Janashakthi Insurance PLC says 1Q 2015 was ‘impressive’ despite drop in profit
View(s):Janashakthi Insurance this week reported a 13.4 per cent growth in the first quarter, after setting up a new entity known as Janashakthi General Insurance Ltd.
However Janashakthi Insurance PLC Managing Director, Prakash Schaffter said the group posted a consolidated net profit of Rs. 106 million during the quarter ended 2015, lower than Rs. 156 million in the same period last year.
“The drop in profit was mainly due to the market to market loss of Rs. 71 million accounted during the period under review. However the subsequent bullish run of stock market enabled the company to recover from this position. We are confident of improved performance in the future,” he said in a media release issued by the company.
Commenting on the performance for the first quarter of 2015, Janashakthi Insurance CEO, Jude Fernando said “At the end of first quarter Janashakthi delivered a Gross Written Premium of Rs.2.5 billion adding nearly Rs. 300 million to GWP vs first quarter of 2014. This is a healthy start for the company and we hope to continue on this growth momentum”.
The GWP of Janashakthi General Insurance Ltd, (the Non-Life Insurance segment) was Rs.1.9 billion compared to Rs.1.7 billion in the previous year.
The changes made within the Life Insurance segment in 2014, has shown positive results.
In addition, the company paid out Rs.1.1 billion in claims as of Q1 2015.
Total Assets of the company have crossed Rs. 21.1 billion as at end of the first quarter 2015.
Meanwhile the new entity, which commenced operations on January 2015, handles the Non-Life Insurance business. The parent company Janashakthi Insurance PLC, will act as the holding company engaging in the Life Insurance business.