Janashakthi’s premiums grow in 1H 2018
View(s):Janashakthi Insurance PLC has reported a 6 per cent year on year (YoY) growth in Gross Written Premium (GWP) for the six months ended 30th June 2018, ending the period under review with premiums of Rs.1.445 billion.
Janashakthi, continuing to honour its commitment to policyholders, saw claims grow by 12 per cent YoY, from Rs.546 million to Rs.610 million. Overhead expenses grew from Rs.299 million to Rs.738 million, primarily due to one-off payments related to the divesture of Janashakthi General Insurance Ltd and re-structuring, the company said in a media release.
Investment income grew from Rs.649 million to Rs.750 million, a 16 per cent increase YoY. This was aided largely by the 28 per cent YoY growth in the investment portfolio, from Rs.12.4 billion to Rs.15.8 billion. The total assets of the company stood at Rs.18.9 billion. This was a result of Janashakthi’s move to return substantial revenue reserves to its shareholders through a share buyback in March 2018.
“I am pleased to note that the business has grown steadily through the first six months of 2018 with premiums growing through the period. We hope that our strong fundamentals together with our ongoing expansion drive and digital-led transformation will keep driving the Janashakthi Life business forward,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
Janashakthi re-branded its Life Insurance business as “Janashakthi Life” during the month of June, with the launch of a new brand identity supported by an integrated brand communications campaign. The company also unveiled its long term strategic plan which includes transitioning the organisation towards a purpose-driven entity. The company is moving ahead in the expansion of its dedicated Life branch network and hopes to complete it by November 2018. The first model branch was opened in Nugegoda in July as a part of this effort.