Janashakthi Insurance PLC delivered significant double digit growth in Gross Written Premiums (GWP) during the period under review, registering 23.8% year-on-year growth, from Rs. 764.59 million in Q1 2018 to Rs. 946.61 million in Q1 2019.
“Having completed an important year in 2018, I am happy to report that Janashakthi Life has kicked off 2019 with strong positive growth, with impressive progress in GWP numbers,” said Executive Chairman of Janashakthi Insurance, Prakash Schaffter.
“This year as we step into our 25th year of operations, we remain focused on ensuring that our loyal policyholders remain at the heart of our business, with a reaffirmed commitment to providing them with solutions that cater to their ever-evolving needs and transcend the traditional boundaries of Insurance,” he said. During Q1 2019, Janashakthi Life saw its total Net Income rise from Rs.1.16 billion to Rs.1.36, with a 17.2% year-on-year growth compared to the previous year. Profits from continuing operations also showed notable growth, reaching Rs.108.68 million profit in Q1 2019. The Company continued to honour its commitment to its policyholders, as Net Benefits and Claims saw 34.1% year-on-year growth, from Rs.294.27 in Q1 2018 to Rs.394.68 million during the period under review.
Janashakthi Insurance PLC’s Director / Chief Executive Officer, Jude Fernando said, “I am happy to see the upswing in momentum in Q1 2019, with a strong sales-led performance. During 2018, we focused our efforts to put down the foundations to deliver growth in 2019, and this first quarter’s results are a promising indication of the progress we have made in the successful execution of those plans. While we have much more that we plan to achieve as a Company in our 2019 journey, we remain confident that this momentum will continue to drive growth for the Janashakthi Life business.”