Recording a Profit after Tax of Rs. 280 m for 1H (first half) 2011, Janashakthi Insurance PLC (JIPLC) became the most profitable insurer from among all quoted insurance companies in Sri Lanka.
This is a growth of 98% in comparison to a profit after tax of Rs.145 m in 2010 in the same period and is considered a remarkable achievement given the nature of the industry which has 19 players competing, the company said in a statement.
Prakash Schaffter, Managing Director of JICPLC said, “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.”
Schaffter 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 b 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 b which is an increase of 18% over the 2010 first half of Rs. 1.5 b while the Life GWP amounted to Rs. 869 m which is an increase of 23% over the 2010 first half of Rs. 707 m. The Non Motor GWP amounted to Rs. 736 m which is an increase of 39% over the 2010 first half of Rs. 531 m.
“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 b. This is over 7.5 times the statutory requirement. We’re also backed by a rapidly accumulated asset base of over Rs. 12 b of which Rs. 4.1 b is in government securities. We also enjoy an extensive island wide branch network of over 100,” Schaffter added.
Head of Marketing Paddy Weerasekera said: “During 2011, our primary focus is to extend the benefits of our flagship brands such as Janashakthi Full Option, Janashakthi Life Unlimited, and Janashakthi Awaranaya. Added to this will also be a number of innovative products in keeping with the current economic and consumer preferences. In fact we will further enhance the deployment of technology to enable faster service delivery and to empower our sales force to serve our customers better.”