Janashakthi segregates life and general insurance biz
7 January 2015 04:09 am
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Janashakthi Insurance PLC has created a wholly owned subsidiary named Janashakthi General Insurance Ltd. to conduct its non-life insurance business.This is to conform to section 53 of the Regulation of Insurance Industry (Amendment) Act No.03 of 2011, which calls for the segregation of life and general insurance businesses by January 2015.
“I am confident that this segregation will offer greater focus and opportunities for growth, profitability and product differentiation. Our parent brand will continue to i mpart the same values of truth, innovation, authenticity, trust and inclusivity into everything we do,” Janashakthi Insurance Managing Director Prakash Schaffter said.
The parent company will continue to operate the life insurance business.The board and the management of Janashakthi Insurance feels confident that these measures triggered by regulatory needs will help propel the two companies to greater market focus and dominance. They also believe that the financial strength and solvency of the two companies, will give Janashakthi a prominent position in the industry.Schaffter added that the company has embarked on a comprehensive transformational strategy to develop products and processes that would spearhead new growth avenues
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“General insurance has been the core business in our 20-year journey. We now step up to the opportunities of a new era and stand poised to reap the new opportunities the emerging environment offers,” he said.Janashakthi General Insurance Ltd. will have to list on the Colombo Stock Exchange by January 2016 as mandated by Section 52 of the Act.