Maintaining its upward growth trajectory of 46%, Janashakthi Insurance PLC outperformed the industry averages by surpassing all key performance indicators (KPIs) of the life insurance business – including number of policies, new business/first-year premium, renewal premium, and total premiums – as at 31 March 2021.
The company recorded a growth of 46% for the first quarter of the financial year (FY) 2021. The company’s investment income indicated a growth of 21% at Rs. 527 million. During the quarter, Janashakthi Life honoured claims of Rs. 526 million as at 31 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 the entire nation experienced due to the Covid-19 pandemic and its spillover 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 Janashakthi Insurance Chairman Prakash Schaffter.
“It is significant to note that the company has surpassed industry performance during the period under review, recording a growth of 150% in the number of lives insured, 54% growth in new business (first-year premium), and 29% increase in renewal premium as at 31 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 islandwide branch network of over 75 branches, geared to take on the unfolding challenges and serve our policyholders during these testing times and beyond,” said Janashakthi Insurance Director/Chief Executive Officer (CEO) Ravi Liyanage.