Saturday Dec 14, 2024
Saturday Dec 14, 2024
Monday, 18 November 2019 02:35 - - {{hitsCtrl.values.hits}}
Leading Sri Lankan life insurer Janashakthi Insurance PLC (Janashakthi), continued its upward momentum with a strong double-digit growth well into the third quarter of the year. The 
company recorded an impressive year on year growth of 18% in Gross Written Premiums (GWP) for the period ended 30 September.
The company’s commitment to policyholders was also emphasised in the 28% year on year growth seen in Net Benefits and Claims, with Rs. 1.37 billion paid out as claims in comparison to Rs. 1.07 billion during the corresponding period in the previous year.
“Since the beginning of this year, the entire Janashakthi Life team has been working hard to deliver results on the plans laid out in 2018. I am happy to see that the strong, double-digit growth that we achieved during the first six months of the year has continued well into the third quarter, recording significant growth in Gross Written Premiums once again during this period. This year, as we celebrated the 25th year of Janashakthi Life, I am pleased to see the progress we have made in providing services and solutions that cater to the evolving needs of our customers,” commented Janashakthi Insurance Chairman Prakash Schaffter.
By the end of Q3 2019, the company showed a 33% growth in Total Other Revenue, excluding the one off gain from the disposal of its subsidiary, recording Rs. 1.65 billion in comparison to Rs. 1.25 billion during the same period in 2018. This also resulted in a 24% increase in Total Net Income, growing from Rs. 3.38 billion in Q3 2018 to Rs. 4.20 billion in Q3 2019, also supported by an 8% growth in Investment Income, recorded at Rs. 1.22 billion in the period ending 30 September.
Speaking on the quarter’s results, Janashakthi Insurance PLC’s Director / Chief Executive Officer Jude Fernando stated “Continuing double digit growth on our Gross Written Premiums for the third consecutive quarter is a point of pride for the Janashakthi Life team. Maintaining this growth momentum towards the end of the year will be important to ensure a strong finish to 2019. While the team continues to drive growth for our business, we remain committed to provide a service beyond Insurance to our policyholders, with key focus on partnerships, digital innovation, and continued customer service enhancement.”
Janashakthi Life celebrated its silver jubilee this year, markings its 25th anniversary since starting out as Sri Lanka’s first specialised Life Insurance Company in 1994. The company continued the celebrations by ringing the ceremonial bell at the Colombo Stock Exchange earlier this month. Themed ’25 years onwards’, the anniversary celebrations honoured the company’s roots, looking back with pride on its onwards march over a quarter-century, and envisioning its future growth.
The Board of Directors of Janashakthi Insurance comprises the Chairman Prakash Schaffter, Jude Fernando, Ramesh Schaffter, Manjula Mathews, Eardley Perera, Nathan Sivagananathan and Avindra Rodrigo.
