Sri Lanka Janashakthi to re-enter Maldives business: official

Aims to establish presence in South Asia, expand in North Sri Lanka

Sri Lankan insurance firm Janashakthi is looking to re-establish its presence in the Maldives by registering its business in the archipelago in line with the firm's long term vision of regional expansion, said a company official.

“Due to a change of legislation we had withdrawn from the Maldives a few years ago and are now trying to register business there,” said Ramesh Schaffter, director of Janashakthi Insurance, the fifth largest insurance firm by revenue in the country.

“Our intention has always been to have a presence in or South Asia. It’s a first step towards expanding our long term vision in the region.”

On the local front, Janashakthi is set to open a branch office in the Northern Province later this month. While the insurer has continued to maintain a presence in the Northern region of the island, the new branch will be the first opened in Kilinochchi since the end of an ethnic conflict in May 2009.

“The North has been one of the best regions for life insurance,” said Schaffter.

Janashakthi Insurance net profit for 2010 grew 17.2 percent to 770 million rupees, helped by stronger investment income, with gross written premium also rising 7.9 percent to 6.1 billion rupees.

Gross assets as at year end 2010 stood at 11.8 billion rupees, up from 10.3 billion rupees in 2009, and net assets of 2.7 billion rupees, up 18 percent from 2009.

The firm’s motor insurance grew 11 percent and was the highest rate of growth seen among the three largest insurers in the country.

source - www.lbr.lk