Financial Times

Janashakthi records highest post-tax profits among Insurance Cos.

Janashakthi Insurance PLC (JIPLC) recorded post tax profit of Rs265.6 million for the six months to June 2009, up from Rs 82.2 million in the same period last year, saying it was the highest profit (per period) among the five insurance companies.

Revenue was at Rs 2.9 billion against Rs 2.652 billion last year. Managing Director of Janashakthi Insurance PLC, Prakash Schaffter said in a statement that, “General Insurance business registered an growth of 5% to reach Rs 2.060 billion. The Performance of Life Insurance Business has also increased by 5% to Rs 702 million.

The relatively low growth was mainly due to the prevailing economic conditions, which is now expected to improve considerably." Mr Schaffter said the company has managed to record impressive results as at the half-year, mainly through the management of operating expenditure, which recorded a saving of 3% over the earlier year and prudent underwriting practices which resulted in net claims and benefits paid also being lower than earlier. He said despite fierce competition in the market and the challenging economic conditions, the company managed to record a growth due its wide ranging insurance product portfolio.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> Jaffna ready for huge investments
> Sri Lanka’s tourism product changing with the times, new markets
> DIMO to launch local vehicle
> F&G Board Meetings at Welikada prison on Aug 27-28
> NTB CEO, Deputy CEO quit over forex loss
> COMMENT - Census key to assess population shifts
> Demutualisation of the CSE
> GK directors fail to provide first payments to depositors
> CSE promotes same-day trading
> Exporters have alternative to GSP+
> Tigo sale by March 2010
> Legal action to liquidate Ceylinco’s US real estate subsidiary
> JKH –best Lankan corporate - Business Today magazine
> Banker Kimarli quitting Pan Asia
> P.B. Jayasundera in court over attempt to return to office
> CMC Special Administrator at Business Club
> Sri Lanka proposes ‘green gold’ exchange with India, China
> ‘Techno 2009’ exhibition
> Garment exports down for second month in a row
> CEAT goes to schools to promote road safety
> Pakistan to set up an exclusive industrial zone here
> Shippers asking for laws to control shipping lines
> Construction industry urges government for bailout package
> Fitch upgrades SLIC's National IDR, outlook stable
> DFCC to capitalise on North East revival
> ICASL awards celebrate transparency in financial reporting
> LegalBase, a Lankan outsourcing firm, rated in “Best 10” globally
> Construction industry to boom in six months
> Intel brings its Xeon 5500 series to Sri Lanka
> 30,000 seats sold on AirAsia's new KL – Colombo flights
> CDB records Rs 757 mln revenue for Jan-June 2009
> Managing talent critical during economic downturn
> Amana Investments strikes Gold
> Micro Cars produces bullet-proof vehicles for local, foreign car markets
> Gearing students for a career in the legal profession
> USA-Sri Lanka Chamber of Commerce launched in New York
> Why not ‘Sri Lanka – The SPICE OF LIFE’?
> IMF money boosts Lankan reserves
> Janashakthi records highest post-tax profits among Insurance Cos.
> SEC granted more powers to regulate markets

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution