Janashakthi Insurance PLC (JIPLC) recorded post tax profit of Rs265.6 million for the six months to June 2009, up from Rs 82.2 million in the same period last year, saying it was the highest profit (per period) among the five insurance companies.
Revenue was at Rs 2.9 billion against Rs 2.652 billion last year.
Managing Director of Janashakthi Insurance PLC, Prakash Schaffter said in a statement that, “General Insurance business registered an growth of 5% to reach Rs 2.060 billion. The Performance of Life Insurance Business has also increased by 5% to Rs 702 million.
The relatively low growth was mainly due to the prevailing economic conditions, which is now expected to improve considerably." Mr Schaffter said the company has managed to record impressive results as at the half-year, mainly through the management of operating expenditure, which recorded a saving of 3% over the earlier year and prudent underwriting practices which resulted in net claims and benefits paid also being lower than earlier. He said despite fierce competition in the market and the challenging economic conditions, the company managed to record a growth due its wide ranging insurance product portfolio. |
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