Sri Lanka’s Janashakthi Insurance net down in June

ECONOMYEXT – Profits at Sri Lanka’s Janashakthi Insurance fell 50 percent to 135 million rupees in the June 2017 quarter from a year earlier amid a one-off 133 million rupee impairment cost, interim accounts showed.

The group reported earnings of 25 cents per share for the quarter. In the six months to June, it reported earnings of 65 cents per share on total profits of 352 million rupees, which were down 44 percent.

Gross written premium was up 7.6 percent to 3.4 billion rupees and net earned premium after re-insurance was 1.3 percent lower at 2.8 billion rupees. In the six months to June, gross written premium was up 10.6 percent.

"..[W]e have been able to maintain the momentum gained during Q1 2017 and register double-digit growth in premiums through the first six months of the year," Managing Director Prakash Schaffter said in a statement.

Its life insurance division was being re-structured to bring better results in the future, the firm said.

In the June quarter, the firm paid 1.78 billion rupees in claims and benefits to customers, up 6.2 percent from a year earlier.

Investment income rose 16.6 percent to 584 million rupees. However, an impairment charge of 133 rupees, reduced profits.

Gross group assets grew from 32 billion rupees to 34 billion rupees in the six months to June. Net assets was at 8.95 billion rupees, marginally down from 9.0 billion rupees in December.

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