Business News from Sri Lanka: 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 Rs. 1.74 billion.
The Company illustrated its commitment to policyholders, paying out Rs. 899.35million in Net Benefits and Claims to record a year on year growth of 48%in comparisons to Rs.609.64million recorded during the corresponding period in the previous year.
“A year after launching our new organizational 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,” commented Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
By the end ofQ2 2019,the Company’s consolidated pre-tax profits showed a remarkable year on year growth, recording a Profit Before Tax of 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.
Janashakthi Insurance PLC’s Director/ Chief Executive Officer, Jude Fernando stated “Following a year of the transformation 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.