Leading Sri Lankan insurer, Janashakthi Insurance PLC (Janashakthi), delivered steady growth during the period under review, registering 8% growth in First Year premiums, with Gross Written Premiums (GWP) of Rs.3 billion, along with a reported surplus transfer of Rs.395 million.
The Company also reported post-tax profits (PTP) of Rs.11.1 billion for the financial year ended 31st December 2018, with a group consolidated post-tax profit of Rs.9.2 billion. This included proceeds from the divestment of its General Insurance business in early 2018 and the recognition of deferred tax asset.
Investment income stood at Rs.1,503 million, growing by 13% year on year, from Rs.1,327 million in FY 2017. This was driven largely by the 27% growth in the Company’s investment portfolio, which grew from Rs.12.4 billion to Rs.15.7 billion.
Net claims and benefits grew by 35% year on year, from Rs.1,119 million to Rs.1,510 million, primarily due to maturity payments. While the separation of branch offices and the discontinuation of shared services had an impact of overhead expenses, the Company has established several stringent measures to control restructuring and expansion related expenditure.
“2018 has been a truly transformational year for us at Janashakthi. Returning to our roots as a standalone Life Insurance company, we embarked on a host of strategic initiatives through the year to lay a strong foundation for Janashakthi Life,” said Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
“Post the divestment of our General Insurance business, we have been able to better focus on the Life Insurance segment. We relaunched the Janashakthi Life brand, unveiled our new corporate strategy and purpose and moved to our new Life headquarters.
We rolled out our new, dedicated Life branch network which will be completed in early 2019.
As part of our digital-led transformation efforts, we empowered our Sales teams further with the Advisor Virtual Office (AVO) system,” said Jude Fernando, Director / Chief Executive Officer of Janashakthi Insurance PLC.
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