Registering steady double digit growth in premiums through FY 2017, Janashakthi Insurance PLC (Janashakthi) posted a consolidated Gross Written Premium (GWP) of Rs. 15.115 billion for the twelve months ended December 31, 2017, a commendable year on year (YoY) growth of 11%.
The Non-Life or General Insurance business grew by 14% to end the year with a GWP of Rs. 12.212 billion, while the Life Insurance business remained flat, recording a GWP of Rs. 2.903 billion.
Paying out claims to the total of Rs. 7.317 billion during the period under review, Janashakthi continued to uphold its commitment to standing by its policyholders during times of distress. The more than 9% YoY increase in claims settlements was a result of the rise in the number of flood-related fire and engineering claims, as well as a spike in medical claims due to the dengue epidemic. Stringent cost management practices allowed the insurer to keep overhead expenses under control, which reduced by 1% YoY.
Janashakthi Insurance PLC reported its consolidated full year results for the final time, as the Company recently entered into an agreement with Allianz SE to sell 100% of its fully owned subsidiary Janashakthi General Insurance Limited. Speaking on the Company’s performance, Managing Director, Prakash Schaffter said, “I am delighted to report that we have ended FY 2017 on a high note, with premium inflows continuing to grow through the year. We have been able to maintain our steady growth momentum despite a considerable rise in claim settlements thanks to our strong fundamentals and prudent reinsurance structure. The year 2018 will be a year of change resulting from the divestment of the Non-Life business. We are optimistic that the opportunities arising from a singular focus on theLife Insurance business, coupled with the opportunity of rebuilding an efficient distribution system, will strengthen our presence in the Sri Lankan Life Insurance industry.”
The total Consolidated Assets of the company grew by 15% YoY, standing at Rs. 36.848 billion at the end of the period under review with the investment portfolio accounting for Rs. 25.523 billion of this value.
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