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Janashakthi Life records 145% growth in Q2 2021 in first year regular premium

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Illustrating the Company’s agility with strong performance, Janashakthi Insurance PLC (Janashakthi Life) recorded a growth of 145% in first year regular premium business during the second quarter with the upward trajectory of gaining two market positions up in first year premium compared to 2020. Furthermore, Janashakthi Life also recorded a growth of 50 per cent in gross written premium with year-to-date growth of 45 per cent reaching a premium income of LKR 2.4 Bn as at end of the period under review. The Company recorded a profit before tax of LKR 287.1 Mn and the investment income recorded approximately LKR 1 Bn. Furthermore, net claims and benefits to policy holders during this period also recorded nearly LKR 1 Bn.

“Our strong performance reasserts the agility and success of our business strategies even amidst challenging economic conditions. It is commendable how the Janashakthi team has gone above and beyond to cater to the customer’s wellbeing reinforcing our commitment to our policyholders. Health and safety of our employees, customers and community are of paramount importance and we will continue to respond responsibly. Furthermore, as a part of the Janashakthi Group we have the opportunity to utilize combined strengths while adapting to the evolving needs of the community,” commented Prakash Schaffter, Executive Deputy Chairman of Janashakthi Insurance PLC.

Janashakthi Life realigned its sole focus on Life Insurance in 2018, in a strategic move calculated to achieve long-term growth. Remaining true to its roots as a life insurer, the Company has since then sought long-term growth while also meeting short- and medium-term growth plans.

Commenting on the Company’s performance during the second quarter of the financial year, Janashakthi Life’s Director/ Chief Executive Officer, Ravi Liyanage said, “The most significant turnaround achievement was the growth of 145% in first year regular premium business during the second quarter with the upward trajectory of gaining two market positions up in first year premium compared to 2020. At the same time, gross written premium also grew significantly with 50% growth during the second quarter of 2021. We have revisited our strategies to respond to the evolving needs in a prudent and far-seeing manner while focusing on our role as a trusted life insurer. We will continue to provide innovative solutions and respond with integrity and transparency to our customer’s needs. These core values of integrity and commitment to growth are what steers us ahead through winning and sustaining the trust of all our stakeholders.”

A pioneering Life insurer, Janashakthi Life has continued to gain and nurture the trust of customers across Sri Lanka with ethical and transparent conduct in all business affairs along with exceptional focus on customer service. Over a span of 26 years, Janashakthi Life has continued to revolutionize the insurance industry and journeyed forward to become a leader in the Life insurance industry in Sri Lanka, delivering a service beyond Insurance to all its customers and stakeholders while remaining true to its purpose of uplifting lives and empowering dreams.

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 transaction and has been increasingly gaining momentum due to its accessibility and convenience. These platforms allow policyholders to carry out their policy payments online and maintain active policies to ensure that their protection needs are fulfilled during these challenging times.

Furthermore, 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 among 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.



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‘With AI around, hardly anyone does any real work,’ says university don

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Professor Hiran Amarasekera of the University of Sri Jayewardenepura presents a Gold Award to Future Fibres Lanka (Pvt) Ltd at the SLAAQP Awards ceremony held in Colombo on February 12, 2026

While the corporate world celebrates the merger of efficiency and ecology, a leading academic last week issued a sobering warning: the very technology driving the next “Green Revolution” may leave the human workforce behind.

Speaking at the recently concluded Green Productivity Awards, organised by the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP), Professor Hiran Amarasekera of the University of Sri Jayewardenepura characterised Artificial Intelligence (AI) as a “godsend” for environmental sustainability – but one that carries profound social risks.

Professor Amarasekera’s keynote address cut through the celebratory atmosphere, targeting a perceived complacency among top-tier management.

“Managers are already using AI, but many CEOs, directors and managing directors remain sceptical,” he observed. “They think AI will come in another five years. No, it is already here.”

According to the Professor, AI is no longer a futuristic concept but a functional tool currently revolutionising green metrics. He highlighted how the technology is already replacing manual monitoring for energy optimisation, using predictive algorithms to drastically reduce industrial waste, and automating sustainability reporting – turning months of consumption data analysis into a task of mere seconds.

