ECONOMYNEXT – Profits at Sri Lanka’s Janashakthi Insurance Plc rose 12 percent from a year earlier to Rs159.1 million in the September 2016 quarter, interim accounts show.
The firm reported earnings of 0.29 cents per share for the quarter. In the nine months to September, it reported earnings of Rs1.45 per share on total profits of Rs789 million, up from Rs352 million a year earlier.
Gross written premium rose 34 percent to Rs3.32 billion in the quarter from a year earlier and net premium after re-insurance rose 24 percent to Rs2.8 billion.
Investment income rose 28 percent to Rs465 million.
Benefits and claims were up 32 percent to Rs2.6 billion.
The firm posted growth despite seeing a spike in claims from floods, underlining its re-insurance strength, Managing Director Prakash Schaffter said.
Janashakthi said it had a deal to transfer land leased from the Urban Development Authority, in Staples Street Colombo, to Sanken Construction (Pvt) Ltd, which had been approved by the cabinet of ministers.
The firm said the UDA had imposed more levies, and profits from the deal was now estimated at Rs361 million. (Colombo/Nov17/2016)