Janashakthi Life records significant profit growth despite COVID-19

Leading Sri Lankan Life Insurer, Janashakthi Insurance PLC (Janashakthi) reported earnings for its second fiscal quarter (Q2) of 2020. Janashakthi’s consolidated pre-tax profits showed a remarkable year to date growth of 44%, recording a Profit Before Taxation of Rs. 427.37 million. Consolidated Net Income also showed a growth of 15% with Rs. 3.28 billion in comparison to the previous year’s Rs. 2.85 billion. Similarly, earnings per share showed a growth of 68% from Rs. 1.04 to Rs. 1.75.

The increase of 49% in investment income including realized gains and fair value gains significantly contributed to achieve this total Net Income, supported by 44% growth in Total Other Revenue, growing from Rs. 1.16 billion to Rs. 1.68 billion. Janashakthi delivered a Gross Written Premium (GWP) of Rs. 1.66 billion in the period under review. As of June 2020, the company had total assets of Rs. 23.47 billion compared to Rs. 21.73 billion in Q2 2019. 

“Due to the unprecedented impact of the COVID-19 pandemic, 2020 has proven to be an exceptionally challenging year for the economy. Janashakthi continued to serve our customers through these unprecedented times, thanks to the dedication of our field sales force and having our digitization initiatives already in place to deliver a frictionless service experience. I am pleased to note that amidst a difficult quarter, we have delivered significant profit growth in the period under review,” commented Prakash Schaffter, Chairman of Janashakthi Insurance PLC.  
He further added, “as we continue to set trends and drive the new normal of the life insurance industry in Sri Lanka, we strive to raise the bar on service excellence with increased levels of digitization in our operations as well as our customer interactions. We will continue to honor our commitment as a purpose driven insurer, with reaffirmed assurance to provide solutions that cater to the ever-evolving customer needs. We are confident that this is the way forward for greater cost efficiencies and resilience.” 

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