Janashakthi Insurance PLC (Janashakthi) continued on its growth journey, registering a Gross Written Premium (GWP) of Rs.2.2 billion as at 30th September, 2018. The Insurer ended the period under review with post-tax profits of Rs.7.4 billion, including the gain from the sale of Janashakthi General Insurance Limited.
The Company’s investment income stood at Rs.1, 125 million, growing by 14% over the Rs.984 million registered in Q3, 2017. This was primarily due to the 26% growth in its investment portfolio which stood at Rs.15.6 billion at the end of the period under review. Net claims and benefits increased from Rs.849 million to Rs.1, 066 million, largely due to policy maturities of Life Investment products.
“In 2018, we have focused our effort on restructuring and reorganising our operations as a standalone Life Insurance business. Building on the momentum gained during the first half of the year, I am pleased to report that Janashakthi Life has continued to grow steadily during the third quarter of 2018, starting to reap the benefits of many of the strategic initiatives put in place throughout the first nine months of the year” said Prakash Schaffter, Managing Director of Janashakthi Insurance PLC.
The Insurer, who celebrated its 24th year anniversary in September, continued to ramp up its dedicated Life branch network, opening 25 new branches around the island over the past few months. With more branches expected to be completed by the end of the year, the Company hopes that this new and improved network will act as the physical embodiment of the Janashakthi Life brand, spreading the protection of Life Insurance to all corners of the island.
“Janashakthi Life is strengthening its foundations to ensure that we are a cohesive, efficient team, geared to empower our salesforce to serve our customers better than ever before. In early November, we set up our new Life Headquarters in Colombo 02, which we hope will provide our team with a space to grow both personally and professionally, while delivering results for the Company. With the completion of our ongoing expansion and digital-led transformation efforts by the end of the year, we are geared to drive the business forward and emerge as a significant player in the country’s Life Insurance industry” said Jude Fernando, Director / Chief Executive Officer of Janashakthi Insurance PLC.
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. Janashakthi has a strong presence across the island, with an expanding Life Insurance network and a dedicated call centre. In line with its newly launched purpose of uplifting lives and empowering dreams, Janashakthi 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 announced the appointment of renowned business leader Prakash Schaffter as its Executive Chairman. Mr. Schaffter, who has three decades of experience in the Insurance industry, had led Janashakthi as its Managing Director since 2006.
This announcement comes with the addition of two new board members, Nathan Sivagananathan and Avindra Rodrigo. These appointments, which are subject to regulatory approval, came as Husein Esufally and Anushya Coomaraswamy stepped down from their roles of Chairman and Director of the Board respectively.
Mr. Esufally took on the mantle as the Chairman of Janashakthi Insurance PLC in 2016. He was a key driver of the Company’s post-segregation strategy and played an important role in the acquisition of AIA General. He was instrumental in bringing specialised focus to the Life and General Insurance categories with the appointment of dedicated Chief Executive Officers to head each business. He also saw the Company through the recent divestment of Janashakthi General Insurance Limited, one of the largest transactions in not only the Insurance industry, but the entire corporate sector.
As a member of the Board of Directors of Janashakthi Insurance PLC since 2006, Ms. Coomaraswamy has been known for her technical expertise in Finance and Accounting, as well as her strategic contribution and leadership to the Board Audit Committee and the Related Party Transactions Review Committee.
“While we bid adieu to Mr. Esufally and Ms. Coomaraswamy, we thank them for their leadership, support and guidance to the Janashakthi business. Their experience and contribution have helped place Janashakthi well on our journey of becoming one of the key players in the Life Insurance industry. I am pleased to welcome Mr. Nathan Sivagananathan and Mr. Avindra Rodrigo to the Board of Directors of Janashakthi Insurance, and I am confident that their expertise will add greatly to the strategic growth journey of our Life Insurance business,” said Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
In addition to the three decades of invaluable industry experience which Mr. Schaffter brings in, the Company believes that the diverse experience and skills of the new appointees to the Board will strengthen its efforts of building a specialised Life Insurance business.
Under Mr. Schaffter’s leadership, the Company became the country’s third largest insurer, acquired AIA’s General Insurance business, and most recently engaged in the divestment of Janashakthi's Non Life segment. He has led the discussion on regulatory changes, including the segregation of Life and Non-Life segments through several industry-related committees. He holds a Bachelor’s degree from the University of London and an MBA from the University of Cambridge, in addition to being one of the youngest Fellow Members of the Chartered Insurance Institute.
Mr. Sivagananathan is currently the Chief Growth Officer of MAS Holdings and Board Director of MAS Capital. A 2015 Eisenhower Fellow and 2018 Kauffman Fellow, he has been a supporter of local entrepreneurship and small businesses, as well as an active angel investor in the country. He holds a BSc in Engineering Management from the University of Hertfordshire and has completed the General Management Program at Harvard University.
Mr. Rodrigo, who is a leading counsel and an active practitioner in commercial and corporate litigation as well as arbitration and alternative dispute resolution, has a wealth of experience in the areas of Banking Law, Finance, Insurance, Construction and Telecommunications Law. Receiving his LLB (Hons) from the University of Warwick, England, he has appeared in numerous actions arising out of Insurance Contracts, representing either the Insurer or the Assured.
With the new additions, the Board of Directors of Janashakthi Insurance PLC comprises of Mr. Prakash Schaffter, Executive Chairman; Mr. Jude Fernando, Chief Executive Officer; Mr. Ramesh Schaffter; Mrs. Manjula Mathews; Mr. Eardley Perera; Mr. Nathan Sivagananathan and Mr. Avindra Rodrigo.