Janashakthi Life continues strong, double-digit growth trajectory in Q2 2019
Thursday, 15 August 2019 - 13:35
13th August 2019: Leading Sri Lankan Life Insurer, Janashakthi Insurance PLC (Janashakthi), recorded impressive year on year growth of 20% in Gross Written Premium (GWP) for the six months ended 30th June 2019, ending the period with a GWP of Rs. 1.74 billion. The Company illustrated its commitment to policyholders, paying out Rs. 899.35 million in Net Benefits and Claims to record a year on year growth of 48% in comparison to Rs. 609.64 million recorded during the corresponding period in the previous year.
“A year after launching our new organisational strategy, I am happy to see the Janashakthi Life team leveraging on these plans to deliver impressive results for the Company. We’ve succeeded in continuing the growth momentum from the beginning of this financial year with steady progress on Gross Written Premium numbers during the last three months. I am pleased to see the senior leadership working together to improve all aspects of our business, to continue igniting the growth engine for Janashakthi Life,” commented Mr. Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
By the end of Q2 2019, the Company’s consolidated pre-tax profits showed a remarkable year on year growth, recording a Profit Before Tax growth at Rs. 296.89 million. Consolidated Net Income also showed a year on year growth of 30% with Rs. 2.85 billion in comparison to the previous year’s Rs. 2.19 billion, supported by 45% year on year growth in Total Other Revenue, growing from Rs. 805.89 million to Rs. 1.16 billion in the corresponding period of 2019.
Speaking on the quarter’s results, Janashakthi Insurance PLC’s Director/ Chief Executive Officer, Jude Fernando stated “Following a year of transformation, I am pleased to see the Janashakthi Life team continuing the growth momentum that was seen in Q1 2019. It is very promising to be able to continue on an upward trajectory, developing the execution of the plans we have laid out over the last year. We will continue to strengthen our commitment to policyholders by introducing solutions that go beyond the norms of Insurance by focusing our efforts on new business, product innovation, digital transformation and customer service enhancement.”
In July 2019, Janashakthi Life unveiled a wellness-based digital Insurance solution called ‘Live Life’, launched in collaboration with digital wellness provider ayubo.life. This unique solution which is the first of its kind within the Insurance industry, is a key step in the Company’s journey of breaking the traditional boundaries of Insurance to innovate products that offer customers continuous engagement and reward positive lifestyle changes. As it continues to explore further growth as a standalone Life Insurance Company, Janashakthi Life remains on a steady path of differentiating its offerings to policyholders with superior benefits, service, convenience, and ease of customisation to deliver value.
The Board of Directors of Janashakthi Insurance PLC comprises the Chairman, Prakash Schaffter, Jude Fernando, Ramesh Schaffter, Manjula Mathews, Eardley Perera, Nathan Sivagananathan and Avindra Rodrigo.