Janashakthi Insurance PLC (Janashakthi Life) recorded a growth of 145% in first year regular premium business during the second quarter with the upward trajectory of gaining two market positions up in first year premium compared to 2020.
Furthermore, Janashakthi Life also recorded a growth of 50 per cent in gross written premium with year-to-date growth of 45 per cent reaching a premium income of Rs 2.4 billion as at the end of the period under review. The Company recorded a profit before tax of Rs 287.1 million and the investment income recorded approximately Rs 1 billion. Furthermore, net claims and benefits to policyholders during this period also recorded nearly Rs. 1 billion.
“Our strong performance reasserts the agility and success of our business strategies even amid challenging economic conditions. It is commendable how the Janashakthi team has gone above and beyond to cater to the customer’s wellbeing reinforcing our commitment to our policyholders. Health and safety of our employees, customers and community are of paramount importance and we will continue to respond responsibly. Furthermore, as a part of the Janashakthi Group we have the opportunity to utilize combined strengths while adapting to the evolving needs of the community,” commented Prakash Schaffter, Executive Deputy Chairman of Janashakthi Insurance PLC.
Janashakthi Life realigned its sole focus on Life Insurance in 2018, in a strategic move calculated to achieve long-term growth.
Janashakthi Life’s Director/ Chief Executive Officer, Ravi Liyanage said, “The most significant turnaround achievement was the growth of 145% in first year regular premium business during the second quarter with the upward trajectory of gaining two market positions up in first year premium compared to 2020. At the same time, gross written premium also grew significantly with 50% growth during the second quarter of 2021.”
“We have revisited our strategies to respond to the evolving needs in a prudent and far-seeing manner while focusing on our role as a trusted life insurer. We will continue to provide innovative solutions and respond with integrity and transparency to our customer’s needs. These core values of integrity and commitment to growth are what steers us ahead through winning and sustaining the trust of all our stakeholders.”
Over a span of 26 years, Janashakthi Life has continued to revolutionize the insurance industry and in order to facilitate seamless continuation of life policies and enhanced accessibility the company has introduced multiple ways of paying premiums through online platforms and bank transfers.
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