Janashakthi Insurance (JICPLC) has reported a post-tax profit of Rs. 280 million for the first half of 2011, up 93% in comparison to a profit after tax of Rs.145 million in the same period in 2010.
Prakash Schaffter, Managing Director of JICPLC claimed in a press release that, “Despite aggressive competition in Sri Lanka’s insurance industry and with such a large number of players, we are proud to record the highest profit quantum.”
He attributed this achievement to the company’s strategy of focusing on the bottom line while offering a wide array of insurance products and services with unmatched benefits to policyholders, coupled with exceptional service standards. “This enabled us to retain our existing customers together with timely settlement of claims which amounted to over Rs. 1.4 Bn during the first half of 2011,” he added.
The company showed a consolidated GWP growth of 23%. Janashakthi’s Motor Gross Written Premium (GWP) amounted to Rs. 1.7 billion which is an increase of 18% over the 2010 first half while the Life GWP amounted to Rs. 869 million,up 39% over the 2010 first half result.
“Our proven track record has helped us gain the confidence of the general public. We have the highest stated capital among Public Quoted Insurance Companies, amounting to over Rs. 1.49 billion. This is over 7.5 times the statutory requirement. We’re also backed by a rapidly accumulated asset base of over Rs. 12 billion of which Rs. 4.1 billion is in government securities. We also enjoy an extensive island wide branch network of over 100”, Schaffter added.