Janashakthi Life posts 45% growth in premiums, other operating revenue surges 111%

Deputy Chairman Prakash Schaffter

Director/CEO Ravi Liyanage

Janashakthi Life, yesterday announced exceptional financial results for the first half of 2024. 

The company achieved record-breaking growth across key performance indicators, with a notable 45% increase in Gross Written Premiums (GWP) compared to the period under review in 2023. This significant growth reflects the company’s steady growth and an expanding customer base.

In addition to the impressive GWP growth, Janashakthi Life has experienced a substantial rise in Other Operating Revenue, which has surged 111% year-on-year. The company’s market capitalisation has also experienced considerable growth, increasing by 43% during the first half of 2024 relative to the same period in 2023. These achievements highlight the company’s strategic investments, diversified income streams, as well as continued investor confidence. 

Furthermore, during the first two quarters, Janashakthi Life has paid over Rs. 2.2 billion in claims, fulfilling all customer obligations and expectations in line with its promise to indemnify policyholders in their most critical times of need. The company has also distributed Rs. 3 billion in dividends further showcasing its robust financial health and dedication to rewarding investors and other stakeholders.

Janashakthi Life Director/CEO Ravi Liyanage said: “The record growth in premiums, revenue, and market capitalisation, alongside our increased claims payments and dividends, is a testament to our commitment to delivering value to our stakeholders. Janashakthi Life has ambitious plans for the current financial year and we are fully committed to delivering them.” 

Staying true to its corporate purpose of “uplifting lives and empowering dreams”, Janashakthi Life said it has always strived to deliver greater value to all its stakeholders ethically and transparently. On the customer front, the insurer brings this to life through its groundbreaking insurance solutions and services that cater to their evolving needs at every stage of their lives. Extending this purpose to the society at large, Janashakthi Life aspires to make a greater contribution to social sustainability in society at large.