Breaking barriers and forging futures: The Janashakthi Group through the years

From its perch at Mireka Towers, the Janashakthi Group (JXG) operates with diligent self-possession and composure. Seated in the Group’s boardroom, Group Chairman, Chandana De Silva, and Managing Director / Group CEO, Ramesh Schaffter, thoughtfully articulate JXG’s journey against the backdrop of Colombo’s developing skyline.  

Operating in the fields of insurance, finance, leasing, and investment, JXG’s present standing as a financial conglomerate is exemplified by its diversified service offerings. Encompassing the businesses of Janashakthi Life, First Capital Holdings, and Orient Finance, as well as its philanthropic arm the Janashakthi Foundation, JXG is the product of decades spent impacting the way Sri Lankans can survive and prosper.  

Values that underpin culture  

Under the direction of Founder and Chairman Emeritus Mr. C.T.A. Schaffter, JXG’s journey began 30 years ago as a modest life insurance company. His vision proved to be a catalyst, sparking changes in the local industry that would ripple out in the years to come.  

Joined by his sons and daughter, the family leveraged entrepreneurial spirit and quick-witted negotiation skills to aggressively pursue various avenues of growth, both organic and inorganic. “When people described Janashakthi as a young dynamic company, we’d say that we were young and he was dynamic,” the younger Schaffter quips lightly, alluding to the Founder’s spirit which underpins the company even today.  

Subsequent acquisitions and expansion into general insurance allowed the company to identify opportunities and compose strategies that would yield results and sustainable growth. Even so, it never lost sight of its purpose.  

“Janashakthi pursued the mission of serving underprivileged and underserved segments of society, putting the needs of customers first,” De Silva explains, “even if it sometimes came at the expense of our own profits.”  

A workplace for mutual growth 

The thoughtful design of JXG’s open layout and collaborative workspaces, lit by soft amber light, reflect the organisation’s ethos: one where stability of employment, progressiveness, and fairness are built into its infrastructure.  

De Silva points out that, “JXG’s office demonstrates how the company’s culture reflects its leadership.”  

Over the years, a robust value system has undergirded business ethics, a merit-based performance driven culture paired with a nurturing family culture of care that values collaboration, transparency, and respect. 

“Our values are the bedrock of our policies,” explained De Silva. “These in turn shape our actions. We’ve worked hard to create a sense of belonging for everyone under our roof because we recognise that creating a community within the Group, learning, and sharing with each other, is how we reach for greater heights.”  

JXG has recently received several honours, reflecting the Group’s wholesome and thriving workspace. 

“In addition to being the recipient of the 2024 SHE THRIVES Award, we’ve been recognised by Great Place to Work twice. A staff endorsement of 96% identified us as a workplace where focus is grounded in respect,” added Schaffter. “Over here, you respect your boss, but equally your boss must respect you. It’s not a one-way street.” 

“It’s been an extremely pleasing achievement for us to receive validation from our employees. Not only about the work environment, but our work culture too,” added De Silva.  

Rooted in ingenuity 

One of the values that continues to drive JXG’s success is innovation.  

“People think of technology when they hear the word ‘innovation’. That’s not the case for us. We recognise technology for the investment it is, but it isn’t a differentiator. It’s a norm. True innovation is exercising creativity, thinking ‘outside the box’, and taking calculated risks,” Schaffter said.  

Reflecting on its role in JXG’s journey, he explains, “Innovation is about offering a value proposition no one else does. Which is why we’ve always been ahead of the curve. Back then, you could walk into Janashakthi and get a motor insurance policy in seventeen minutes when the norm was one and a half hours. We also developed a singularly unique life insurance policy that offered medical benefits until death where most policies would cease at the ages 60 to 70. We were also the first to offer life insurance that covered AIDS and soldiers.”  

Elaborating further, De Silva adds, “Our values and legacy are what let us pivot innovation in a direction that provides our services to as many people as possible, allowing our customers to avail of the protection they need as well as the opportunity to prepare retirement plans and secure a comfortable financial future”. 

With their eyes set on the future, De Silva explains their current trajectory saying, “What we’re doing now is stretching the capabilities of our business units. We’ve created our own Shared Services to propagate a common culture and establish a uniform, higher standard of service than each organisation could afford on its own. We’ve also strengthened the boards in all our companies and brought in people whose diversity of experience, backgrounds, and competencies provide a broader perspective to elevate our cause. It’s why we began addressing gender and age imbalances across our workplaces. In addition, we’ve embarked on a journey to develop and grow our competency in strategic planning to create an ambitious future for all our stakeholders.” 

Investing in communities 

Part of JXG’s ethos stems from a firm stance on maintaining business integrity while positively impacting its stakeholders.  

“As a financial conglomerate, we understand that our growth in indicators such as assets under management will contribute directly to driving the country’s economic progress, which is a key target for us in the next 10 years. Simultaneously, we will continue to focus on improving financial accessibility for people across the country, by equipping them with the necessary information and innovative services that would enable them to make better decisions for themselves,” explained De Silva from the perspective of business impact.  

Complementing JXG’s stance on business, its approach to philanthropy is different and clear.   

“Business must be business, and charity must be charity,” says Schaffter, which is why JXG’s philanthropic work is conducted through the Janashakthi Foundation, where the organisation’s community work is conceptualised and implemented.  

More importantly, in aligning its CSR with its core values, not its business, JXG engages in initiatives that make a genuine impact, with a special focus on underprivileged individuals with talent receiving the necessary support to thrive and excel in the three chosen pillars: education, sport, and community.   

Discussing the Foundation’s mission, Schaffter explains that “we want to make the Foundation and its initiatives align with the value of rewarding performance and helping individuals grow from being somebodies to stars.”   

As JXG anticipates its next chapter with excitement, the Group celebrates its roots. Having built an enduring legacy on a solid foundation of family values, robust modern governance, and talent management practices, JXG remains resolute and firm in its mission to break barriers and forge futures.