Janashakthi Life Delivers Steady Growth through 1H 2018
Leading Sri Lankan Life Insurer Janashakthi Insurance PLC (Janashakthi) reported a 6% year on year (YoY) growth in Gross Written Premium (GWP) for the six months ended 30th June 2018, ending the period under review with premiums of Rs.1.445 billion.
Continuing to honour its commitment to policyholders, Janashakthi saw claims grow by 12% YoY, from Rs.546 million to Rs.610 million. Overhead expenses grew from Rs.299 million to Rs.738 million, primarily due to one-off payments related to the divesture of Janashakthi General Insurance Limited and re-structuring.
Investment income grew from Rs.649 million to Rs.750 million, a significant YoY growth of 16%. This was aided largely by the 28% YoY growth in the investment portfolio, from Rs.12.4 billion to Rs.15.8 billion. The total assets of the Company stood at Rs.18.9 billion. This was a result of Janashakthi’s move to return substantial revenue reserves to its shareholders through a share buyback in March 2018.
“I am pleased to note that the business has grown steadily through the first six months of 2018 with premiums growing through the period. We hope that our strong fundamentals together with our ongoing expansion drive and digital-led transformation will keep driving the Janashakthi Life business forward,” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC. “Building on the momentum gained during the first half of the year, we look forward to delivering steady growth through the financial year as we work towards emerging as a significant player in the country’s Life Insurance industry.”
Janashakthi re-branded its Life Insurance business as “Janashakthi Life” during the month of June, with the launch of a new brand identity supported by an integrated brand communications campaign. The Company also unveiled its long term strategic plan which includes transitioning the organisation towards a purpose-driven entity. The Company is forging ahead in the expansion of its dedicated Life branch network and hopes to complete it by November 2018. The first model branch was opened in Nugegoda in July as a part of this effort.
“We have managed to deliver steady growth despite undergoing significant transformation during the first half of the year. We embarked on a set of strategic initiatives towards the end of the period to further strengthen our Life Insurance business. This includes the launch of the Janashakthi Life Advisor Virtual Office (AVO), which enables our customers and agents to transact digitally, allowing Sales Agents to carry out all business transactions using a hand held device. Complementing one another, these initiatives will help us continue to strive to uplift the lives and empower the dreams of all our stakeholders,” said Jude Fernando, Director / Chief Executive Officer of Janashakthi Insurance PLC.
With the retirement of Board Member, Mr. L.C.R. De.C. Wijetunge, the Board of Directors of Janashakthi Insurance PLC now comprises Mr. Husein Esufally, Chairman; Mr. Prakash Schaffter, Managing Director; Mr. Jude Fernando, Chief Executive Officer; Mr. Ramesh Schaffter; Ms. Anushya Coomaraswamy; Mrs. Manjula Mathews; and Mr. Eardley Perera.
Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC made its mark in the industry as an innovator and household name over a span of over 23 years. Janashakthi has a strong presence across the island, with an expanding Life Insurance network and a dedicated call centre. In line with its vision of lighting the lamp of insurance in every home and workplace, Janashakthi remains committed to becoming a leader in the Life Insurance industry by delivering a service beyond Insurance to its customers and stakeholders.
