janashakthi confronted with rising claims in fire, engineering and medical
View(s):Janashakthi Insurance PLC (Janashakthi) registered consolidated Gross Written Premium (GWP) of Rs. 7.222 billion for the six months ending June 2017, with a Year on Year (YoY) growth of 11 per cent.
However in its results posted on the Colombo Stock Exchange, the company said profitability was adversely affected by high claims in both the fire and engineering and the medical segment during the period under review. Thus the post-tax profit fell to Rs. 352. 6 million from Rs.581 million in the same 2016 quarter.
In a media release issued separately, the company said Non-Life or General Insurance segment recorded a GWP of Rs. 5.858 billion while the Life Insurance business posted a GWP of Rs. 1.364 billion.
“Janashakthi posted these numbers whilst continuing to honour its commitment to policyholders as reflected in the 11 per cent YoY rise in consolidated claims during the period under review. The company had disbursed Rs. 3.565 billion towards claims with over Rs. 3 billion of this sum having gone towards Non-Life claims, influenced by the non-motor segment,” the release said.
The group’s consolidated total assets stood at Rs. 34.2 billion as of end June with investments accounting for Rs. 23.5 billion of this figure.