Sri Lanka Janashakthi Insurance March net Rs358mn
ECONOMYNEXT – Sri Lanka’s Janashakthi Insurance said March 2016 net profit rose 236% to 358 million rupees from a year ago following a merger with another insurance firm.
Earnings per share for the quarter were 66 cents compared with 29 cents the year before, a stock exchange filing said.
It said consolidated Gross Written Premium (GWP) rose 32.8% to 3.3 billion rupees in the period.
The company’s Non-Life or General Insurance business grew 43% with a GWP of 2.7 billion rupees.
“This was largely driven by the merger of operations of newly acquired former AIA General Insurance Lanka Limited with Janashakthi General Insurance Limited, which was completed by the end of January 2016,” a statement said.
The Life Insurance business delivered GWP was stagnant at 0.61 billion rupees.
Janashakthi disbursed claims in excess of 1.543 billion, including claims of the acquired entity during this period.
“Our consolidated businesses continue to record steady growth led by the Non-Life category, enabling us to grow profitably despite a rise in claims payments,” said Prakash Schaffter, Managing Director, Janashakthi Insurance PLC.
(COLOMBO, May 16 2016)