The firm's re-insurance costs fell 1.5 percent to 583 million rupees. It paid 3.0 billion rupees in claims, up 16.7 percent.
Profits were helped by investment income which rose 32 percent to one billion rupees.
"We invested in a range of long and short-term instruments including gilt-edge securities and equity," chairman W T Ellawala said in a statement.
"This was as a result of our investment committee taking advantage of the bullish sentiment that prevailed at the Colombo Stock Exchange during 2010.
"During the year, we disposed of some of our strategic quoted equity investments, booking substantial profits that contributed significantly to the result for the year."
The firm is reporting earnings per share of 2.12 rupees for the year, of which 1.72 rupees came in the second half of the year. The stock traded at 16.90 rupees, up 20 cents intra-day Friday.
The firm said motor insurance grew 11 percent and was the highest rate of growth seen among three largest insurers in the country.
Motor premiums grew to 3.39 billion rupees from 3.06 billion. Fire premiums fell to 402 million rupees from 475 million rupees. Marine grew to 117 million rupees from 101 million rupees.
Managing director Prakash Schaffter said tight cost management was helping the firm. In 2010 administration and operating expenses rose 1.3 percent to 1.29 billion rupees.
Janashakthi Insurance had gross assets of 11.8 billion rupees by year end (up from 10.3 billion rupees in 2009) and net assets of 2.7 billion rupees, up from 2.29 billion rupees.
The company's share last traded at 17.00, up 0.30 rupees, Friday.
source - www.lbo.lk
No comments:
Post a Comment