While these advancements provide a massive boost to the “bottom line” and help organisations meet the national Net Zero pledge, Prof. Amarasekera warned of a looming “danger”: the displacement of human workers.

“AI is boosting productivity while cutting back the need for human resources. What will happen to the jobs and the wider society? Not even the USA or other advanced economies have an answer to this,” he noted.

In a moment that elicited both laughter and reflection from the audience, he touched upon the irony of modern higher education: “Students produce their work through AI and we detect plagiarism through AI. So, with AI around, hardly anyone does any real work!”

The technological warning was balanced by the moral urgency of Senior Professor Ajith de Alwis from the University of Moratuwa. Invoking the words of David Attenborough, Prof. de Alwis asked the audience how they would look into the eyes of their grandchildren if they knew of the world’s collapse and did nothing.

The takeaway message of the evening was clear: While AI provides the tools to save the planet, human leadership remains the only force capable of managing the social consequences of that salvation.

Despite the warnings of future challenges, the SLAAQP awards proved that Sri Lankan industries are currently making notable strides. The event recognised 38 organisations – including 28 Gold Award winners – across sectors ranging from plantation, garments and rubber to poultry and textiles.

These winners were evaluated on four critical pillars: Leadership, Environmental Sustainability, Productivity Enhancement and Social Contribution.

By Sanath Nanayakkare

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Gemological Report of Ceylon sets new global benchmark for local gemstone certification

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The facility utilises a screening process where three gemologists evaluate each stone independently to ensure error-free results Pic by Nishan S. Priyantha

Steps into a critical void to earn recognition in international markets

For decades, Sri Lanka has been globally revered as the “Island of Gems,” yet the industry has long grappled with a paradoxical challenge: while the Sri Lankan soil yields the world’s finest stones, the local certification process has often struggled to command the same recognition in international markets.

Stepping into this critical void is the Gemological Report of Ceylon (GRC). Located at No. 97, Galle Road, Colombo 3, this newly launched laboratory is on a mission to redefine the standards of local gem certification, ensuring that the “fatherhood” of Sri Lankan gemstones remains firmly within its home soil.

Founded by Milinda Edirisinghe, a seasoned gemologist with over 20 years of experience in mining, trading, and geological study, GRC is the result of a lifelong observation of the industry’s “trust gap.”

“I saw a critical disparity,” says Edirisinghe, who received specialised training in Thailand, the global hub for gemstone treatments. “Sri Lankan exporters often face unfair skepticism in markets like Thailand, Hong Kong, and the US. International buyers often view local reports with doubt. I launched GRC to provide a local institute that is on par with the highest-caliber laboratories in the world.”

He made these comments while speaking to media at the new laboratory.

According to him, in its first month of operation, GRC has already seen a surge in demand, processing 30 to 40 stones daily – a success driven largely by its word-of-mouth reputation.

Milinda Edirisinghe performs a sensory inspection of a gemstone using a loupe to assess its initial characteristics

“The lab’s rapid growth is built on a foundation of total transparency. Unlike traditional setups, GRC employs a rigorous triple-blind screening process: three independent gemologists evaluate each specimen – from Sapphires, Ruby and Emeralds to semi-precious stones, polycrystals, rare meteorites, and even organic materials like natural Pearls, and rare coral species etc., used in high-end jewelry. By evaluating the stones without consulting one another, the three gemologists’ independent findings are then synthesised into a final, authoritative and error-free assessment,” he explained.

“As gemstone treatments become increasingly sophisticated – ranging from Beryllium diffusion to evolving heat and irradiation treatments – the need for advanced technology is paramount. GRC’s facility is equipped to identify the full spectrum of enhancements, ensuring the end consumer knows the exact “human intervention” history of their asset,” he further said.

