Business
Janashakthi Life No. 01 in First Year Regular Premium growth recording 104%
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.
Indian tycoon Ratan Tata has died aged 86, says the Tata Group, the conglomerate he led for more than two decades.
Tata was one of India’s most internationally recognised business leaders. The Tata Group is one of India’s largest companies, with annual revenues in excess of $100bn (£76.5bn).
In a statement announcing Tata’s death, the current chairman of Tata Sons described him as a “truly uncommon leader”.
Natarajan Chandrasekaran added: “On behalf of the entire Tata family, I extend our deepest condolences to his loved ones. “His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed.”
During his tenure as chairman of the Tata Group, the conglomerate made several high-profile acquisitions, including the takeover of Anglo-Dutch steelmaker Corus, UK-based car brands Jaguar and Land Rover, and Tetley, the world’s second-largest tea company.
UK Business Secretary Jonathan Reynolds said in tribute that Tata was a “titan of the business world” who “played a huge role in shaping British industry”.
A profile published in the Economist magazine in 2011 called Tata a “titan”, crediting him with transforming the family group into “a global powerhouse”.
“He owns less than 1% of the group that bears his family name. But he is a titan nonetheless: the most powerful businessman in India and one of the most influential in the world,” the magazine said.
In 2012, he retired as chairman of the group and was appointed chairman emeritus of Tata Sons, the group’s holding company.
Indian Prime Minister Narendra Modi hailed Tata as a “visionary business leader, a compassionate soul and an extraordinary human being”.
Paying tribute on X, formerly known as Twitter, Modi recounted “countless interactions” with Tata and said he was “extremely pained” by his death.
Tata was born in a traditional Parsi family in 1937. He studied architecture and structural engineering at Cornell University in the US. In 1962, he joined Tata Industries – the promoter company of the group – as an assistant and spent six months training at a company plant in Jamshedpur. From here, he went on to work at the Tata Iron and Steel Company (now Tata Steel), Tata Consultancy Services (TCS) and National Radio and Electronics (Nelco).
In 1991, JRD Tata, who had led the group for over half a century, appointed Ratan Tata as his successor. “JRD Tata was my greatest mentor… he was like a father and a brother to me – and not enough has been said about that,” Tata later told an interviewer.
In 2008, the Indian government awarded him the Padma Vibhushan, the country’s second-highest civilian honour.
He was drawn into a rare unsavoury controversy in 2016, when his successor as Tata Sons chairman, Cyrus Mistry, was ousted from the role, sparking a bitter management feud. Mistry died in a car crash in 2022.
The business tycoon also had a lighter side to him. His love for fast cars and planes was well-known – the Tata group website describes these as some of his “enduring passions”.
Tata was also a scuba diving enthusiast, a hobby that fizzled with age “as his ears could take the pressure no more”.
He was also a dog lover and fondly remembered the many pets who gave him company over the decades. “My love for dogs as pets is ever strong and will continue for as long as I live,” the industrialist said in a 2021 interview. “There is an indescribable sadness every time one of my pets passes away and I resolve I cannot go through another parting of that nature. And yet, two-three years down the road, my home becomes too empty and too quiet for me to live without them, so there is another dog that gets my affection and attention, just like the last one,” he said.
He was also often praised for his simplicity. In 2022, a video of him travelling in a Nano car – one of the world’s cheapest cars, now mostly remembered as one of Tata’s failed dreams – went viral on social media.
[BBC]
By Ifham Nizam
In an analysis of Sri Lanka’s public sector, Dr. Lakmini Fernando, Research Fellow at the Institute of Policy Studies of Sri Lanka (IPS), stresses the urgent need for rationalizing public sector employment to create a more productive and efficient system.
Addressing a packed audience at the launch of the IPS annual report, titled “Sri Lanka: State of the Economy 2024” on Tuesday, Dr. Fernando outlined how Sri Lanka’s bloated public sector, while providing substantial employment, should be rationalized for increased productivity.
The public sector employs 15% of the total workforce in Sri Lanka and makes up 35% of formal employment—figures that reflect global trends, where public sectors account for 11% of total employment and 37% of formal employment. In addition, it consumes a staggering 26% of public expenditure and 5% of GDP.
