Business
Janashakthi Life doubles industry GWP growth
Janashakthi Insurance PLC recorded a 45% growth of Gross Written Premium for the financial year ended December 31st 2021, reaching a total income LKR 7.2Bn for the period under review. The Life insurer posted a profit before tax of LKR 1.2 Bn as at the end of the financial year, and an investment income of LKR 1.9 Bn for the same period. Meanwhile, net claims and benefits to policyholders during the same period was at LKR 4.7Bn.
“The praiseworthy achievement and viable financial growth that we attained during the financial year 2021 notwithstanding pandemic-triggered macro-economic challenges speak volumes about ability to navigate troubled waters using time-sensitive, insight driven strategies. As such, we have been able to meet the expectations of our stakeholders and grow in a sustainable manner during the year. We will continue to build on this steady platform to pursue growth opportunities in the post-pandemic market as a trusted Life Insurance provider,” said Prakash Schaffter, executive Deputy Chairman of Janashakthi Insurance PLC.
“The year 2021 will go down in the history of Janashakthi Life as one in which we not only successfully combatted the negative economic implications of a global pandemic but also outperformed the industry in key parameters of the Life Insurance industry whereby outperforming the industry; double the Gross Written Premium growth with quadrable achievement in First Year Premium and number of lives covered outperforming the industry over 100%. Our early and proactive identification of market and economic conditions, market sensitive approach to consumer insights and well thought out aggressive sales and marketing approach together with prudent financial management paved the way to outperform the industry key value drivers quite convincingly.” said Ravi Liyanage, Director/ Chief Executive Officer of Janashakthi Insurance PLC.
Janashakthi Life successfully achieved several great milestones in the year 2021. Some of the key achievements were receiving a record-breaking total income of over 7.2 Billion with a growth of 14% over the last year (6.2Bn in 2020) and a commendable Gross Written Premium growth of 45% over the corresponding period under review. For the first time ever in the history of Janashakthi Life crossing two consecutive billion milestones while also achieving strong market share growth which moved up by 1 market position against competition in new business during the year of 2021. Janashakthi Life also delivered outstanding performance across all KPIs surpassing all set targets, with a notable regular premium First Year Premiums (FYP) grow over 128%. Janashakthi Life also successfully produced over 100 MDRT achievers, aligning themselves in par with global standards. Also, partnership channel was able to doubled its business while new business expansion channel recorded a LKR 181 Million in its first year of operation surpassing the premium of any insurance company in Sri Lanka in its first year of operation.
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 is a reflection of the strong work ethic and efforts to deliver the true value of an essential service ahead of its industry peers irrespective of the 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. In order 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.
Business
Positive investor interest at SEC & CSE Colombo investor forums
The Colombo Stock Exchange (CSE) in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) hosted the first of a new series of country-wide investor forums on the iconic CSE trading floor on 25th June and 9th July in Sinhala and English respectively.
The investor forums collectively attracted over 180 participants, with many first-time investors taking the opportunity to speak to members of the SEC, CSE, Unit Trust Associations and Stockbrokers from 5:00 PM onwards.
The forums opened with presentations from senior economists of the Central Bank of Sri Lanka, including Mrs. Lasantha Wijerathne and Chathura Kulawardena, who provided a high-level overview of the country’s macroeconomic landscape. The session also featured presentations by members of leading stockbroking firms, including Tharaka Peiris, Senior Research Analyst at NDB Securities (Pvt) Ltd, and . Cheran de la Harpe, Manager – Research at HNB Stockbrokers (Pvt) Ltd, who provided participants with an overview of the capital market. In addition, representatives from the unit trust industry, including Asanka Herath, Secretary of the Unit Trust Association and CEO and Head of Equity at Lynear Wealth Management (Pvt) Ltd, and Surath Perera, Chief Investment Officer of Senfin Asset Management Pvt Ltd, introduced participants to investing in unit trusts.
The presentations were followed by an interactive panel discussion featuring the speakers as well as Vice President of the Unit Trust Association, Director and CEO of First Capital Asset Management (Pvt) Ltd Kavin Karunamoorthy, Acting Director General of the SEC Tushara Jayaratne and Executive Vice President – Marketing of the CSE Niroshan Wijesundere.
Following the panel discussions attendees enjoyed the opportunity to meet with stockbrokers and unit trust associations to open new investment accounts. All new investors who opened an account on the days of the forum were entitled to receive an investment coupon.
The forum was conducted amidst a remarkable six-year growth in the capital market which saw the All-Share Price Index (ASPI) rise from 4,846 points in May 2020 to 22,310.80 points by the end of May 2026. This represents a growth of 360% and a compound annual growth rate (CAGR) of approximately 28.98% – with capital gains remaining tax-free prospective investors can be notified of through the CSE website and mobile app.
Business
BASL to host inaugural National Sustainable Development Law Symposium
The Bar Association of Sri Lanka (BASL) will host the Inaugural National Sustainable Development Law Symposium on 21 July at The Hilton Colombo, bringing together legal practitioners, policymakers, judges, academics, corporate leaders, financial sector professionals and development stakeholders for a full-day forum on the growing role of law in advancing sustainable development, climate resilience and responsible economic growth.
