Sri Lanka’s Janashakthi Insurance net down in March quarter
ECONOMYNEXT – Sri Lanka’s Janashakthi Insurance Plc said profits fell 39 percent in the March 2017 quarter from a year earlier amid a spike in claims, but the firm has posted double-digit growth in gross written premium.
Janashakthi Insurance reported earnings of 40 cents per share for the quarter. The firm said life premiums grew 16 percent and non-life rose 14 percent.
After re-insurance costs, net written premiums also grew 9.6 percent to 3.0 billion rupees.
Investment income increased 39 percent from a year earlier to 600 million rupees in the quarter.
Claims payments rose 15 percent to 1.77 billion rupees.
“I am happy to report that both our Life and Non-Life businesses continue to register double-digit growth through the first quarter of 2017, allowing us to kick off financial year 2017 on a positive note despite a rise in claims payments," Managing Director Prakash Schaffter said in a statement.
Total assets grew to 32.7 billion rupees from 32.1 billion rupees. Equity was 8.59 billion rupees, from 9.0 billion rupees a year earlier. (Colombo/May22/2017)