Janashakthi Insurance

The company was incorporated in 1992 as Janashakthi Life Insurance Company Limited. In 1994, Janashakthi Insurance commenced operations as Sri Lanka's first specialised life insurance company. Janashakthi General Insurance Co Limited was launched in the following year. The two companies merged to form Janashakthi Insurance Co Ltd in 2000. In 2002, the company expanded to the Maldives, thus becoming the first Sri Lankan insurer to operate overseas. Janashakthi Insurance became a public company with its listing on the Colombo Stock Exchange in 2008. The conflicting statutory provisions have caused a dispute between National Development Bank (NDB) and Janashakthi Insurance over an ownership concentration. NDB sought an interim injunction against Janashakthi Insurance to prevent interference by Janashakthi Insurance. The District Judge of Colombo dismissed the interim injunction and held that Janashakthi Insurance is not in violation of the Banking Act. However, the dispute was resolved after the Insurance Board of Sri Lanka (IBSL) pressured Janashakthi Insurance to decrease its excessive shareholding in NDB.{{cite book |last1=Perera |first1=Shalini |title=Corporate Ownership and Control: Corporate Governance and Economic Development in Sri Lanka |date=2011 |publisher=World Scientific |isbn=978-9-81283-747-9 |page=296 |url=https://books.google.com/books?id=VXT36YV6RBIC |access-date=2 August 2022}}

The IBSL briefly suspended the company over a solvency concern in May 2009.{{cite news |title=IBSL removes Janashakthi suspension |url=http://archives.dailynews.lk/2009/05/28/bus04.asp |access-date=2 August 2022 |work=Daily News |publisher=Associated Newspapers of Ceylon Limited |date=28 May 2009}} However, the IBSL's actions were criticised for their hastiness.{{cite news |last1=Edirimuni Chandrasekera |first1=Duruthu |title=IBSL suspension of Janashakthi Insurance too hasty |url=https://www.sundaytimes.lk/090517/FinancialTimes/ft301.html |access-date=2 August 2022 |work=The Sunday Times |publisher=Wijeya Newspapers |date=17 May 2009}} The company acquired AIA General Insurance Lanka in 2015 for LKR3.2 billion. The acquisition increased the market share to 17.5% and making the company the third largest insurance company by revenue.{{cite news |title=Sri Lanka's Janashakthi wraps up AIA General Acquisition |url=https://economynext.com/sri-lankas-janashakthi-wraps-up-aia-general-acquisition-2961/ |access-date=2 August 2022 |work=Economy Next |publisher=Echelon Media (Pvt) Ltd. |date=23 October 2015}} However, the company divested its general insurance business to Allianz in 2018 for LKR16.7 billion.{{cite news |title=Sri Lanka's Janashakthi General sold to Allianz for US107mn |url=https://economynext.com/sri-lankas-janashakthi-general-sold-to-allianz-for-us107mn-9372/ |access-date=2 August 2022 |work=Economy Next |publisher=Echelon Media (Pvt) Ltd. |date=2 February 2018}} Janashakthi Insurance sold a leasehold land at 24, Staple Street in Colombo 2 to Sanken Construction for LKR1.93 billion. Janashakthi Insurance claimed a profit of LKR940 million out of the transaction.{{cite news |title=Sri Lanka Janashakthi makes Rs940mn profit on property sale to Sanken |url=https://economynext.com/sri-lanka-janashakthi-makes-rs940mn-profit-on-property-sale-to-sanken-3775/ |access-date=2 August 2022 |work=Economy Next |publisher=Echelon Media (Pvt) Ltd. |date=1 February 2016}} The 25th anniversary of operations of the company was celebrated in 2019.{{cite news |title=Janashakthi Insurance Celebrates 25 Years of Progress |url=https://www.dailymirror.lk/Press-Releases/Janashakthi-Insurance-Celebrates-25-Years-of-Progress/335-174700 |access-date=2 August 2022 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=18 September 2019}}

Janashakthi Insurance was included in S&P Sri Lanka 20 Index in 2019.{{cite news |title=Expolanka, HNB Assurance, Janashakthi, Melstacorp in S&P Sri Lanka 20 Index |url=https://economynext.com/expolanka-hnb-assurance-janashakthi-melstacorp-in-sp-sri-lanka-20-index-14510/ |access-date=2 August 2022 |work=Economy Next |publisher=Echelon Media (Pvt) Ltd. |date=21 June 2019}} ICRA Lanka revised its credit rating of Janashakthi Limited, the parent of Janashakthi Insurance to [SL]BB+ in 2022. The credit outlook was adjudged as negative. Janashakthi Limited holds 74% of the ownership of Janashakthi Insurance. Janashakthi Insurance is the seventh largest life insurance company in the country with 4% of the market share.{{cite web |title=ICRA Lanka revises the issuer rating of Janashakthi Limited; retains Negative outlook |url=https://www.icralanka.com/rationale/icra-lanka-revises-the-issuer-rating-of-janashakthi-limited-retains-negative-outlook/ |website=icralanka.com |publisher=ICRA Lanka |access-date=2 August 2022 |date=25 January 2022}} Janashakthi Limited is also the holding company of Orient Finance PLC, First Capital PLC and Kelsey Developments PLC.{{cite news |title=Janashakthi acquires 31% stake of Dunamis Capital for Rs. 1.4 billion |url=https://www.ft.lk/Financial-Services/Janashakthi-acquires-31-stake-of-Dunamis-Capital-for-Rs-1-4-billion/42-662756 |access-date=2 August 2022 |work=Daily FT |publisher=Wijeya Newspapers |date=14 September 2018}} Brand Finance named the company as the fastest growing brand in the insurance sector of Sri Lanka in 2022. Janakakthi Insurance was ranked 83rd most valuable brand in Sri Lanka with a brand value of LKR569 million.{{cite web |title=Sri Lanka 100 2022 |url=https://brandirectory.com/download-report/brand-finance-sri-lanka-100-2022-full-report.pdf |website=brandirectory.com |publisher=Brand Finance |access-date=2 August 2022 |pages=14–16}}

