Doubles the industry GWP growth and quadruples (4 times) the First-Year Premium growth
COLOMBO, March 24th : Reflecting the Company’s prudent approach to business and sustainable strategies in the face of challenges, Janashakthi Insurance PLC recorded a 45% growth of Gross Written Premium for the financial year ended December 31st 2021, reaching a total income LKR 7.2Bn for the period under review. The Life insurer posted a profit before tax of LKR 1.2 Bn as at the end of the financial year, and an investment income of LKR 1.9 Bn for the same period. Meanwhile, net claims and benefits to policyholders during the same period was at LKR 4.7Bn.
The praiseworthy achievement and viable financial growth that we attained during the financial year 2021 notwithstanding pandemic-triggered macro-economic challenges speak volumes about ability to navigate troubled waters using time-sensitive, insight driven strategies. As such, we have been able to meet the expectations of our stakeholders and grow in a sustainable manner during the year. We will continue to build on this steady platform to pursue growth opportunities in the post-pandemic market as a trusted Life Insurance provider,” said Prakash Schaffter, Deputy Chairman of Janashakthi Insurance PLC.
The year 2021 will go down in the history of Janashakthi Life as one in which we not only successfully combatted the negative economic implications of a global pandemic but also outperformed the industry in key parameters of the Life Insurance industry whereby outperforming the industry; double the Gross Written Premium growth with quadrable achievement in First Year Premium and number of lives covered outperforming the industry over 100%. Our early and proactive identification of market and economic conditions, market sensitive approach to consumer insights and well thought out aggressive sales and marketing approach together with prudent financial management paved the way to outperform the industry key value drivers quite convincingly.” said Ravi Liyanage, Director/ Chief Executive Officer of Janashakthi Insurance PLC.
Janashakthi Life successfully achieved several great milestones in the year 2021. Some of the key achievements were receiving a record-breaking total income of over 7.2 Billion with a growth of 14% over the last year (6.2Bn in 2020) and a commendable Gross Written Premium growth of 45% over the corresponding period under review. For the first time ever in the history of Janashakthi Life crossing two consecutive billion milestones while also achieving strong market share growth which moved up by 1 market position against competition in new business during the year of 2021. Janashakthi Life also delivered outstanding performance across all KPIs surpassing all set targets, with a notable regular premium First Year Premiums (FYP) grow over 128%. Janashakthi Life also successfully produced over 100 MDRT achievers, aligning themselves in par with global standards. Also, partnership channel was able to doubled its business while new business expansion channel recorded a LKR 181 Million in its first year of operation surpassing the premium of any insurance company in Sri Lanka in its first year of operation.
A pioneering Life insurer, Janashakthi Life realigned its business focus solely on Life Insurance in 2018 with the strategic aim of pursuing viable growth. Proving the wisdom of this strategic decision the Company has been able to outperform the industry on many fronts amidst the pandemic and tough economic climate. This incredible growth momentum is a reflection of the strong work ethic and efforts to deliver the true value of an essential service ahead of its industry peers irrespective of the challenges faced. This achievement reinforces the organization’s professionalism and commitment and is testament to the hard work and commitment of the team to ensure that they continue to honour the trust of their loyal policyholders.
Over a span of 27 years, Janashakthi Life has continued to revolutionize the insurance industry and journeyed forward to become a force to reckon with delivering a service beyond Insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams.Janashakthi Life has continued to gain and nurture the confidence of customers across Sri Lanka with ethical and transparent conduct in all business affairs along with exceptional focus on customer service. 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. The online payment portal is geared to facilitate multiple online transactions and has increasingly gaining momentum due to its accessibility and convenience.
Additionally, Janashakthi Life has launched several innovative insurance solutions and pathbreaking products including Life Unlimited which provides lifelong hospitalization, Janashakthi COVID Guard – a world’s first in providing financial protection from COVID-19 amongst other products. Janashakthi Life offers a range of Life Insurance solutions and services that cater to different stages of the life cycle of an individual from childhood to retirement including educational needs, savings and investments, health requirements and mortgage protection. Thereby ensuring that the policyholders enjoy a wholesome life with solutions that support their goals and lifestyles through every stage of life.