Sri Lanka’s Janashakthi Insurance net down in June on higher claims
Monday August 19, 2019 09:33
ECONOMYNEXT- Sri Lanka’s Janashakthi Insurance Plc, posted a net profit of 127.2 million rupees for the June quarter, down 5 percent from a year earlier on higher claims, the firm’s interim financials showed.
The life insurer posted 35 cents in earnings per share for the quarter. For the six months ending in June the firm made 1.04 rupees in earnings per share.
Net written premiums after reinsurance costs grew 17.2 percent to 762.6 million rupees.
Investment income grew 21.8 percent to 420.3 million rupees.
Realised gains from the sale of assets added 201.3 million rupees in the quarter.
Finance costs for the quarter were 35.9 million rupees, from 35,000 rupees a year earlier.
Net benefits and claims grew 60 percent to 504.7 million rupees while transfers to the life insurance fund grew 120 percent to 265 million rupees.
The firm’s financial investments grew to 16.4 billion rupees at end-June from 15.7 billion rupees in December.
Long term borrowings grew to 507.7 million rupees from none six months earlier.
The balance sheet grew to 21.7 billion rupees in June from 20.3 billion rupees in December.