Janashakthi Life records over Rs. 5 b in profits for second consecutive year

Friday, 28 March 2025 00:06 - - {{hitsCtrl.values.hits}}

Janashakthi life, one of the fastest growing Life insurers in Sri Lanka has recorded a massive Rs. 5.7 billion Profit Before Tax (PBT) for the period under review. This is the second consecutive year the company has surpassed the Rs. 5 billion mark in PBT.

Reflecting on the company’s achievements, Janashakthi Insurance PLC Director/CEO Ravi Liyanage said, “Our strong financial performance in 2024 is a testament to our strategic focus, operational excellence, and steadfast commitment to serving our policyholders. Despite market uncertainties, we have continued to grow, delivering exceptional value to our policyholders and all the stakeholders. Our exponential growth trajectory was double the size of the industry growth to reach 44% in revenue growth surpassing over Rs. 6.6 billion premium income, whilst not compromising the value creation to our investors and shareholders recording over Rs. 5.7 billion PBT".

Janashakthi Insurance PLC Chairperson Annika Senanayake said: “At Janashakthi Life, our resolute focus is on creating sustainable value for all stakeholders. Our performance in 2024 reflects not only our financial strength but also our deep commitment to supporting our policyholders when it matters most. The significant increase in claims paid denotes our dedication to being a reliable partner in our customers’ lives, providing them with financial security and peace of mind. As we look to the future, we are committed to invest in our human resource, technology, and product innovation to continue delivering customer-centric solutions, strengthening our market position, and driving long-term growth in Sri Lanka’s life insurance sector.”

“In 2024, we provided over Rs. 4.2 billion in benefits to our policyholders through claims and maturities. The company’s prudent financial management and planning paved the way during this period to stay strong and tall irrespective of economic challenges,” Senanayake added.

The year under review saw many outstanding achievements in the company’s operations, including the highest growth in lives protected, new business premium growth of over 63%, which reflects the success of our business acquisition efforts.

Looking ahead, the company said it is well-poised to maintain its momentum as the fastest-growing insurance provider in 2025. The company has already deployed well focused strategies for market and distribution expansion in keeping with product/market as a matrix for growth. Some of the innovative products are being developed for emerging segments of the life insurance market in 2025. Further, plans are already in place to deliver best-in-class service through focused customer lifecycle management.

“The company is also executing robust digitalisation initiatives to strengthen its position as a pioneer in digital innovation. Janashakthi Life’s total assets amount to Rs. 38 billion at the close of 2024, reflecting robust growth. This underscores the financial strength and stability of the company, ensuring long-term security and sustainability for its stakeholders. Further, A key financial indicator, the Capital Adequacy Ratio of over 277%, highlights the company’s prudent financial management and reinforces confidence among all stakeholders,” Liyanage added.

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