Indunil Hewage (indunil.hewage@gmail.com)
Janashakthi Insurance is hoping to segregate the Long Term (Life) and Non-Life Insurance businesses into two separate entities by the end of 2014, Janashakthi Insurance Managing Director Prakash Schaffter said.
The company has made considerable progress to ensure it is well prepared for compliance with the regulations in February 2015.An internal task force was appointed to ensure regulatory compliance and a smooth operational transition by 2015.We have already received the board approval and hopefully we will be able to finalize this process by end of this year. Subsequently, Life insurance company which will probably be the holding company and Non Life Insurance will be the subsidiary. The Insurance Board has given certain guidelines that we have to follow in the splitting and subsequent operations and we are fully compliant with those requirements, Prakash Schaffter said.
“The company will continue a strategy of sustainable growth, that of growing our market share whilst always mindful of managing the impact of such growth on our bottom line. Whilst we will continue to focus on building on the strength of our Motor business, we will also look to increase the share of Non Motor business in our portfolio”, Schaffter said.
In an intensely competitive industry we are always mindful of the need for constant innovation in products and service in order to maintain the progress we have made. Janashakthi will thus continue to focus on the development of new products and services in keeping with rapidly evolving market needs, changing life styles, demographics and technology.
Janashakthi Insurance posts Rs 1 b PAT in 2013
Janashakthi Insurance reached its highest ever consolidated revenue of Rs 9.9 billion reflecting 20% growth , stemming from attractive returns generated from Janashakthi’s solid investment. Building on this strong performance, Janashakthi Insurance was able to deliver 22% Return on Equity to its shareholders, as well as a net asset per share of Rs 12.48 , reflecting a 34% year on year growth, the company Annual Report 2103 said.
This strong growth with highest profit after tax of Rs 1 billion and largest recorded customer base of 700,000 customers, has placed the company in a stellar position to meet the impending regulatory split.
The company achieved these results while honouring over Rs 4.4 billion in claims over the past year alone.
Janashakthi also reported a total asset base of Rs 18.6 billion, while its stated capital of Rs 1.49 billion is the highest in the category.
In addition , the company achieved Rs 8.7 billion Gross Written premium , more than 75% of which is made up of non-life premiums, reflecting the company’s renewed focus on diversification. The life segment increased by 8.3% to reach Rs 2.19 billion, while non life business contributed Rs 6.5 billion to revenue, an increase of 10% compared to the previous year.
The solvency margin of Janashakthi’s life insurance increased from 440% of the required margin level has increased to 710% by year end , 2013.Total Assets of the company have reached Rs 18.65 billion in 2013 from that of Rs 15.84 billion in 2012.
http://www.dailynews.lk
Janashakthi Insurance is hoping to segregate the Long Term (Life) and Non-Life Insurance businesses into two separate entities by the end of 2014, Janashakthi Insurance Managing Director Prakash Schaffter said.
The company has made considerable progress to ensure it is well prepared for compliance with the regulations in February 2015.An internal task force was appointed to ensure regulatory compliance and a smooth operational transition by 2015.We have already received the board approval and hopefully we will be able to finalize this process by end of this year. Subsequently, Life insurance company which will probably be the holding company and Non Life Insurance will be the subsidiary. The Insurance Board has given certain guidelines that we have to follow in the splitting and subsequent operations and we are fully compliant with those requirements, Prakash Schaffter said.
“The company will continue a strategy of sustainable growth, that of growing our market share whilst always mindful of managing the impact of such growth on our bottom line. Whilst we will continue to focus on building on the strength of our Motor business, we will also look to increase the share of Non Motor business in our portfolio”, Schaffter said.
In an intensely competitive industry we are always mindful of the need for constant innovation in products and service in order to maintain the progress we have made. Janashakthi will thus continue to focus on the development of new products and services in keeping with rapidly evolving market needs, changing life styles, demographics and technology.
Janashakthi Insurance posts Rs 1 b PAT in 2013
Janashakthi Insurance reached its highest ever consolidated revenue of Rs 9.9 billion reflecting 20% growth , stemming from attractive returns generated from Janashakthi’s solid investment. Building on this strong performance, Janashakthi Insurance was able to deliver 22% Return on Equity to its shareholders, as well as a net asset per share of Rs 12.48 , reflecting a 34% year on year growth, the company Annual Report 2103 said.
This strong growth with highest profit after tax of Rs 1 billion and largest recorded customer base of 700,000 customers, has placed the company in a stellar position to meet the impending regulatory split.
The company achieved these results while honouring over Rs 4.4 billion in claims over the past year alone.
Janashakthi also reported a total asset base of Rs 18.6 billion, while its stated capital of Rs 1.49 billion is the highest in the category.
In addition , the company achieved Rs 8.7 billion Gross Written premium , more than 75% of which is made up of non-life premiums, reflecting the company’s renewed focus on diversification. The life segment increased by 8.3% to reach Rs 2.19 billion, while non life business contributed Rs 6.5 billion to revenue, an increase of 10% compared to the previous year.
The solvency margin of Janashakthi’s life insurance increased from 440% of the required margin level has increased to 710% by year end , 2013.Total Assets of the company have reached Rs 18.65 billion in 2013 from that of Rs 15.84 billion in 2012.
http://www.dailynews.lk
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