Apr 06, Colombo: In its milestone 25th year of operation, leading insurer, Janashakthi Insurance PLC recorded an impressive growth of 30% in first-year premiums for the financial year of 2019, with Gross Written Premiums (GWP) of Rs. 3.5 billion.
This commendable growth can be attributed to the renewed singular focus on Life Insurance, which the Company embarked on in a strategic step in 2018.
The Company’s post-tax profits stood at Rs. 398 million for the period ended 31st December 2019. Janashakthi Life’s Investment income was at Rs. 1,643 million at the end of the period under review, recording a growth of 8% year on year. Janashakthi Life’s Net Claims and Benefits grew by 18% year on year, from Rs. 1,510 million to Rs. 1,924 million.
“During our 25th milestone year, we truly witnessed the benefits of our strategic shift of returning to our roots with a singular focus on Life Insurance. Steered mainly by innovation and our customer driven approach, the company embarked on a steady path of growth within the year 2019. However, 2020 will be an exceptionally challenging year for the economy due to the unprecedented impact of the COVID-19 pandemic. The safety and well-being of our community is our priority and it is crucial that we comply with the government regulations and take necessary precautionary measures as advised, to prevent further spread of the virus,” commented Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
“Health and safety of our employees, customers, and community are of paramount importance especially with this unforeseen global crisis of COVID-19 impacting us all. We assure you that we are committed to empower and support our communities in these challenging times. With our enhanced digital capabilities implemented in 2019, we have activated several online alternatives to ensure safety and convenience of our customers in this time of need. Further, we have also extended our policy riders to cover all our life customers on claims arising due to Covid-19 in Sri Lanka. Furthermore, due to the prevailing situation and the decline in economic activity we have revisited our business strategies to counter COVID-19’s economic implications. As a purpose driven insurer, we remain committed to uplift the lives of our community and to support each other to navigate this prevailing emergency situation of health and economic challenge posed by COVID-19 pandemic,” commented Jude Fernando, Director/ Chief Executive Officer of Janashakthi Insurance PLC.
Over quarter of a century, Janashakthi Life continued on a robust journey of growth, becoming a trusted insurance partner and a household name in Sri Lanka. A strong ‘Life Insurance’ network and dedicated call centers, strengthens Janashakthi Life’s formidable presence across the nation. The Company continues to uplift lives and empower dreams through consistent innovations in line with customer requirements whilst also remaining true to the strong principle of integrity.