Janashakthi Insurance PLC (Janashakthi) reported a consolidated Profit After Tax (PAT) of Rs.358 million for the quarter ended 31st March 2016, a marked Year on Year (YoY) growth of 236%. The Insurer posted these numbers on the back of a 32.8% rise in consolidated Gross Written Premium (GWP) amounting to Rs.3.3 billion for the period under review.
The Company’s Non-Life or General Insurance business grew by a robust 43%, recording a Gross Written Premium (GWP) of Rs.2.7 billion. 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. The Life Insurance business delivered a GWP of Rs.0.61 billion, a YoY increase of 0.52%.
Janashakthi further disbursed claims in excess of Rs.1.543 billion, including claims pertaining to the acquired entity during this period. This 44% YoY rise in claims is a reflection of the Company’s resolve to honour its commitments to policy holders. The acquisition and merger also drove the Company’s asset base to Rs.30.85 billion, a YoY growth of 46%, with a significant proportion being held in risk free Government Securities.