Janashakthi Life, one of Sri Lanka’s leading life insurers, reported stellar financial results for the first quarter of 2024, solidifying the company’s position for continued growth and stability.
Janashakthi Life’s Gross Written Premium (GWP) growth surged by an impressive 44% in Q1 2024 compared to Q1 2023. This significant increase reflects the company’s successful market expansion and its ability to attract new customers. Additionally, other operating revenue soared by 22%, driven by the success of diversified income streams and strategic investments.
The Profit Before Tax (PBT) for Q1 2024 also demonstrated robust performance, with a 29% increase over Q1 2023. This growth is indicative of the company’s effective operational strategies and sound financial management. A notable strategic decision by Janashakthi Life has been the eradication of realized gains, signalling a shift towards long-term stability over short-term gains. This move is expected to bolster investor confidence, prioritizing sustainable growth and long-term value creation.
The growth in Earnings Per Share (EPS) from 1.95 to 2.15 further exemplifies Janashakthi Life’s commitment to delivering value to its stakeholders. This increase in EPS is a clear indicator of the company’s ability to generate higher profits for its shareholders.
Furthermore, the number of lives covered by Janashakthi Life in Q1 2024 grew by 112%, which is the highest among all insurers in the life insurance industry. Renewal premiums also grew, surpassing all industry players to achieve the highest growth in Q1 2024 at 18%.
“We are thrilled with our first-quarter performance, which is a direct result of our team’s dedication and strategic acumen. The substantial growth in key financial metrics underscores our adaptability and strategic foresight. Moving forward, we will remain focused on sustaining this momentum and further expanding our presence in the industry,” expressed Ravi Liyanage, Director/CEO of Janashakthi Life.
Staying true to its corporate purpose of “uplifting lives and empowering dreams”, Janashakthi Life has always strived to deliver greater value to all its stakeholders ethically and transparently. On the customer front, the insurer brings this to life through its ground-breaking insurance solutions and services that cater to their evolving needs at every stage of their lives. Extending this purpose to the society at large, Janashakthi Life aspires to make a greater contribution to social sustainability in society at large.
Over a span of 29 years, Janashakthi Insurance PLC has continued to revolutionize the insurance industry and journeyed forward to become a force to be reckoned with. Its island-wide network of 79 branches enable people from all walks of life to access its unique insurance solutions.