However, Edirisinghe maintains that technology is a tool, not a replacement. When asked if AI could eventually handle the certification job alone, he noted:

“AI already assists our workflow to an extent, but a human gemologist remains an indispensable part of the process. Just as a surgeon uses advanced technology to enhance precision, they must still be present to execute the nuances of a complex operation. AI cannot truly ‘see,’ touch, or feel the soul of a stone.”

He further added, “AI can support our findings, but it cannot replace the gemologist’s ‘eye-view’ and the tactile senses that go a long way in issuing an accurate certification.”

Furthermore, GRC leverages an international expert network. “If we encounter a complex inclusion, we utilize virtual screen-sharing with leading labs in Thailand for real-time peer review,” Edirisinghe explains. “Our conclusions are science-based facts, not just opinions.”

Beyond technical excellence, GRC serves a vital economic purpose. Historically, local dealers spent thousands of dollars obtaining international certificates. GRC offers these world-class reports at a fraction of the cost, with detailed certificates starting from LKR 15,000 for full reports, a medium report at LKR 6,000, “memo cards” at LKR 1,500, and verbal opinions for LKR 500.

“By providing a credible, globally-recognised home-based laboratory, we are stemming the outflow of foreign currency to international labs,” said Edirisinghe.

With plans to participate in upcoming exhibitions in Dubai, Hong Kong, and the USA, GRC is positioning itself as a global contender. As the industry shifts toward “knowledgeable customers” who view jewellery as a liquid asset, GRC stands ready to provide the clarity and integrity the Sri Lankan gem industry deserves.

“If Sri Lanka produces the best stones in the world, it is only right that we also provide the world-class expertise to certify them. Our mission is to ensure that the ‘fatherhood’ of these precious stones remains in Sri Lanka, backed by a certificate that is respected from the USA to the European Union,” Edirisinghe said in conclusion.

By Sanath Nanayakkare

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Ministry of Brands to launch Sri Lanka’s first off-price retail destination

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Ministry of Brands to launch Sri Lanka’s first off-price retail destination

Sri Lanka’s retail landscape will reach a major milestone with the launch of Ministry of Brands (MOB), the country’s first off-price retailer. The flagship store is set to open on 16 February 2026, introducing Sri Lankan consumers to authentic global luxury and premium brands at discounts of up to 90% off original retail prices.

Backed by Akbar Brothers, Ministry of Brands brings the globally established off-price model to South Asia for the first time. The concept allows customers to shop for genuine designer and brand-name products at significantly reduced prices while supporting more sustainable retail practices.

The 10,000 sq. ft. flagship store, located at 28/9, Vajira Road, R.A. De Mel Mawatha, Colombo 4, will feature an extensive range across apparel, footwear, handbags, accessories, homeware, and more. Ministry of Brands will carry over 2,000 international and designer brands spanning womenswear, menswear, childrenswear, home, and accessories, including names such as Gucci, Ferragamo, Valentino, Michael Kors, Ralph Lauren, Burberry, Rag & Bone, Lacoste, Puma, UGG, HOKA, Brooks, Air Jordan, and many more.

Off-price retail is one of the fastest-growing global retail segments, helping fashion houses responsibly manage excess inventory. With the UN Environment Programme estimating 92 million tonnes of textile waste generated annually, sustainable retail models such as off-price are increasingly important.

“Sri Lanka manufactures for many of the world’s leading designer labels, yet these products have often remained out of reach for local consumers,” said Director of Ministry of Brands, Aamir Akbarally. “Through off-price retail, we are proud to make genuine designer brands more accessible to our fellow Sri Lankans, offering premium fashion at affordable prices while delivering a world-class shopping experience built on Akbar Brothers’ longstanding values of integrity, quality, and trust.”

Ministry of Brands Director, Ramzey Hammoud added: “With decades of experience in off-price retail, we see this as an exciting new growth chapter for Sri Lanka’s retail landscape. Our goal is simple: to allow customers to shop global designer brands locally at the best prices, while rediscovering the thrill of the find through a constantly changing, treasure-hunt shopping experience.”

Following the Colombo flagship launch, Ministry of Brands will open a second location at the One Galle Face Mall, with plans to expand across South Asia and Australia.

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