Janashakthi Life claims to outperform insurance industry in Sri Lanka

Maintaining its upward growth trajectory of 46 percent, insurer Janashakthi Insurance PLC claimed it 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 end March 2021.

In a media release, the top insurer said it recorded a growth of 46 percent for the first quarter of the financial year 2021. The company’s investment income indicated a growth of 21 percent at Rs.527 million. During the quarter, Janashakthi Life honoured claims of Rs.526 million 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,” said Prakash Schaffter, Chairman of Janashakthi Insurance PLC.

“Over a span of 26 years, Janashakthi Life has continued to revolutionise 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,” the release said.