Janashakthi honoured amidst global giants at SAFA awards for South Asian Best Annual Reports

Janashakthi Insurance was recognised amongst the best of South Asia at the prestigious SAFA (South Asian Federation of Accountants) Awards for Best Annual Reports held in Colombo. Reliable financial information and high quality presentation of its Annual Report for 2011 won Janashakthi a merit award at its first participation at these awards.

Commenting on this achievement, Janashakthi Managing Director Prakash Schaffter said: “It is truly an honour to be ranked amidst the best of the best in the region. This is a great achievement for Janashakthi Insurance, as it is the first time we have been recognised for our excellence in financial reporting. As a leading insurer who values integrity, Janashakthi rates transparency, good governance and reliability at the top of our priority list.”

Considered the most prestigious accolade for financial reporting in the South Asian region, Sri Lankan companies together with companies from India, Pakistan, Bangladesh and Nepal were rewarded for their excellent annual reports which promoted transparency, accountability and good governance.

SAFA selects winners based on stringent selection criteria by an eminent panel of judges based on the presentation and disclosure of high quality, relevant and reliable financial statements meeting International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).

“The financial report of a company should reflect a true and fair view of the business affairs of the organisation in a comparable and understandable manner, as it is used by regulators and other stakeholders alike. In this context Sri Lanka adopted the International Financial Reporting Standards last year. This recognition is a tribute to Janshakthi’s strict adherence to international standards,” said Shehara De Silva, General Manager, Sales and Marketing, Janashakthi, said Shehara De Silva, General Manager, Sales and Marketing, Janashakthi.  

Janashakthi Insurance posted a record profit of Rs. 800 million after tax in 2012 at an accelerated growth of 62%, fuelled by the company’s strategy of prudent underwriting.