General Insurance growth for 1Q increase:

Janashakthi records highest growth rate

Janashakthi Insurance has recorded the highest 1st Quarter General Insurance growth percentage in 2009 among the Top 3 quoted Insurance Companies in Gross Written Premium. This growth was achieved during the second year of its Initial Public Offering (IPO) which was held in 2008. Janashakthi Insurance PLC also recorded a consolidated profit of Rs.503 million before taxes in its very first year.

“Irrespective of fierce competition in the market, we have managed to reach this growth due to our wide ranging insurance product portfolio which offers unmatched benefits to policyholders, exceptional service standards which helped us retain our existing customers, rapid expansion of a professional and an aggressive sales force and timely settlement of claims which amounted to Rs. 2.35 billion in 2008”, said Managing Director Prakash Schaffter. “Our proven track record undoubtedly enabled us to build confidence among the general public. Janashakthi Insurance has the highest stated capital among insurance companies amounting to over Rs.1.49 billion, which is over 7.5 times the statutory requirement. The company is also backed by a swiftly accumulated asset base of Rs.10 billion, Rs.2.5 billion in government securities and the only insurer to acquire a state owned insurance company. Janashakthi Insurance PLC is the fastest insurance company to reach the Rs. 5 billion annual revenue mark and having the fastest growing branch network of over 100 islandwide branches”, Schaffter said.

“During the year 2009, our focus will be to extend the benefits of our flagship brands such as Janashakthi Full Option, Janashakthi Life Unlimited, Janashakthi Awaranaya and further introduce a number of innovative products in keeping with the current economic and consumer needs. Janashakthi will further enhance the deployment of technology to enable faster service delivery and to empower our sales force to serve our customers better”, he said.