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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Janashakthi Insurance posts Rs 106m profit in Q1

Janashakthi Insurance posts Rs 106m profit in Q1

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Janashakthi Insurance has recorded a 13.4% growth in the first quarter, after setting up a new entity known as Janashakthi General Insurance Ltd.
Janashakthi Insurance Managing Director Prakash Schaffter said the group has posted a consolidated net profit of Rs 106 mn during the quarter ended 2015 in comparison to Rs 156 mn in the same period last year.
“The drop in profit was mainly due to the market to market loss of Rs 71 mn accounted during the period under review. However the subsequent bullish run of stock market enabled the company recover from this position. We are confident of improved performance in the future,”he said.
Janashakthi continued to build its brand equity and awareness in Q1 2015 by driving product innovations.
The new entity, which commenced operations on January 1, 2015, handles the Non-Life Insurance business. The parent company Janashakthi Insurance PLC, will act as the holding company engaging in the Life Insurance business. 
Commenting on the performance for the first quarter of 2015, Janashakthi Insurance CEO, Jude Fernando said "At the end of first quarter Janashakthi delivered a Gross Written Premium of Rs.2.5 bn adding nearly 300Mn to GWP vs first quarter of 2014. This is a healthy start for the company and we hope to continue on this growth momentum"
The GWP of Janashakthi General Insurance Ltd, (the Non-Life Insurance segment) was Rs.1.9 bn compared to Rs.1.7 bn in the previous year, reflecting an overall growth of 12.0%. The changes made within the Life Insurance segment in 2014, has shown positive results. This is further validated with the Life insurance business recording a GWP of Rs.605 mn, growing the portfolio by 17.8% in first quarter 2015.
Courtesy: Daily News 21 May 2015

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