Held under the theme From Global Trade, Finance and Investment to a National Imperative on Resilience: Integrating a Sustainability Lens in Legal Careers, the programme is structured around several thematic sessions examining the legal dimensions of sustainability in trade, finance, investment, climate governance and national policymaking.
The sessions will cover areas such as Strengthening Domestic Capacity to Succeed and Thrive Amidst a Changing Climate, Sustainability Due Diligence in Global Trade and Positioning Sri Lanka as a Trade Hub in the Region, Sustainable Finance and ESG Due Diligence in Investments: Sri Lanka and CIFC as a Hub for the Region, and Creating the
The keynote address will be delivered by His Lordship Justice A.H.M.D.Nawaz, Justice of Supreme Court.
The programme will also feature distinguished speakers including Justice Shiranee Thilakawardane – Former Justice of the Supreme Court, Prof. Dr. Marie-Claire Cordonier Segger /Chairperson Sustainable Development Law & Policy, University of Cambridge, Simon Tribelhorn – CEO – Liechtenstein Bankers Association, Ravi Algama, Dr. Asanga Gunawansa, PC, Prof. (Dr.) Kokila Konasinghe – Professor in Law University of Colombo, Dr. Ravindranath Dabare, Centre for Environmental Justice, Neshan Gunasekera, CEO – World Future Council, Ms. Chamindry Saparamadu – Former DG Sri Lanka Sustainable Development Council and Executive Director, DevPro, Prof. Dominic Coppens – International Economic Law Maastricht University Netherlands, Deputy Solicitor General Nirmalan Wigneswaran, Deputy Solicitor General, Dr. Avanthi Perera, Senith Abeyanayake – Research Associate Centre for Smart Future, Ms. Prashani Illangasekera – General Manager Group ESG, Hayleys PLC, Shiran Fernando – SG/ CEO The Ceylon Chamber of Commerce, , Dr. Priyantha Thilakaweera – Director Macroprudential Surveillance, Central Bank of Sri Lanka, Mr. Thilan Wijesinghe – Managing Director TWC Holdings, Mr. Adheesha Perera – Core Group Member Sri Lanka Banks’ Association’s Sustainable Banking Initiative, Mr. Leel Randeni – Director Climate Change Secretariat from Ministry of Environment, Dr. Ananda Mallawatantri – Co-Chair, Climate Action Steering Committee, The Ceylon Chamber of Commerce and Ms. Punyamali Saparamadu – Senior Vice President -Commercial Colombo Stock Exchange.
For further details, please contact the BASL Program Office at 077 588 8781 or
b.jayasinghe@basl.lk.
Business
EFC appoints Yashoravi Bakmiwewa as Director General
The Employers’ Federation of Ceylon (EFC), Sri Lanka’s premier employers’ organisation, has appointed Yashoravi Bakmiwewa as its 14th Director General, marking a historic milestone in the Federation’s 97-year history. She is the first female to serve as Director General of the EFC and also the first female Director General to head an Employers’ Business Member Organisation (EBMO) in South Asia. The appointment heralds a significant era for leadership within the region’s employer representative bodies.
Bakmiwewa succeeds Vajira Ellepola, under whose leadership the Federation further strengthened its position as the country’s leading voice for employers. Her appointment is a further reflection of the Federation’s commitment to continuity, professional excellence, and inclusive leadership as it continues to support employers in navigating the evolving world of work.
An Attorney-at-Law with over 16 years of distinguished service at the EFC, Bakmiwewa, is a graduate of the University of Colombo with a Bachelor of Laws (LL.B.) and a Masters in Labour Relations and Human Resources Management. She was admitted as an Attorney-at-Law of the Supreme Court of Sri Lanka in 2007 and commenced her legal career at the Attorney General’s Department before joining the EFC in 2010.
Since joining the EFC, Bakmiwewa has been instrumental in providing strategic legal and industrial relations advisory services to member organisations representing diverse industries. In 2019, Bakmiwewa was appointed as the Head of the EFC’s training division and under her leadership and guidance, the EFC training division reached several important milestones which was instrumental in strengthening workplace compliance and productive employment relations. Apart from representing members before legal forums, throughout her tenure, Bakmiwewa has contributed significantly to national policy discussions by representing employer interests at key tripartite forums, including Wages Boards and national steering committees.
Following her appointment as the Director General, Bakmiwewa noted that amidst ever evolving socio-economic challenges the world of business has to brave, the EFC is well positioned to navigate them with confidence and excellence. “Our history is one of resilience, having successfully weathered many periods of uncertainty and transformation during its nearly century-long journey. Drawing on that legacy, we are confident that we will continue to adapt, innovate and extend support for private sector businesses to thrive in an increasingly complex and dynamic business environment”
Bakmiwewa also remarks that, in the present AI-driven business environment, the Federation is conscious of adapting to support business transformation while being mindful of the unprecedented environmental and sustainability challenges that are reshaping businesses and economies worldwide.
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