Fernando argued that, in this context, improving the efficiency of this vast machinery is critical, not only for the government’s fiscal health but also for the nation’s social welfare goals.
Fernando added: ‘If we are to achieve our social objectives like the Sustainable Development Goals and improving governance, the public sector must be more productive. In fact, from 2005 to 2023, Sri Lanka’s public sector grew by 60%, from 0.9 million to 1.4 million employees. Despite this expansion, the country’s governance score is alarmingly low, with a rating of -0.65, compared to the much higher ratings of 1.8 in countries like New Zealand and Australia.
‘At its core my proposal is to downsize the public sector, while simultaneously increasing wages for remaining workers. If Sri Lanka reduces its public sector workforce by 20%, it could afford a 30% pay rise for the remaining employees, while keeping the wage bill at 4% of GDP. This would not only boost worker morale but also improve productivity across the board.
‘However, such a pay rise alone would not guarantee productivity gains. The real challenge lies in reforming administrative operations. We need to adopt a new public management approach, similar to those implemented successfully in Malaysia, Singapore, and New Zealand, which focuses on merit-based recruitment and digitalization of services.
‘We need to eliminate “CEO-based performance systems” and replacing them with merit-based assessments to ensure that the public sector hires and retains the best talent.’
Research Officer IPS, Suresh Ranasinghe delved into the challenges facing Sri Lanka’s broader employment landscape. He pointed out that the country’s labour force participation rate had dropped to 48.6% in 2023, while the employment-to-population ratio declined to 46.3%. His research found that unemployment was not the only issue—labour market inactivity was also on the rise, particularly among the youth and less-educated men.
One of the most worrying trends Ranasinghe highlighted was the significant decline in high-skilled employment. From 2018 to 2023, the share of high-skilled workers fell from 23% to 20%, driven by migration during the country’s economic crises. He argued that without competitive salaries and investment in knowledge-based industries, Sri Lanka risked losing even more skilled professionals to emigration.
Both Fernando and Ranasinghe emphasised that immediate reforms are critical if Sri Lanka is to remain competitive in the global economy. Ranasinghe recommended promoting vocational education and training to combat youth unemployment, as well as updating education curricula to meet local and global demand.
By Ifham Nizam
President Anura Kumara Dissanayake, who also serves as the Minister of Agriculture, Land, Livestock, Irrigation, Fisheries and Aquatic Resources, is set to address matters related to the plantation sector, particularly worker wages and other pressing issues, an official said adding that the President has a tight schedule.
He said that the recent agreement in August with the Wages Board provides a daily minimum wage of Rs. 1,350 for plantation workers, along with an additional Rs. 50 per kilogram of tea leaves harvested above the daily target.
There was a Supreme Court interim injunction on 4th July that prevented the implementation of a gazette notification aimed at increasing the daily wage to Rs. 1,700.
Plantation workers can earn productivity-based incentives, which boost their overall earnings, with some additional allowances based on tea leaf collection.
Former President Ranil Wickremesinghe had previously announced a sharp wage hike for plantation workers to Rs. 1,700 during a May Day rally. However, there are ongoing debates about wage structures.
Trade unions and worker advocacy groups welcomed the Wages Board’s decisions, as they have been pushing for better compensation for plantation workers for a long time.
October 10 at the Women’s T20 World Cup: West Indies eye winning momentum against bruised Bangladesh
Indian tycoon Ratan Tata dies aged 86
Nitish Kumar Reddy makes an all-round splash as India seal the series
-
News4 days agoSajith top presidential election spender
-
Latest News7 days ago“Ensure the continuity of the public service without disruption” – President
-
Business5 days agoSri Lanka Tourism surpasses 2023 tourist arrivals
-
News6 days agoSJB-UNP alliance talks break down due to senior UNPer’s intervention – SJB Chairman
-
Features4 days agoThe Economy, Executive Presidency, and the Parliamentary Election
-
Editorial6 days agoThrowing ministers behind bars
-
Sports5 days agoAbheeth takes five but St. Anthony’s ahead
-
News4 days agoRajeev Amarasuriya to run for BASL President 2025/26