Janashakthi reports Rs. 4.1 billion premium income in 2006

Janashakthi Insurance Co. Ltd said this week it had registered a record turnover of Rs. 4.1 billion premium income during the financial year ending 31 December 2006. The company said in a statement it is the highest ever achievement that any insurer has reached within 12 years in operation.

The life insurance business recorded a Gross Written Premium of Rs. 1.025 billion registering an above industry average growth of 26%. One of the significant achievements is that the first year premium in life business recorded a 37% growth in comparison to 2005, with an achievement of 479 million, the company said.

“We are very pleased with the last year’s growth in life business. The total number of polices registered a 27% growth totaling up to 53,000 policies,” Prakash Schaffter, Managing Director of Janashakthi Insurance Co. Ltd said.

The growth in motor insurance was predominantly due to constant innovations and benefits brought to the market by Janashakthi Full Option. Janashakthi Full Option introduced the Zero Interest Plan for the benefit of policyholders, especially Motor, who find the lump sum annual payment a strain on their finances. Under this plan, policyholders use their credit cards to make premium payments in monthly installments at a zero interest.

The motor insurance market was further revolutionized, with the introduction of the ‘Full Option Safety Net’ during the latter part of 2006, which is a state-of-the art vehicle tracking and immobilizing system, using GPS technology.