Surpasses industry averages in all key parameters of Life Insurance business
Colombo, Sri Lanka – 31st May, 2021
Maintaining its upward growth trajectory of 46%, leading insurer Janashakthi Insurance PLC, outperformed the industry averages by surpassing all key performance indicators of life insurance business namely number of policies, new business / first year premium, renewal premium and total premiums as at 31st March 2021.
The leading insurer recorded a growth of 46% for the first quarter of the financial year 2021. The Company’s Investment income indicated a growth of 21% at LKR 527 Mn. During the quarter, Janashakthi Life honoured claims of LKR 526 Mn as at 31st March 2021.
“This is the third year since we renewed our sole focus on Life Insurance in 2018, in a well-calculated strategic move. The growth we experienced in the first quarter of this year is a testament to our innate ability to succeed even amidst overwhelming odds. The year 2020 proved to be one of the toughest that we have encountered, given the social and economic downturn that the entire nation experienced due to the COVID – 19 pandemic and its spill over effects. However, we were able to adapt effectively to navigate these difficult times. We were able to serve our customers by introducing innovative and relevant products such as COVID Guard during this period. Such product innovation as well as prudent financial and business measures allowed us to continue to seek growth during the first quarter of 2021,” commented Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
“It is significant to note that the company has surpassed industry performance during the period under review recording a growth of 150% in number of Lives Insured, 54% growth in New Business (first year premium) and 29% increase in Renewal Premium as at 31st March 2021. We are humbled by the trust and confidence our policyholders have placed in us and it is the cornerstone of our success even during these challenging times. Reinforcing our commitment to fulfil the protection needs of our customers we are happy to note that we are backed by a solid infrastructure and an island wide branch network of over 75 branches, geared to take on the unfolding challenges and serve our policyholders during these testing times and beyond,” said Ravi Liyanage, Director/ Chief Executive Officer of Janashakthi Insurance PLC.
Over a span of 26 years, Janashakthi Life has continued to revolutionize the insurance industry and journeyed forward to become a leader in the Life insurance industry in Sri Lanka, delivering a service beyond Insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams.
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 transaction and has been increasingly gaining momentum due to its accessibility and convenience. These platforms allow policyholders to carry out their policy payments online and maintain active policies to ensure that their protection needs are fulfilled during these challenging times.
Furthermore, 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 among 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.