Janashakthi Life Records Over 5 Billion in Profits for the Second Consecutive Year

Janashakthi Life Records Over 5 Billion in Profits for the Second Consecutive Year

Janashakthi Life, one of the fastest growing Life insurers in Sri Lanka has recorded a massive LKR 5.7 Billion Profit Before Tax for the period under review. This is the second consecutive year the company has surpassed the LKR 5 billion mark in PBT.

Reflecting on the company’s achievements, Ravi Liyanage, Director / CEO of Janashakthi Insurance PLC, said, “Our strong financial performance in 2024 is a testament to our strategic focus, operational excellence, and steadfast commitment to serving our policyholders. Despite market uncertainties, we have continued to grow, delivering exceptional value to our policyholders and all the stakeholders. Our exponential growth trajectory was double the size of the industry growth to reach 44% in revenue growth surpassing over LKR 6.6 Billion premium income whilst not compromising the value creation to our investors and shareholders recording over LKR 5.7 Billion PBT.

Looking ahead, the company is well-poised to maintain its momentum as the fastest-growing insurance provider in 2025. The company has already deployed well focused strategies for market and distribution expansion in keeping with product / market as a matrix for growth. Some of the innovative products are being developed for emerging segments of the life insurance market in 2025. Further, plans are already in place to deliver best-in-class service through focused customer lifecycle management. The company is also executing robust digitalization initiatives to strengthen its position as a pioneer in digital innovation. Janashakthi Life’s total assets amount to LKR 38 billion at the close of 2024, reflecting robust growth. This underscores the financial strength and stability of the company, ensuring long-term security and sustainability for its stakeholders. Further, A key financial indicator, the Capital Adequacy Ratio of over 277%, highlights the company’s prudent financial management and reinforces confidence among all stakeholders”, added Mr. Liyanage.

Annika Senanayake, Chairperson of Janashakthi Insurance PLC, commented on the performance, “At Janashakthi Life, our resolute focus is on creating sustainable value for all stakeholders. Our performance in 2024 reflects not only our financial strength but also our deep commitment to supporting our policyholders when it matters most. The significant increase in claims paid denotes our dedication to being a reliable partner in our customers’ lives, providing them with financial security and peace of mind. As we look to the future, we are committed to invest in our human resource, technology, and product innovation to continue delivering customer-centric solutions, strengthening our market position, and driving long-term growth in Sri Lanka’s life insurance sector”.

“In 2024, we provided over LKR 4.2 billion in benefits to our policyholders through claims and maturities. The company’s prudent financial management and planning paved the way during this period to stay strong and tall irrespective of economic challenges”, Ms. Senanayake added.

The year under review saw many outstanding achievements in the company’s operations, including the highest growth in lives protected, new business premium growth of over 63%, which reflects the success of our business acquisition efforts. Additionally, we received numerous industry recognitions, such as Asia’s Best Insurance Company for Innovations at the Fifth Asia’s Best and Emerging Insurance Company Awards, the International Finance Awards, the Business Pinnacle Awards, the Business Tabloid Awards, the Global Banking Finance Awards 2024, the SLITAD People Development Awards, and the TAGS Awards, all of which highlight our commitment to employee development and industry leadership, to name just a few.

Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC (Janashakthi Life) made its mark in the industry as an innovator and household name over a span of over 30 years. Janashakthi Life has a strong presence across the island, with an expanding network of over 75 branches and a dedicated call centre that covers every corner of Sri Lanka. In line with its purpose of ‘Uplifting Lives and Empowering Dreams’, Janashakthi Life remains committed to becoming a leader in the Life Insurance industry by delivering a service beyond Insurance to its customers and stakeholders. Janashakthi Insurance PLC is a member of the JXG (Janashakthi Group), Sri Lanka’s emerging financial conglomerate that operates in the Insurance, Finance, and Investment sectors.

Annika Senanayake, Chairperson Janashakthi Insurance PLC

Ravi Liyanage – Director/CEO Janashakthi Insurance PLC