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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Janashakthi Insurance posts Rs 200 m net profit in 1H

Janashakthi Insurance posts Rs 200 m net profit in 1H

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Janashakthi Insurance PLC posted a year-to-date Gross Written Premium (GWP) of Rs.4.9 billion upto June 30, 2015, a 15% growth year-on-year, to end the first half of the year with after tax profits of Rs.200 million.
The company registered a 21% growth in GWP in the life insurance segment on the back of a remarkable increase of 48% in First Year Life Premiums, the highest recorded since it set out on a strategic drive to transform this business. The GWP for general (non-life) insurance segment grew by 13%.
Janashakthi posted these impressive numbers while continuing to honor its commitment to policy holders.
The insurer settled claims totaling Rs.2.2 billion across life and non-life categories at the end of first half, 2015 of which Rs.1.2 billion was disbursed in Q2, 2015.
"The double digit growth in Gross Written Premium alongside the Rs.1.2 billion claims payout in Q2, 2015 is a reflection of our mission of 'bringing hope and prosperity to all'.
We continue to maintain the growth momentum as we strive to offer greater returns to our shareholders while delivering on our promises to clients" Janashakthi Insurance Managing Director Prakash Schaffter said.
With a paid up share capital of Rs.1.496 billion, Janashakthi Insurance continues to reflect a healthy capital structure. Its asset base grew to Rs.22.18 billion in the first half, 2015 from Rs.20.87 billion as at year end 2014 while the Life Insurance Fund grew from Rs.7.3 billion as at year end 2014 to Rs.8.5 billion.
The company split into two entities, Janashakthi Insurance PLC (JIPLC) and Janashakthi General Insurance Limited (JGIL), in January 2015 in compliance with regulatory reforms. 
Courtesy: Daily News 14 August 2015

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