Janashakthi Life records steady growth in spite of COVID-19-related challenges

Friday, 20 November 2020 02:50 - - {{hitsCtrl.values.hits}}

Janashakthi Insurance Chairman Prakash Schaffter

Demonstrating the company’s resilient spirit in spite of COVID-19-related challenges, Janashakthi Insurance PLC (Janashakthi) posted pre-tax profits amounting to Rs. 545.03 million for the nine months ended 30 September 2020, reflecting a double-digit year-on-year growth of 18%, in comparison to the corresponding period in the previous year.

The company’s net income recorded a growth of 14% at Rs. 4.80 billion in comparison to the previous year’s Rs. 4.20 billion. The key contributors to the increase in net income are investment income, realised gains and fair value gains. Furthermore, prudent and active investment decisions resulted in the company’s investment portfolio being positioned favourably despite the volatile market conditions. This is also reflected in the investment yields enabling a continued growth momentum for Janashakthi.

Janashakthi’s earnings per share reflected a growth of 38% reaching Rs. 2.23 from Rs. 1.62 recorded during the previous year. While its net assets per share stood at Rs. 42.96, the Company recorded a Gross Written Premium (GWP) of Rs. 2.69 billion for the nine months ended 30 September 2020, while its total assets stood at Rs. 24.80 billion for the period under review in comparison to Rs. 22.03 billion recorded during the corresponding period in the previous year.

“The COVID-19 pandemic continues to pose complex and interconnected challenges to all industries across the country. However, in spite of such unprecedented challenges, I am pleased to note that we have achieved a noteworthy profit growth. Our timely response to challenges, the dedication of our staff, in particular our field staff and digitalisation initiatives largely contributed to our consistent performance even during such trying times,” commented Janashakthi Insurance PLC Chairman Prakash Schaffter.

In conclusion he further added, “As we continue to effectively navigate the new normal in the industry, we plan to intensify our focus on customer centric digitalisation. Furthermore, we hope to continue our growth momentum with our new Chief Executive Officer, Ravi Liyanage who will be instrumental in leading our organisation to reach greater heights.”