Janashakthi records 98% PAT growth
Recording a Profit After Tax of Rs 280 million for 1H (first half)
2011, Janashakthi Insurance PLC (JIPLC) became the most profitable
insurer from among all quoted insurance companies in Sri Lanka. This is
a growth of 98% in comparison to a profit after tax of Rs 145 Million in
2010 in the same period and is considered a remarkable achievement given
the nature of the industry which has 19 players competing.
Prakash Schaffter |
JICPLC Managing Director Prakash Schaffter, said, “Despite aggressive
competition in Sri Lanka’s insurance industry and with such a large
number of players, we are proud to record the highest profit quantum”.
Schaffter attributed this achievement to the Company’s strategy of
focusing on the bottom line while offering a wide array of insurance
products and services with unmatched benefits to policyholders, coupled
with exceptional service standards.
“This enabled us to retain our existing customers together with
timely settlement of claims which amounted to over Rs 1.4 billion during
the first half of 2011,” he added.
The Company showed a consolidated GWP growth of 23%. Janashakthi’s
Motor Gross Written Premium (GWP) amounted to Rs 1.7 billion which is an
increase of 18% over the 2010 first half of Rs 1.5 billion while the
Life GWP amounted to Rs 869 million which is an increase of 23% over the
2010 first half of Rs 707 million. The Non Motor GWP amounted to Rs 736
million which is an increase of 39% over the 2010 first half of Rs 531
million.
“Our proven track record has helped us gain the confidence of the
general public. We have the highest stated capital among Public Quoted
Insurance Companies, amounting to over Rs 1.49 billion. This is over 7.5
times the statutory requirement. We’re also backed by a rapidly
accumulated asset base of over Rs 12 billion of which Rs 4.1 billion is
in government securities. We also enjoy an extensive island wide branch
network of over 100,” Schaffter added.
Marketing Head Paddy Weerasekera said “During 2011, our primary focus
is to extend the benefits of our flagship brands such as Janashakthi
Full Option, Janashakthi Life Unlimited and Janashakthi Awaranaya. |