Janashakthi Life demonstrates resilience with commendable growth during 2020

Thursday, 4 March 2021 00:34 - - {{hitsCtrl.values.hits}}

Janashakthi Insurance Director and CEO Ravi Liyanage

Demonstrating the company’s spirit of resilience amidst a challenging period, Janashakthi Insurance PLC recorded a 9% overall growth for the financial year 2020, with Gross Written Premiums (GWP) of Rs. 3.8 billion. This praiseworthy growth follows the second year of the insurer’s renewed singular focus on life insurance, which was a strategic shift that Janashakthi Life made in the year 2018.

Janashakthi Life’s post-tax profits stood at Rs. 739 million for the period ended 31 December 2020, illustrating a growth of 86%. The company’s Investment income recorded a growth of 15% at Rs. 1,882. The company’s Net Claims and Benefits stood at Rs. 1,758 as at 31 December 2020.

“As anticipated, the year 2020 was an exceptionally challenging period due to the spillover effects of the COVID – 19 pandemic and the economic downturn that ensued. Nevertheless, we effectively navigated the challenges with foresight, innovation and timely adaptation of necessary business practices to end the year on a positive note. Our policy riders covered all life insurance customer claims arising due to COVID-19 in a diligent manner. We will continue to effectively face the health and economic challenges of the pandemic period through strategic drives and timely innovations to ensure the long-term growth of the Company and all our stakeholders,” commented Janashakthi Insurance PLC Chairman Prakash Schaffter.

“During the year, we implemented a number of timely and appropriate measures to ensure the health and wellbeing of our customers and employees alike. Apart from stringently following Government and WHO recommended health and hygiene measures at all Janashakthi Life branches, we strengthened our digital reach through activating online alternatives to further ensure the safety and convenience of our customers across the island. Moreover, in response to the prevailing emergency situation, we introduced ‘COVID Guard’, an innovative insurance cover, specifically designed to provide financial protection during the pandemic situation,” said Janashakthi Insurance PLC Director/Chief Executive Officer Ravi Liyanage.

Over a span of 26 years, Janashakthi Life continued to revolutionize the insurance industry and journey 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.

Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC made its mark in the industry as an innovator and household name over a span of over 26 years. Janashakthi Life has a strong presence across the island, with an expanding Life Insurance network and a dedicated call centre. In line with its purpose of uplifting lives and empowering dreams, Janashakthi Life remains committed to becoming a leader in the life insurance industry by delivering a service beyond insurance to its customers and stakeholders.

The Board of Directors of Janashakthi Insurance PLC comprises Prakash Schaffter – Chairman, Ravi Liyanage, Ramesh Schaffter, Manjula Mathews, Eardley Perera, Nathan Sivagananathan and Avindra Rodrigo.

Janashakthi Insurance PLC is a member of the Janashakthi Group that operates in the insurance, finance, investment and real estate sectors.