Janashakthi Life records 46% growth in 1Q 2021 | Sunday Observer

Janashakthi Life records 46% growth in 1Q 2021

5 June, 2021

Maintaining its upward growth trajectory of 46%, Janashakthi Insurance PLC, outperformed the industry averages by surpassing all key performance indicators of life insurance business such as number of policies, new business and first year premium, renewal premium and total premiums as at March 31, 2021.

The company 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 Rs. 527 mn. During the quarter, Janashakthi Life honoured claims of Rs. 526 mn as at March 31, 2021.

“This is the third year since we renewed our sole focus on Life Insurance in 2018. 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 spillover effects,” said  Chairman of Janashakthi Insurance, Prakash Schaffter.

“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,” he said.

The company has introduced multiple ways of paying premium through online platforms and bank transfers to facilitate seamless continuation of life policies and enhanced accessibility. 

Director and CEO of Janashakthi Insurance, Ravi Liyanage said, “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 March 31, 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 islandwide branch network of over 75 branches, geared to take on the unfolding challenges and serve our policyholders during these testing times and beyond,” he said.