Leading Sri Lankan Life Insurer Janashakthi Insurance PLC (Janashakthi) reported a 6% year on year (YoY) growth in Gross Written Premium (GWP)for the six months ended 30thJune 2018, ending the period under review with premiums of Rs.1.445billion.
Continuing to honour its commitment to policyholders, Janashakthi saw claims grow by 12% 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 Limited and re-structuring.
Investment income grew from Rs.649 million to Rs.750 million, a significant YoY growth of 16%. This was aided largely by the 28% 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 toits shareholders through a share buyback in March 2018.
“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.
“We have managed to deliver steady growth despite undergoing significant transformation during the first half of the year. We embarked on a set of strategic initiatives towards the end of the period to further strengthen our Life Insurance business,” said Jude Fernando, Director / Chief Executive Officer of Janashakthi Insurance PLC.