Janashakthi Life demonstrates resilience with good growth during 2020

Janashakthi Insurance PLC, saying it demonstrated the company’s spirit of resilience amidst a challenging period, recorded a 9 per cent overall growth for the financial year 2020, with Gross Written Premiums (GWP) of Rs. 3.8 billion.

This growth follows the second year of the insurer’s renewed singular focus on life insurance, which was a strategic shift that Janashakthi Life made in 2018, the company said in a media release.

Janashakthi Life’s post-tax profits stood at Rs. 739 million for the period ending December 2020. The company’s investment income recorded a growth of 15 per cent at Rs. 1,882. The company’s Net Claims and Benefits stood at Rs.1,758 as at end December 2020.

“As anticipated, the year 2020 was an exceptionally challenging period due to the spillover effects of the COVID – 19 pandemic and the economic downturn that ensued. Nevertheless, we effectively navigated the challenges with foresight, innovation and timely adaptation of necessary business practices to end the year on a positive note. Our policy riders covered all life insurance customer claims arising due to COVID-19 in a diligent manner. We will continue to effectively face the health and economic challenges of the pandemic period through strategic drives and timely innovations to ensure the long-term growth of the Company and all our stakeholders,” said Prakash Schaffter, Chairman of Janashakthi Insurance PLC.

“During the year, we implemented a number of timely and appropriate measures to ensure the health and well-being of our customers and employees alike. Apart from stringently following Government and WHO recommended health and hygiene measures at all Janashakthi Life branches, we strengthened our digital reach through activating online alternatives to further ensure the safety and convenience of our customers across the island. Moreover, in response to the prevailing emergency situation, we introduced ‘COVID Guard’, an innovative insurance cover, specifically designed to provide financial protection during the pandemic situation,” said Ravi Liyanage, Director/ Chief Executive Officer of Janashakthi Insurance PLC.