Janashakthi Insurance PLC (Janashakthi) is ready to exploit the potential in the North and the East in a bid to take advantage of the peace dividend, a company official said. “The end of the war means there’s more (business) potential in this country. We as a nation have to take advantage of this. Janashakthi as an insurer is ready to exploit the potential in these areas,” Prakash Schaffter, Managing Director of the company told the Business Times on the sidelines of a press conference to announce Janashakthi’s annual results.
W.T. Ellawala, Chairman Janashakthi noted that the company will systematically penetrate the Northern market as the demand starts to pick up.
Mr. Schaffter said that there are signs of this demand in the peninsula, but it is too early to talk about any numbers or penetration levels in these areas. Ravi Liyanage, General Manager Sales and Marketing in the company said that the Northern and Eastern markets need to be given a little time. “These areas need to be given a little time for the dust to settle (after the war),” he said. He added that there is a lot of potential in these areas and that Janashakthi has already opened four branches in Jaffna.
The company, which is the third largest general insurer and the fifth largest life insurer in the country in terns of the market share, saw a 46% growth in net profit reaching Rs 657 million last year. With revenues rising 7.7% to Rs 6 billion and the gross written premium by 6.6% to Rs 570 billion, the company’s net premium after re-insurance was up 8.57% to Rs 5.11 billion .