CEO Ravi Liyanage
Janashakthi Life reported stellar financial results for the first quarter of 2024.
Janashakthi Life’s Gross Written Premium (GWP) growth surged by 44% in Q1 2024 compared to Q1 2023.
This increase reflects the company’s successful market expansion and its ability to attract new customers. Other operating revenue soared by 22%, driven by the success of diversified income streams and strategic investments.
The Profit Before Tax (PBT) for Q1, 2024 also demonstrated robust performance, with a 29% increase over Q1, 2023. This growth is indicative of the company’s effective operational strategies and sound financial management. A notable strategic decision by Janashakthi Life has been the eradication of realised gains, signalling a shift towards long-term stability over short-term gains.
This move is expected to bolster investor confidence, prioritising sustainable growth and long-term value creation.
The growth in Earnings Per Share (EPS) from 1.95 to 2.15 further exemplifies Janashakthi Life’s commitment to delivering value to its stakeholders. This increase in EPS is a clear indicator of the company’s ability to generate higher profits for its shareholders.
The number of lives covered by Janashakthi Life in Q1 2024 grew by 112%, which is the highest among all insurers in the life insurance industry. Renewal premiums also grew, surpassing all industry players to achieve the highest growth in Q1 2024 at 18%.
Director/CEO of Janashakthi Life, Ravi Liyanage said, “We are thrilled with our first-quarter performance, which is a direct result of our team’s dedication and strategic acumen. The substantial growth in key financial metrics underscores our adaptability and strategic foresight. Moving forward, we will remain focused on sustaining this momentum and further expanding our presence in the industry.”
