November, 15, 2017
Janashakthi Insurance PLC (Janashakthi) reported a consolidated Gross Written Premium (GWP) of Rs. 11.047 billion for the nine months ended 30th September 2017, registering a remarkable growth of 12.4% 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.
Janashakthi posted these numbers despite the impact of a spike in Fire & Engineering and Medical claims during this period, as well as the kicking in of the full year adjustment for impairment of goodwill. The Company had disbursed Rs. 5.5 billion towards claims, posting an 11% YoY rise during the period under review. This further underscores Janashakthi’s strong fundamentals as well as its steadfast commitment to standing by its policyholders during times of distress.
“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. We have posted these numbers despite having witnessed a significant rise in claim settlements. This has been possible thanks to our strong fundamentals and prudent reinsurance structure. We look forward to ending the year on a high note while staying focused on growing the business exponentially and delivering greater value to all our stakeholders,” said Mr. Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
The Group’s consolidated total assets stood at Rs. 35.8 billion as of 30th September 2017, of which Rs. 24.5 billion was held in the form of investments. The investments portfolio grew by Rs. 2.9 billion during the nine months under review, with average yields exceeding 11%. This was the key driving force behind the 30% YoY growth in total other revenue, which came in at Rs.2.242 billion.
Janashakthi remains committed to ensuring service excellence to its customers, with its recently launched service product Janashakthi Full Option High Speed Claim leading the way in delivering innovative customer service solutions. The Company also continues to excel in its brand building initiatives which were recently recognised at the Effie Awards 2016, winning the first Gold Effie awarded in the service and Insurance industries, for its campaign ‘The Guiding Light for Life’.
The Board of Directors of Janashakthi Insurance PLC comprises Mr. Husein Esufally, Chairman; Mr. Prakash Schaffter, Managing Director; Mr. Jude Fernando; Mr. Stuart Chapman; Mr. Ramesh Schaffter, Mr. L.C.R. de C. Wijetunge, Ms. Anushya Coomaraswamy, Mrs. Manjula Mathews, and Mr. Eardley Perera.
Photo caption: Mr. Prakash Schaffter, Managing Director - Janashakthi Insurance PLC