Janashakthi Life Insurance PLC posted a strong performance, with all key metrics showing improved results for 2019.
The Company registered a Gross Written Premium (GWP) of LKR 3.5 billion in 2019, backed by a robust 30% growth in first year premiums. Post Tax Profit (PTP) was LKR 396 million, a commendable achievement that demonstrates the strength of our core foundations.
Investment portfolio grew 8.3% from LKR 15.6 billion in 2018 to LKR 16.9 billion in 2019. Driven by the increase in the investment portfolio, investment income grew to LKR 1.6 billion in 2019 up by 9% year on year from LKR 1.5 billion in the previous year.
“These results, I believe testify to our proactive investment strategy”, said Executive Chairman at Janashakthi Life Insurance, Prakash Schaffter in company’s Annual Report -2019.
“The year 2019 was indeed a challenging, yet exciting time for all of us at Janashakthi. Having successfully executed the managed separation from the Janashakthi Insurance Group very early in 2019, we set aside the rest of the year to focus on carving out our own identity as an independent life insurance Company. “
Interestingly though, the local Life insurance industry appeared to be one of the least affected by the economic turmoil, he added.
Demonstrating strong resilience against the negative headwinds, the Life insurance industry grew steadily in 2019 to record a 10.5% year on year growth in GWP.
“Meanwhile, reflecting our uncompromising stance in achieving leadership in compliance, we invested a considerable amount of time working to improve our readiness to comply with the new IFRS 17 standard which is due to come into effect in 2022.
“Most importantly, the new standard will improve transparency and ensure greater consistency of financial reporting among insurance companies worldwide.”
0 comments: