Janashakthi Life records 145% growth in Q2 in first year regular premium

• Moves 2 market positions up in industry 

Janashakthi Life Executive Deputy Chairman Prakash Schaffter

Janashakthi Life CEO Ravi Liyanage

Illustrating its agility with strong performance, Janashakthi Insurance PLC (Janashakthi Life) recorded a growth of 145% in first year regular premium business during the second quarter with the upward trajectory of gaining two market positions up in first year premium compared to 2020.

Furthermore, Janashakthi Life also recorded a growth of 50% in gross written premium with year-to-date growth of 45% reaching a premium income of Rs. 2.4 b as at end of the period under review. The company recorded a profit before tax of Rs. 287.1 m and the investment income recorded approximately Rs. 1 b. Furthermore, net claims and benefits to policy holders during this period also recorded nearly Rs. 1 Bn.

“Our strong performance reasserts the agility and success of our business strategies even amidst challenging economic conditions. It is commendable how the Janashakthi team has gone above and beyond to cater to the customer’s wellbeing reinforcing our commitment to our policyholders. Health and safety of our employees, customers and community are of paramount importance and we will continue to respond responsibly. Furthermore, as a part of the Janashakthi Group we have the opportunity to utilise combined strengths while adapting to the evolving needs of the community,” commented Janashakthi Insurance PLC Executive Deputy Chairman Prakash Schaffter. 

Janashakthi Life realigned its sole focus on life insurance in 2018, in a strategic move calculated to achieve long-term growth. Remaining true to its roots as a life insurer, the Company has since then sought long-term growth while also meeting short- and medium-term growth plans. 

Commenting on the company’s performance during the second quarter of the financial year, Janashakthi Life’s Director/Chief Executive Officer Ravi Liyanage said, “The most significant turnaround achievement was the growth of 145% in first year regular premium business during the second quarter with the upward trajectory of gaining two market positions up in first year premium compared to 2020. At the same time, gross written premium also grew significantly with 50% growth during the second quarter of 2021. We have revisited our strategies to respond to the evolving needs in a prudent and far-seeing manner while focusing on our role as a trusted life insurer. We will continue to provide innovative solutions and respond with integrity and transparency to our customer’s needs. These core values of integrity and commitment to growth are what steers us ahead through winning and sustaining the trust of all our stakeholders.”

A pioneering life insurer, Janashakthi Life has continued to gain and nurture the trust of customers across Sri Lanka with ethical and transparent conduct in all business affairs along with exceptional focus on customer service. Over a span of 26 years, Janashakthi Life has continued to revolutionise the insurance industry and journeyed forward to become a leader in the life insurance industry in Sri Lanka, delivering a service beyond insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams.

In order to facilitate seamless continuation of life policies and enhanced accessibility the company has introduced multiple ways of paying premiums through online platforms and bank transfers. The online payment portal is geared to facilitate multiple online transaction and has been increasingly gaining momentum due to its accessibility and convenience. These platforms allow policyholders to carry out their policy payments online and maintain active policies to ensure that their protection needs are fulfilled during these challenging times. 

Furthermore, Janashakthi Life has launched several innovative insurance solutions and path breaking products including Life Unlimited which provides lifelong hospitalisation, Janashakthi COVID Guard – a world’s first in providing financial protection from COVID-19 among other products. Janashakthi Life offers a range of life insurance solutions and services that cater to different stages of the life cycle of an individual from childhood to retirement including educational needs, savings and investments, health requirements and mortgage protection, thereby ensuring that the policyholders enjoy a wholesome life with solutions that support their goals and lifestyles through every stage of life.