Sri Lankan Life Insurer, Janashakthi Insurance PLC delivered significant double digit growth in Gross Written Premiums (GWP) during the period under review, registering 23.8% year-on-year growth, fromRs.764.59 million in Q1 2018 to Rs.946.61 million in Q1 2019.
Having completed a year of purposeful action to strengthen its Life Insurance business, Janashakthi Life is now looking to ignite its growth engines for the year 2019. The strong start to 2019 shows the progress the Company has achieved against plans laid in 2018, as it returned to its roots as a standalone Life Insurance company.
“Having completed an important year in 2018, I am happy to report that Janashakthi Life has kicked off 2019 with strong positive growth, with impressive progress in GWP numbers”, said Prakash Schaffter, Executive Chairman of Janashakthi Insurance PLC. “This year as we step into our 25th year of operations, we remain focused on ensuring that our loyal policyholders remainat the heart of our business, with a reaffirmed commitment to providing them with solutions that cater to their ever-evolving needs and transcend the traditional boundaries of Insurance.”
During Q1 2019, Janashakthi Life saw its Total Net Income rise from Rs.1.16 billion to Rs.1.36, with a 17.2% year-on-year growth compared to the previous year. Profits from continuing operations also showednotablegrowth, reaching Rs.108.68 million profit in Q1 2019.
The Company continued to honour its commitment to its policyholders, as Net Benefits and Claims saw 34.1% year-on-year growth, from Rs.294.27 in Q1 2018 to Rs.394.68 millionduring the period under review.
Speaking on the quarter’s results, Janashakthi Insurance PLC’s Director / Chief Executive Officer, Jude Fernando stated, “I am happy to see the upswing in momentum in Q1 2019, with a strong sales-led performance. During 2018, we focused our efforts to put down the foundations to deliver growth in 2019, and this first quarter’s results are a very promising indication of the progress we have made in the successful executionof those plans”.
Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC made its mark in the industry as an innovator and household name over a span of over 24 years.
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