Maintaining its upward growth trajectory of 46%, leading insurer Janashakthi Insurance PLC, outperformed the industry averages by surpassing all key performance indicators of life insurance business namely number of policies, new business / first year premium, renewal premium and total premiums as at 31st March 2021.
The leading insurer recorded a growth of 46% for the first quarter of the financial year 2021. The Company’s Investment income indicated a growth of 21% at LKR 527 Mn. During the quarter, Janashakthi Life honoured claims of LKR 526 Mn as at 31st March 2021.
“This is the third year since we renewed our sole focus on Life Insurance in 2018, in a well-calculated strategic move. The growth we experienced in the first quarter of this year is a testament to our innate ability to succeed even amidst overwhelming odds. The year 2020 proved to be one of the toughest that we have encountered, given the social and economic downturn that the entire nation experienced due to the COVID – 19 pandemic and its spill over effects. However, we were able to adapt effectively to navigate these difficult times. We were able to serve our customers by introducing innovative and relevant products such as COVID Guard during this period. Such product innovation as well as prudent financial and business measures allowed us to continue to seek growth during the first quarter of 2021,” commented Prakash Schaffter, Chairman of Janashakthi Insurance PLC.
“It is significant to note that the company has surpassed industry performance during the period under review recording a growth of 150% in number of Lives Insured, 54% growth in New Business (first year premium) and 29% increase in Renewal Premium as at 31st March 2021. We are humbled by the trust and confidence our policyholders have placed in us and it is the cornerstone of our success even during these challenging times. Reinforcing our commitment to fulfil the protection needs of our customers we are happy to note that we are backed by a solid infrastructure and an island wide branch network of over 75 branches, geared to take on the unfolding challenges and serve our policyholders during these testing times and beyond,” said Ravi Liyanage, Director/ Chief Executive Officer of Janashakthi Insurance PLC.
U.S. confident SL would ensure required facilitation for U.S. investors
Sri Lankan government has pledged to address the pending policy issues and I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors, Martin Kelly, Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka said recently speaking at the Sri Lanka Invest Forum 2021 held virtually through June 7-9, 2021
“Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia. Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and communication related services and of course a world class destination for international tourists,” he said.
“Promoting trade and investment opportunities is one of the embassy’s top priorities, and a vital component of our efforts to encourage private sector led development and toward stronger ties between the two countries,” he said.
Kelly said that the government of Sri Lanka has promoted pro-business policies including tax benefits, to attract the U.S. and other foreign direct investments.
ComBank donates ICU beds to Kegalle Teaching Hospital
Commercial Bank Chairman Justice K. Sripavan and Managing Director S. Renganathan with representatives of the Bank and the Kegalle Hospital
The Commercial Bank of Ceylon has donated three Intensive Care Unit (ICU) beds to the Teaching Hospital Kegalle, which receives over 80,000 admissions and 350,000 clinic visits, annually. The donation was made following a request from the hospital and will help it to provide seamless healthcare services to prevent non-pandemic related morbidities and mortalities while also treating patients who are COVID-19 positive.
The CSR Trust of the Bank has already gifted medical equipment and gear including Personal Protection Equipment (PPE) kits, face masks, surgical masks, hand sanitisers, Slit lamps, pulse oximeters, multipara monitors and oxygen concentrators to over 16 government hospitals. Commercial Bank also made a monetary donation to the National COVID-19 Healthcare and Social Security Fund set up by the government last year.
Trading activity gets slower among retail investors
Lankem Ceylon Rights Issue undersubscribed.
By Hiran H.Senewiratne
Stock trading at the Colombo Stock Exchange (CSE) was marginally positive yesterday and the number of retail investor participation was lower compared to previous trading days. Index heavy LOLC group which accounted for more than 30 percent of the turnover, contributed 20 points to the All Share Price Index, stock market analysts said.
Both indices moved upwards. All Share Price Index was up by 35.75 points and S&P SL20 up by 2.01 points. Turnover stood at Rs 1.74 billion sans a single crossing. In the retail market top six companies that mainly contributed to the turnover were LOLC Rs 510 million (1.28 million shares traded), Expolanka Holdings Rs 197 million (4.1 million shares traded), Melstacorp Rs 137 million (2.6 million shares traded), Browns Investments Rs 71.5 million (11.3 million shares traded), Windforce Rs 68.2 million (3.5 million shares traded) and Hayleys Holdings Rs 54.8 million (730,000 shares traded).
Index heavy LOLC, which contributed 20 points to the All Share Price Index, appreciated its share price by Rs 18.75 or 4.85 percent. Its share price started trading at Rs 386.25 and at the end of the day it moved up to Rs 405.
A pioneer in renewable energy, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.
Lankem Ceylon Plc, Rs. 677 million worth Rights Issue has been undersubscribed. When the issue closed the Company managed to draw only subscriptions for 17.6 million shares worth Rs. 352.3 million. The original plan was to issue 33.85 million shares at Rs. 20 each aiming at raising Rs. 677 million. The basis was one new ordinary share for every one share held. Funds were to be raised to augment working capital requirements.
During the day 67.9 million share volumes changed hands in 17564 share transactions.
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