Janashakthi Insurance Archives

February 8, 2024

Janashakthi Insurance PLC, a member of the Janashakthi Group, announces the appointment of Dr. Gehan Gunatilleke as an Independent, Non-Executive Director to the Company’s Board of Directors, effective from 24th January 2024.

Dr. Gehan Gunatilleke is an attorney-at-law and a founding partner of LexAG, a law firm based in Colombo. He has previously served as an advisor to Sri Lanka’s Ministry of Foreign Affairs, where he provided counsel on international treaty compliance and facilitated access to the European Union’s GSP+ trade concession scheme. Additionally, he has contributed to several legislative drafting committees in Sri Lanka. Currently, Dr. Gunatilleke holds positions as a Commissioner at the Human Rights Commission of Sri Lanka and as a post-doctoral Fellow at Pembroke College, University of Oxford. He has earned his doctorate and master’s degree in law from the University of Oxford, where he was a Commonwealth scholar, and obtained an LL.M from Harvard Law School, where he was a Fulbright scholar.

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.

Over a span of 29 years, Janashakthi Life has continued to revolutionize the insurance industry and journey forward to become a force to be reckoned with. Its island-wide network of 75+ branches enables people from all walks of life to access its unique insurance solutions.

With this appointment, the Janashakthi Insurance PLC Board of Directors PLC comprises of Prakash Schaffter, Ravi Liyanage, Ramesh Schaffter, Avindra Rodrigo, Warini De Costa, Annika Senanayake, Sivakrishnarajah Renganathan, Dr. Nishan de Mel and Dr. Gehan Gunatilleke.

December 15, 2021

Reinforcing the Company’s growth streak and agility, Janashakthi Insurance PLC recorded a growth of 104% in First Year Regular Premium with 42% growth in Gross Written Premium as per IASL reported industry figures for the third quarter reaching a total income LKR 5.2 Bn for the period under review, the financial year 2021. The Company posted a profit before tax of LKR 456 Mn for the same period, and an investment income of LKR 1.4 Bn for the period. Moreover, net claims and benefits to policyholders during this period recorded LKR 1.5 Bn.

“Once again, we have succeeded in achieving commendable financial success while also honouring our obligations to policyholders and all other stakeholders. We have strongly illustrated our inherent capability to achieve excellence and meet the various requirements and expectations of our stakeholders. We will continue to reinforce our robust position as a strong, trusted entity in the insurance industry,” commented Anil Tittawella, Chairman of Janashakthi Insurance PLC.

“The year 2021 has been a great year for Janashakthi Life notwithstanding the challenging economic environment and the ongoing pandemic. We witnessed an exponential growth momentum where the Company outperformed the industry in key parameters in the Life Insurance sector. In comparison to the industry, we have recorded a threefold growth in First Year Regular Premiums to record the number one position in business growth with 104%. Gross Written Premium also grew tremendously recording a two-fold growth in comparison to the industry recording 42% against a growth of 20% of the industry. A consistent market sensitive approach towards products and market segments contributed to this growth further establishing our position as a trusted insurer to provide all life insurance needs,” said Ravi Liyanage, Director/ Chief Executive Officer of Janashakthi Insurance PLC.

“Our sales force with their personal touch and empathy towards our policyholders continued to serve our communities with professionalism while assessing and providing customized investment and protection solutions. The professionalism of the sales force together with this great growth momentum led the Company to deliver ground breaking achievements reaching international standards of salesmanship and service excellence. This has resulted in 75 of our sales personnel qualifying for the internationally reputed Million Dollar Round Table by the end of quarter three. Also, consolidating our position in the New Business domain of the Life insurance market, Janashakthi Life has moved up two market positions,” he further added.

A pioneering Life insurer, Janashakthi Life realigned its business focus solely on Life Insurance in 2018 with the strategic aim of pursuing viable growth. Proving the wisdom of this strategic decision the Company has been able to outperform the industry on many fronts amidst the pandemic and tough economic climate. This incredible growth momentum reflects the strong work ethic and efforts to deliver the true value of an essential service ahead of its industry peers irrespective of challenges faced. This achievement reinforces the organization’s professionalism and commitment and is testament to the hard work and commitment of the team to ensure that they continue to honour the trust of their loyal policyholders.

Over a span of 27 years, Janashakthi Life has continued to revolutionize the insurance industry and journeyed forward to become a force to reckon with delivering a service beyond Insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams. Janashakthi Life has continued to gain and nurture the confidence of customers across Sri Lanka with ethical and transparent conduct in all business affairs along with exceptional focus on customer service. To facilitate seamless continuation of life policies and enhanced accessibility the company has introduced multiple ways of paying premiums through online platforms and bank transfers. The online payment portal is geared to facilitate multiple online transactions and has increasingly gaining momentum due to its accessibility and convenience.

Additionally, Janashakthi Life has launched several innovative insurance solutions and pathbreaking products including Life Unlimited which provides lifelong hospitalization, Janashakthi COVID Guard – a world’s first in providing financial protection from COVID-19 amongst other products. Janashakthi Life offers a range of Life Insurance solutions and services that cater to different stages of the life cycle of an individual from childhood to retirement including educational needs, savings and investments, health requirements and mortgage protection. Thereby ensuring that the policyholders enjoy a wholesome life with solutions that support their goals and lifestyles through every stage of life.

February 4, 2018

Allianz Insurance

Allianz, the global financial services leader, today announced that it has entered into an agreement with Janashakthi Insurance PLC (“JINS”) to acquire 100% of its subsidiary Janashakthi General Insurance Limited (“JGIL”) for LKR 16.4 billion (EUR 85.9 million). The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018.

This acquisition makes Allianz Insurance Lanka (“Allianz Lanka”) one of the country’s largest general insurers, with a market share of approximately 20%. The acquisition will deliver a range of strategic benefits to all stakeholders, including:

Strengthens Allianz Lanka’s customer reach and service capabilities With close to a million policyholders island-wide, the expanded client base represents a significant growth opportunity for Allianz in Sri Lanka.

Janashakthi’s general insurance portfolio complements Allianz Lanka’s existing business, and represents a strategic fit across both corporate and retail lines. In addition, Allianz will bring its core capabilities in data science and technology to deliver superior experiences for all customers.

Together with its 6% share in the country’s life insurance market, the acquisition positions Allianz Lanka as one of the strongest protection leaders in the country. This supports Allianz’s strategic priorities of achieving market leadership positions and high-quality growth in the Asia Pacific region.

Janashakthi Insurance PLC will continue to focus on its life insurance portfolio in order to strengthen its presence in the Sri Lankan life insurance industry, and remains committed to its vision of lighting the lamp of insurance in every home and workplace.

The consideration represents a multiple of 2.2x JGIL’s adjusted net asset value in 2017. Janashakthi Insurance has been operating in Sri Lanka for over 23 years with a focus on motor, fire and health protection for individuals and corporates. This transaction also represents one of the largest investments into Sri Lanka, demonstrating Allianz’s confidence in this market. The Sri Lankan general insurance market has posted a compound annual growth rate (CAGR) of 12.1% between 2010- 2016

This is expected to accelerate to 12.5% by 2020, driven by improving trade and macro-economic conditions, as well as increased insurance penetration. George Sartorel, Allianz’s Regional CEO for Asia Pacific, said: “This transaction provides a highly attractive opportunity to transform our market presence in Sri Lanka, while accelerating our growth agenda in the Asia Pacific region. We are greatly impressed with the JGIL team, and believe the expanded business provides a strong foundation from which to drive continued innovation and excellence for our customers.”

Surekha Alles, Managing Director, Allianz Insurance Lanka, said: “We’re excited about our future ahead, and look forward to welcoming Janashakthi customers and employees to the Allianz family. Together, we will be well-placed to seize growth opportunities in Sri Lanka, and generate enduring benefits for our customers and stakeholders.”

Prakash Schaffter, Managing Director, Janashakthi Insurance PLC, said: “I am convinced that this amalgamation with Allianz represents the natural progression of JGIL’s evolution from a small, home grown general insurance business to a leader in the industry, while reflecting the strength of the business we’ve built over the last 23 years. Becoming part of Allianz’s larger organisation also provides many new opportunities for our employees and our customers. We share many of the same values, and we are happy to see our commitment to customer service excellence and belief in driving process enhancement and digitalisation reflected in Allianz’s priorities and strengths.”

1 Source: Allianz Group Economic Research

October 25, 2017

The Janashakthi Full Option team behind the revolutionary ‘High Speed Claim’ service product

September 7, 2017

Jude Fernando, Chief Executive Officer, Janashakthi General Insurance Limited handing over the sponsorship to Manohari Abeyesekera, Chairperson – CIMA Business Leaders Summit 2017 Organizing Committee (From left - Manindri Bandaranayake, Head of Marketing, Janashakthi Insurance PLC; Jude Fernando; Manohari Abeyesekera and Zahara Ansary, Country Manager – Sri Lanka, CIMA)

Dr. Gehan Gunatilleke Appointed to Janashakthi Life Board

Janashakthi Life No. 01 in First Year Regular Premium Growth recording 104%

Allianz to acquire Janashakthi General Insurance Limited in Sri Lanka

Janashakthi Insurance offers the ultimate solution in motor claims with Full Option ‘High Speed Claim’

Janashakthi Insurance Partners CIMA Business Leaders Summit 2017