Janashakthi records Rs 9.2 bn profit in 1Q | Daily News

Janashakthi records Rs 9.2 bn profit in 1Q

Janashakthi Insurance PLC (Janashakthi) recorded a profit of Rs. 9.2 billion for the three month period ended March 31 2018.

A significant portion of the proceeds from the sale was returned to shareholders in the form of a Rs. 11.7 billion share buyback, yet another reflection of Janashakthi’s commitment to its stakeholders.

Gross Written Premium (GWP) grew from Rs. 705 million to Rs. 764 million, a year on year (YoY) growth of 8%. Janashakthi also continued to stand by its policyholders, paying out Rs. 294 million in net benefits and claims, a YoY growth of 5.4% over the Rs. 279 million recorded for the same period last year.

“I am happy to report that we have kicked off FY 2018 on a positive note with a steady growth in premiums,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC. “This will be a year of transition for us at Janashakthi as we focus on growing our Life Insurance business into a key player in the segment.

The first half of 2018 will be a period of transformation and we are optimistic that the foundations laid during the previous year together with our singular focus on Life Insurance and ongoing efforts to rebuild an efficient distribution system will strengthen the Company and yield results in the future.”

Investment income has increased by 26% YoY, from Rs. 325 million to Rs. 408 million. The total assets of the Company stood at Rs. 18.5 billion due to the share buyback, wherein substantial revenue reserves of the Company were returned to shareholders with its completion in March 2018.

“This year is truly a year of change for us at Janashakthi, and we are eager to strongly establish our fundamentals to set up a robust Life Insurance business. Having embarked on restructuring our Life distribution network in 2017, we are reviewing our branch network and re-aligning our presence in the marketplace post the exit from the General Insurance segment.

We hope that this, together with the renewed focus on the Life segment, will help us strengthen our core to deliver business growth in the coming year,” said Jude Fernando, Director / Chief Executive Officer of Janashakthi Insurance PLC.


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