Janashakthi Insurance PLC (Janashakthi) reported a consolidated Gross Written Premium (GWP) of Rs.11.047 billion for the nine months ended 30th September 2017,registering a remarkable growth of 12.4% over the same period last year.
Posting a GWP of Rs. 8.9 billion, the Non-Life or General Insurance segment continued to be the key driver of Janashakthi’s growth, while the Life Insurance segment recorded a GWP of Rs. 2.1 billion. The insurer noted that ongoing restructuring of its Life Insurance business was set to drive higher returns in Q4 2017.
Janashakthi posted these numbers despite the impact of a spike in Fire & Engineering and Medical claims during this period, as well as the kicking in of the full year adjustment for impairment of goodwill. The Company had disbursed Rs. 5.5 billion towards claims, posting an 11% YoY rise during the period under review. This further underscores Janashakthi’s strong fundamentals as well as its steadfast commitment to standing by its policyholders during times of distress. “We have posted these numbers despite having witnessed a significant rise in claim settlements. We look forward to ending the year on a high note while staying focused on growing the business exponentially and delivering greater value to all our stakeholders,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
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