Janashakthi Life Posts 45% Growth in Premiums & Other Operating Revenue Surges 111%

Janashakthi Life, a leading life insurance provider in Sri Lanka, is pleased to announce exceptional financial results for the first-half of 2024. The company achieved record-breaking growth across key performance indicators, with a notable 45% increase in Gross Written Premiums (GWP) compared to the period under review in 2023. This significant growth reflects the company’s steady growth and an expanding customer base.

In addition to the impressive GWP growth, Janashakthi Life has experienced a substantial rise in Other Operating Revenue, which has surged 111% year-on-year. The company’s market capitalization has also experienced considerable growth, increasing by 43% during the first half of 2024 relative to the same period in 2023. These achievements highlights the company’s strategic investments, diversified income streams as well as the continued investor confidence.

Furthermore, during the first two quarters, Janashakthi Life has paid over LKR 2.2 billion in claims, fulfilling all customer obligations and expectations, in line with its promise to indemnify policyholders in their most critical times of need. The company has also distributed LKR 3 billion in dividend further showcasing its robust financial health and dedication to rewarding investors and other stakeholders.

“The record growth in premiums, revenue, and market capitalization, alongside our increased claims payments and dividends, is a testament to our commitment to delivering value to our stakeholders,” stated Ravi Liyanage, Director/CEO of Janashakthi Life. “Janashakthi Life has ambitious plans for the current financial year and we are fully committed in delivering them,” he further added.

Staying true to its corporate purpose of “uplifting lives and empowering dreams”, Janashakthi Life has always strived to deliver greater value to all its stakeholders ethically and transparently. On the customer front, the insurer brings this to life through its ground-breaking insurance solutions and services that cater to their evolving needs at every stage of their lives. Extending this purpose to the society at large, Janashakthi Life aspires to make a greater contribution to social sustainability in society at large.

Over a span of 29 years, Janashakthi Insurance PLC has continued to revolutionize the insurance industry and journeyed forward to become a force to be reckoned with. Its island-wide network of 79 branches enable people from all walks of life to access its unique insurance solutions.

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About Janashakthi Insurance PLC

Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC (Janashakthi Life) made its mark in the industry as an innovator and household name over a span of over 29 years. Janashakthi Life has a strong presence across the island, with an expanding network of over 79 branches and a dedicated call centre. In line with its purpose of “uplifting lives and empowering dreams”, Janashakthi Life remains committed to becoming a leader in the Life Insurance industry by delivering a service beyond Insurance to its customers and stakeholders. Janashakthi Insurance PLC is a member of the Janashakthi Group that operates in the Insurance, Finance, and Investment sectors.

Janashakthi Insurance PLC Board of Directors PLC comprises of Prakash Schaffter, Ravi Liyanage, Ramesh Schaffter, Warini De Costa, Annika Senanayake, Sivakrishnarajah Renganathan, Dr. Nishan de Mel, Dr. Gehan Gunatilleke and Dilip de S. Wijeyeratne.