Janashakthi Insurance segregates Life and General Insurance
Thursday, 8 January 2015 01:48
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In keeping with the guidelines issued by the Insurance Board of Sri Lanka (IBSL) to separate Life and General Insurance business operations, Janashakthi Insurance has set up a new entity called Janashakthi General Insurance Ltd.
The company will transfer its non-life insurance business to this newly-incorporated, solely owned subsidiary. Janashakthi Insurance Plc, the parent company, will be the holding company running the Life Insurance business.
Janashakthi General Insurance Ltd. will commence operations on 1 January 2015 and will operate as a fully-owned subsidiary.
Janashakthi Insurance Managing Director Prakash Schaffter said: “General Insurance has been the core business in our 20-year journey so far. We are now stepping up to the opportunities of a new era and stand poised to reap the new opportunities that the emerging environment offers. I am confident that this segregation will offer greater focus and opportunities for growth, profitability and product differentiation. Our parent brand will continue to incorporate the same values of truth, innovation, authenticity, trust and inclusivity into everything we do.”
Schaffter added that the company has embarked on a comprehensive transformational strategy to develop products and processes that would spearhead new avenues of growth. The addition of talented top management is also expected to inject new vision and purpose into the company’s ambition of being a leading player in the Life Insurance category.
The board and management of Janashakthi Insurance are confident that these measures, triggered by regulatory needs, will help to propel the two companies into greater market focus and dominance. The financial strength and solvency of the two companies, as they begin their new journey, will give Janashakthi a prominent position in the industry.
The Board of Janashakthi Insurance Plc remains the same and consists of respected names in the private sector such as W. T Ellawela, Eardly Perera, C.T.A. Schaffter, A.D.E.U Perera, Des DR. T.N. Jinasena, L.C.R. De C. Wijetunge, A. Coomaraswamy, Prakash Schaffter, Ramesh Schaffter and Manjula Matthews.
