Janashakthi Life, a flagship brand of the Janashakthi Group (JXG) and a prominent player in Sri Lanka’s insurance sector, has begun the financial year 2026 on a powerful note, posting robust growth across all key financial and operational indicators for the quarter under review.

The company reported Gross Written Premiums (GWP) of LKR 2.6 billion, marking an impressive 42% year-on-year increase. This strong performance underscores sustained market demand, improved distribution efficiency, and growing customer confidence in Janashakthi Life’s evolving insurance proposition.

Investor sentiment strengthened markedly during the period, with market capitalisation rising sharply from LKR 17 billion to LKR 29 billion—an increase of approximately 70%. The share price also climbed significantly from LKR 73.60 in Q1 2025 to LKR 127.70 in Q1 2026, reflecting heightened investor confidence and improved market valuation of the company’s long-term growth trajectory.

The company’s balance sheet further reinforced its financial stability, with total assets expanding to LKR 41 billion. This growth signals a solid capital base and enhanced capacity to support future expansion and long-term sustainability.

New business performance also remained strong, recording a 25% year-on-year increase, driven by strengthened customer engagement strategies and a more agile, performance-driven distribution network. Meanwhile, claims and benefits paid rose to LKR 985.8 million, a 26% increase compared to the same period last year—highlighting the company’s continued commitment to honouring policyholder obligations promptly and responsibly, while maintaining strict actuarial discipline.

Commenting on the results, Chairperson of Janashakthi Insurance PLC, Annika Senanayake, noted that the performance reflects a disciplined and structured approach to business growth.

“Growth in premium income of 42% is a clear indication of disciplined execution, strengthened governance, and a consistent focus on delivering value to policyholders while ensuring financial sustainability,” she said.

Director and Chief Executive Officer, Ravi Liyanage, echoed this sentiment, highlighting the strength of the company’s strategic direction and execution capabilities.

“These results demonstrate meaningful traction in new business growth, supported by a sharper customer focus and enhanced distribution productivity,” he said. “At the same time, we continue to strengthen profitability through prudent risk selection and operational efficiency, ensuring that growth remains both sustainable and scalable. The significant increase in market capitalisation reflects a clear shift in investor confidence, with performance well above industry averages.”

The latest quarterly performance reinforces Janashakthi Life’s upward trajectory, anchored in sustainable expansion, financial prudence, and long-term stakeholder value creation, further strengthening its position within Sri Lanka’s competitive insurance landscape.

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Cabinet approval has been granted to award the contract of implementing the Suraksha Student Insurance Coverage programme to Sri Lanka Insurance Corporation General Limited for three (03) years. 

According to the government, approval was granted at a Cabinet meeting held in May 2024 to recommence the Suraksha Student Insurance Coverage programme and call quotations from Sri Lanka Insurance Corporation in par with that. 

Having evaluated the bidding proposal presented by the Sri Lanka Insurance Corporation by the negotiation committee appointed by the Cabinet of Ministers, it was recommended to execute the Suraksha Student Insurance Coverage for the years 2024/2025, 2025/2026 and 2026/2027 for an amount of Rs. 6.027 billion (excluding VAT). 

Accordingly, the Cabinet approved the joint proposal by the President, in his capacity as the Minister of Finance, and the Minister of Education to award the contract of Suraksha Student Insurance Coverage to Sri Lanka Insurance Corporation General Limited for the said three (03) years.

It has also been proposed to award the death benefit of parents under life insurance which is entitled to the students of families whose annual income is less than Rs. 180,000 to students of families covered under the ‘Aswasuma’ programme. (Newswire)

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Cabinet approval has been granted to divest the life and general insurance business of Sri Lanka Insurance Corporation Limited.

Accordingly, Sri Lanka Insurance Corporation Limited will be segregated into Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.

The government said Cabinet approval was given in March 2023 for taking the necessary steps to operate the life and general insurance businesses of the Sri Lanka Insurance Corporation as separate legal entities.

This was proposed in pursuance of the provisions of the Insurance Industry Regularization (Amendment) Act No. 3 of 2011 under Public Enterprise Reforms. 

Accordingly, the Cabinet of Ministers approved the proposal presented by the President, in his capacity as the Finance Minister, to divest the life and general insurance business of Sri Lanka Insurance Corporation Limited. (NewsWire)

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