Janashakthi Life continues strong, double-digit growth trajectory in Q2 2019
View(s):Janashakthi Insurance PLC says it has recorded “impressive year on year” growth of 20 per cent in Gross Written Premium (GWP) for the six months ending June 30, 2019, ending the period with a GWP of Rs.1.74 billion.
“The company illustrated its commitment to policyholders, paying out Rs.899.35 million in Net Benefits and Claims to record a year on year growth of 48 per cent in comparison to Rs.609.64 million recorded during the corresponding period in the previous year,” it said in a media release.
“A year after launching our new organisational strategy, I am happy to see the Janashakthi Life team leveraging on these plans to deliver impressive results for the company. We’ve succeeded in continuing the growth momentum from the beginning of this financial year with steady progress on Gross Written Premium numbers during the last three months,” said Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
By the end of Q2 2019, the company’s consolidated pre-tax profit was Rs.296.89 million. Consolidated Net Income also showed a year on year growth of 30 per cent with Rs.2.85 billion in comparison to the previous year’s Rs.2.19 billion, supported by 45 per cent year on year growth in Total Other Revenue, growing from Rs.805.89 million to Rs.1.16 billion in the corresponding period of 2019.
Speaking on the quarter’s results, Janashakthi Insurance PLC’s Director/CEO, Jude Fernando stated: “It is very promising to be able to continue on an upward trajectory, developing the execution of the plans we have laid out over the last year. We will continue to strengthen our commitment to policyholders by introducing solutions that go beyond the norms of insurance by focusing our efforts on new business, product innovation, digital transformation and customer service enhancement.”