Janashakthi maintains double digit growth
View(s):Janashakthi Insurance PLC (Janashakthi) has reported a consolidated Gross Written Premium (GWP) of Rs. 11.047 billion for the nine months ending September 2017, a growth of 12.4 per cent over the same period last year.
Posting a GWP of Rs. 8.9 billion, the Non-Life or General Insurance segment continued to be the key driver of Janashakthi’s growth, while the Life Insurance segment recorded a GWP of Rs. 2.1 billion. The insurer noted that ongoing restructuring of its life insurance business was set to drive higher returns in Q4 2017, the company said in a media release.
Janashakthi said it posted these numbers despite the impact of a spike in fire and engineering and medical claims during this period, as well as the kicking in of the full year adjustment for impairment of goodwill.
“I am pleased to report that we have been able to build on the momentum gained during the first half of the year and register double digit growth in premiums at the end of the third quarter. This has been possible thanks to our strong fundamentals and prudent reinsurance structure,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
The group’s consolidated total assets stood at Rs. 35.8 billion as of end September 2017, of which Rs. 24.5 billion was held in the form of investments.