Wednesday, August 31, 2011

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.

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.

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