General Insurance growth for 1Q increase:
Janashakthi records highest growth rate
Janashakthi Insurance has recorded the highest 1st Quarter General
Insurance growth percentage in 2009 among the Top 3 quoted Insurance
Companies in Gross Written Premium. This growth was achieved during the
second year of its Initial Public Offering (IPO) which was held in 2008.
Janashakthi Insurance PLC also recorded a consolidated profit of Rs.503
million before taxes in its very first year.
“Irrespective of fierce competition in the market, we have managed to
reach this growth due to our wide ranging insurance product portfolio
which offers unmatched benefits to policyholders, exceptional service
standards which helped us retain our existing customers, rapid expansion
of a professional and an aggressive sales force and timely settlement of
claims which amounted to Rs. 2.35 billion in 2008”, said Managing
Director Prakash Schaffter. “Our proven track record undoubtedly enabled
us to build confidence among the general public. Janashakthi Insurance
has the highest stated capital among insurance companies amounting to
over Rs.1.49 billion, which is over 7.5 times the statutory requirement.
The company is also backed by a swiftly accumulated asset base of Rs.10
billion, Rs.2.5 billion in government securities and the only insurer to
acquire a state owned insurance company. Janashakthi Insurance PLC is
the fastest insurance company to reach the Rs. 5 billion annual revenue
mark and having the fastest growing branch network of over 100
islandwide branches”, Schaffter said.
“During the year 2009, our focus will be to extend the benefits of
our flagship brands such as Janashakthi Full Option, Janashakthi Life
Unlimited, Janashakthi Awaranaya and further introduce a number of
innovative products in keeping with the current economic and consumer
needs. Janashakthi will further enhance the deployment of technology to
enable faster service delivery and to empower our sales force to serve
our customers better”, he said.