Janashakthi Insurance PLC posted a year-to-date gross written premium (GWP) of Rs.4.9 billion as of June 30, 2015, a 15 percent growth year-on-year, to end the first half of the year with after tax profits of Rs.200 million.
The company registered a 21 percent growth in GWP in the life insurance segment on the back of a remarkable increase of 48 percent in First Year Life Premiums, the highest recorded since it set out on a strategic drive to transform this business. The GWP for general (non-life) insurance segment grew by 13 percent.
Janashakthi posted these impressive numbers while continuing to honour its commitment to policyholders. The insurer settled claims totalling Rs.2.2 billion across life and non-life categories at the end of first half, 2015 of which Rs.1.2 billion was disbursed in 2Q, 2015.
“The double digit growth in gross written premium alongside the Rs.1.2 billion claims payout in 2Q, 2015 is a reflection of our mission of ‘bringing hope and prosperity to all’. Having kicked off the year on a positive note, we continue to maintain the growth momentum as we strive to offer greater returns to our shareholders while delivering on our promises to clients,” said Janashakthi Insurance PLC Managing Director Prakash Schaffter.
With a paid up share capital of Rs.1.496 billion, Janashakthi Insurance continues to reflect a healthy capital structure. Its asset base grew to Rs.22.18 billion in the first half, 2015 from Rs.20.87 billion as at year end 2014 while the Life Insurance Fund grew from Rs.7.3 billion as at year end 2014 to Rs.8.5 billion.
The company split into two entities, Janashakthi Insurance PLC (JIPLC) and Janashakthi General Insurance Limited (JGIL), in January 2015 in compliance with the regulatory reforms. While the restructuring of life operations have resulted in increased compensation and implementation costs, Janashakthi noted that this would only be incurred during the first year of operations with the benefits being materialized in the years to come.
Janashakthi had welcomed renowned Sri Lankan business leader Husein Esufally to the board of Janashakthi Insurance PLC and its subsidiary Janashakthi General Insurance Limited as Deputy Chairman with effect from July 22, 2015. The company’s Director/Chief Executive Officer Jude Fernando was appointed as an Executive Director to the boards of the two entities at this time.
The board of directors of Janashakthi Insurance PLC comprises of Non–Executive Chairman W.T. Ellawala, Non–Executive Deputy Chairman Husein Esufally, Managing Director Prakash Schaffter, Chief Executive Officer/Executive Director Jude Fernando, Non-Executive Independent Director L.C.R. de C. Wijetunge, Non-Executive Director Manjula Mathews, Executive Director Ramesh Schaffter, Non-Executive Independent Director Eardley Perera and Non-Executive Independent Director Anushya Coomaraswamy.