The company appointed Ravi Liyanage to the chief executive officer's position in 2020. Previously, Liyanage had served on the board of directors of the company from 2006 to 2009.{{cite news |title=Ravi Liyanage appointed as CEO at Janashakthi Insurance |url=https://www.dailynews.lk/2020/09/09/finance/228218/ravi-liyanage-appointed-ceo-janashakthi-insurance |access-date=2 August 2022 |work=Daily News |publisher=Associated Newspapers of Ceylon Limited |date=9 September 2020}} The company recorded a 45% growth in Gross Written Premium for the financial year 2021. For the same period, the total revenue was LKR7.2 billion, a 14% growth from the previous year.{{cite news |title=Janashakthi Life doubles industry GWP growth |url=https://island.lk/janashakthi-life-doubles-industry-gwp-growth/ |access-date=2 August 2022 |work=The Island |publisher=Upali Newspapers |date=25 March 2022}} The company was recognised as a "Great Place to Work in Sri Lanka" in 2021 after an independent analysis.{{cite news |title=Janashakthi Life is Great Place to Work CertifiedTM in Sri Lanka |url=http://bizenglish.adaderana.lk/janashakthi-life-is-great-place-to-work-certifiedtm-in-sri-lanka/ |access-date=2 August 2022 |work=adaderana.lk |publisher=Ada Derana |date=25 October 2021}}

The company was founded by Chandra Schaffter, a former double international athlete who represented Ceylon in Cricket and Hockey and a cricket administrator.{{cite news |last1=Hathiramani |first1=Jagdish |title=Cricket was one of my greatest teachers: Chandra Schaffter |url=https://www.sundaytimes.lk/120401/BusinessTimes/bt09.html |access-date=2 August 2022 |work=The Sunday Times |publisher=Wijeya Newspapers |date=1 April 2012}} The company launched The Janashakthi Book of Sri Lanka Cricket, 1832-1996 in 1999, authored by S. S. Perera. The book is written pertaining to the 165-year history of Cricket in the country.{{cite news |author1=Wijesekara, Bernie |author1-link=Bernie Wijesekara |title=Book on Sri Lanka's cricket heritage |url=https://www.sundaytimes.lk/990926/sports3.html |access-date=2 August 2022 |work=The Sunday Times |publisher=Wijeya Newspapers |date=26 September 1999}} Janashakthi Insurance became the sponsor of the Zimbabwe cricket team's 2001-02 Sri Lanka tour. The series was called the Janashakthi National Test series.{{cite news |title=Janashakthi to sponsor Zimbabwe Test series |url=https://www.espn.in/cricket/story/_/id/23214438/janashakthi-sponsor-zimbabwe-test-series |access-date=2 August 2022 |work=espn.in |publisher=ESPN |date=24 December 2001}} Besides cricket, the company sponsored the 33rd National Squash Championship in 2013. It was the 11th consecutive year that Janashakthi Insurance sponsored the event.{{cite news |title=Janashakthi Sponsors Squash National Championship |url=https://www.ft.lk/article/230778/Janashakthi-Sponsors-Squash-National-Championship |access-date=2 August 2022 |work=Daily FT |publisher=Wijeya Newspapers |date=21 December 2013}} The company appointed Mahela Jayawardene, a former Sri Lanka cricket captain to its board of directors in 2021.{{cite news |title=Mahela appointed to Janashakthi Insurance board |url=https://www.dailymirror.lk/business-news/Mahela-appointed-to-Janashakthi-Insurance-board/273-215476 |access-date=2 August 2022 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=6 July 2021}}

• {{cite book |last1=Perera |first1=S. S. |editor1-last=Muthiah |editor1-first=S. |title=The Janashakthi Book of Sri Lanka Cricket, 1832-1996 |date=1999 |publisher=Janashakthi Insurance |url=https://books.google.com/books?id=GgWCAAAAMAAJ |access-date=2 August 2022}}

• List of companies listed on the Colombo Stock Exchange

{{Reflist}}

• [https://www.janashakthi.com/ Official website]

{{S&P SL20}}

{{All Share Price Index}}

Category:1992 establishments in Sri Lanka

Category:Companies listed on the Colombo Stock Exchange

Category:Financial services companies established in 1992

Category:Insurance companies of Sri Lanka