(PRESS RELEASE) - Registering steady double digit growth in premiums through FY 2017, Janashakthi Insurance PLC (Janashakthi) posted a consolidated Gross Written Premium (GWP) of Rs. 15.115 billion for the twelve months ended 31st December 2017, a commendable year on year (YoY) growth of 11%. The Non-Life or General Insurance business grew by 14% to end the year with a GWP of Rs. 12.212 billion, while the Life Insurance business remained flat, recording a GWP of Rs. 2.903 billion.
Paying out claims to the total of Rs. 7.317 billion during the period under review, Janashakthi continued to uphold its commitment to standing by its policyholders during times of distress. The more than 9% YoY increase in claims settlements was a result of the rise in the number of flood-related fire and engineering claims, as well as a spike in medical claims due to the dengue epidemic. Stringent cost management practices allowed the insurer to keep overhead expenses under control, which reduced by 1% YoY.
Janashakthi Insurance PLC reported its consolidated full year results for the final time, as the Company recently entered into an agreement with Allianz SE to sell 100% of its fully owned subsidiary Janashakthi General Insurance Limited. Speaking on the Company’s performance, Managing Director, Mr. Prakash Schaffter stated, “I am delighted to report that we have ended FY 2017 on a high note, with premium inflows continuing to grow through the year. We have been able to maintain our steady growth momentum despite a considerable rise in claim settlements thanks to our strong fundamentals and prudent reinsurance structure. The year 2018 will be a year of change resulting from the divestment of the Non-Life business. We are optimistic that the opportunities arising from a singular focus on the Life Insurance business, coupled with the opportunity of rebuilding an efficient distribution system, will strengthen our presence in the Sri Lankan Life Insurance industry.”
The total Consolidated Assets of the company grew by 15% YoY, standing at Rs. 36.848 billion at the end of the period under review with the investment portfolio accounting for Rs. 25.523 billion of this value. Prudent management of investments helped Janashakthi register Rs. 451 million or a 23% growth in investment income which propelled Other Revenue to Rs. 3.159 billion.
The transaction between Janashakthi Insurance PLC and Allianz SE will yield a capital gain in the hands of Janashakthi Insurance PLC and it is expected that the Company would undertake a substantial share buyback as a means of transferring capital back into the hands of shareholders. The transaction and the buyback of shares are subject to regulatory and shareholder approval, and are expected to be completed in the first quarter of 2018.
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The Board of Directors of Janashakthi Insurance PLC comprises Mr. Husein Esufally, Chairman; Mr. Prakash Schaffter, Managing Director; Mr. Jude Fernando; Mr. Stuart Chapman; Mr. Ramesh Schaffter, Mr. L. C. R. de C. Wijetunge, Ms. Anushya Coomaraswamy, Mrs. Manjula Mathews, and Mr. Eardley Perera.