Records highest ever PBT of LKR 5.2Bn. 186% growth from last financial year

19th April 2024, Colombo: Janashakthi Life, one of the leading life insurance companies in Sri Lanka, has recorded remarkable growth in profitability for the financial year 2023. Marked by a record profit before tax of LKR 5.2 billion, along with a resounding growth of 201% in profit after tax compared to 2022. This achievement is the highest in the entire history of Janashakthi Life. It underscores the company’s robust financial health and strategic proficiency in navigating market challenges.

The key financial indicators, such as a Capital Adequacy Ratio of 272%, a Liquidity Ratio of 3.9 times, an ROE of 27%, Earnings Per Share of LKR 18.25, and LKR 3.4 billion in claim settlements, solidify the prudent financial management from the perspective of all stakeholders.

“One of the key factors that contributed to Janashakthi Life’s success during the year under consideration has been our proactive approach to managing market risks, particularly in anticipating and navigating interest rate fluctuations. We accurately anticipated the dynamic behaviour of yield curve movements, allowing it to strategize its balance sheet accordingly. These strategic decisions have positively impacted the achievement of a historic highest profit before tax of LKR 5.2 billion,” commented Ravi Liyanage, Director/CEO of Janashakthi Life.

He further stated, “Despite market challenges, our focus on prudent investments and timely actions taken to mitigate risks in the business has positioned us to achieve continued success and significant growth in all our key business performance indicators.”

Prakash Schaffter, Deputy Chairman of Janashakthi Life, added, “The year under review stands out as one of our most successful. We have once again reinforced investor returns with the company achieving a remarkable 201% growth in Profit After Tax, amounting to LKR 4.1 billion. Strong financial discipline and swift decision-making in the investment front have paved the way for substantial and stable returns.”

“With this launch pad in the forthcoming year and beyond, Janashakthi Insurance is strategically poised to leverage anticipated economic stability. We will align our focus with key objectives to enhance our product offerings and strengthen our position in the market. We are committed to providing our customers with improved benefits and an elevated level of service, aiming to solidify our standing as the preferred choice for insurance, fostering a relationship built on trust and value,” he further added.

About Janashakthi Insurance PLC

Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC (Janashakthi Life) made its mark in the industry as an innovator and household name over a span of over 29 years. Janashakthi Life has a strong presence across the island, with an expanding network of over 79 branches and a dedicated call centre. In line with its purpose of “uplifting lives and empowering dreams”, Janashakthi Life 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 is a member of the Janashakthi Group that operates in the Insurance, Finance, and Investment sectors.

Janashakthi Insurance PLC Board of Directors PLC comprises of Prakash Schaffter, Ravi Liyanage, Ramesh Schaffter, Warini De Costa, Annika Senanayake, Sivakrishnarajah Renganathan, Dr. Nishan de Mel, Dr. Gehan Gunatilleke and Dilip de S. Wijeyeratne.