![]() Logo of Janashakthi Insurance | |
Type | Public |
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CSE: JINS.N0000 | |
ISIN | LK0356N00002 |
Industry | Insurance |
Founded | August 28, 1992 |
Founder | Chandra Schaffter |
Headquarters | , Sri Lanka |
Key people |
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Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | ![]() |
Parent | Janashakthi Limited (74.23%) |
Website | www |
Footnotes /references [1] |
Janashakthi Insurance PLC is an insurance company in Sri Lanka. The company was incorporated in 1992 and its operations were commenced in 1994. Janashakthi Insurance became the first company to specialise in life insurance in Sri Lanka. Janashakthi Insurance became a public company when the company was listed on the Colombo Stock Exchange in 2008. The company was a constituent of the S&P Sri Lanka 20 Index in 2016. Janashakthi Insurance is ranked 85th in LMD 100 , an annual list of listed companies by revenue in Sri Lanka. [2] Janashakthi Insurance is known for its long-term patronage of sports, especially cricket.
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. [1] 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. [3]
The IBSL briefly suspended the company over a solvency concern in May 2009. [4] However, the IBSL's actions were criticised for their hastiness. [5] 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. [6] However, the company divested its general insurance business to Allianz in 2018 for LKR16.7 billion. [7] 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. [8] The 25th anniversary of operations of the company was celebrated in 2019. [9]
Janashakthi Insurance was included in S&P Sri Lanka 20 Index in 2019. [10] 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. [11] Janashakthi Limited is also the holding company of Orient Finance PLC, First Capital PLC and Kelsey Developments PLC. [12] 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. [13]
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. [14] 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. [15] The company was recognised as a "Great Place to Work in Sri Lanka" in 2021 after an independent analysis. [16]
The company was founded by Chandra Schaffter, a former double international athlete who represented Ceylon in Cricket and Hockey and a cricket administrator. [17] 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. [18] 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. [19] Besides cricket, the company sponsored the 33rd National Squash Championship in 2013. It was the 11th consecutive year that Janashakthi Insurance sponsored the event. [20] The company appointed Mahela Jayawardene, a former Sri Lanka cricket captain to its board of directors in 2021. [21]
Ceylinco Insurance PLC is the largest private sector insurance company in Sri Lanka. The company is also engaged in the education and renewable energy sectors. The company offers both life insurance and all classes of general insurance. The company was incorporated in 1987 when the government ended its state monopoly over the insurance sector and the company was listed on the Colombo Stock Exchange the following year. Ceylinco Insurance is an LMD 100 company, an annual list of public companies in Sri Lanka by revenue and ranked 23rd in the 2020/21 edition.
Access Engineering PLC is a Sri Lankan civil engineering company engaged in the construction industry and supply of construction-related services and materials. The company is one of the constituents of the S&P Sri Lanka 20 Index. The company was found in 2001 and in 2012 was listed on the Colombo Stock Exchange. In 2019, for the third consecutive year, the company was named amongst the ten "Best Corporate Citizens in the Country" by the Ceylon Chamber of Commerce. Currently, the company is constructing the largest condominium in Sri Lanka with 1,068 units. Following the news that the Cabinet of Sri Lanka has granted the LKR 9.34 billion housing project in Elliot Road, Borella, the company's share price rose by five-fold.
WindForce PLC is the largest renewable energy private sector company in Sri Lanka. The company was incorporated in 2010 and in 2021 was listed on the Colombo Stock Exchange. The company commission, construct and operate power plants and generate power through wind, solar and hydropower.
Royal Ceramics Lanka PLC branded as Rocell, is a Sri Lankan holding company and is also engaged in manufacturing ceramic tiles and bath ware. The company was founded in 1990 and in 1994, it was listed on the Colombo Stock Exchange. The company is one of the constituents of the S&P Sri Lanka 20 Index. LMD, a Sri Lankan business magazine placed the company 38th in the LMD 100, a list of leading listed companies in Sri Lanka. Brand Finance ranked 74th amongst the 100 most valuable brands in Sri Lanka.
Lankem Ceylon PLC is a chemicals, paints and consumer goods manufacturing company in Sri Lanka. The company also engaged in the hospitality industry by owning and operating resorts in Sri Lanka. The company is incorporated in 1964 by Royal Dutch Shell and listed on the Colombo Stock Exchange in 1970. Brand Finance ranked the company 88th most valuable brand in Sri Lanka. The company ranked 61st in LMD 100, an annual list of quoted companies by revenue in the financial year 2019–20.
Dipped Products PLC is a rubber glove manufacturer in Sri Lanka. The company also manages rubber and tea plantations. The company was incorporated in 1976 and listed on the Colombo Stock Exchange in 1983. The company is one of the components of the S&P Sri Lanka 20 Index. Sri Lankan conglomerate, Hayleys is the effective controlling shareholder of Dipped Products. The company was ranked 26th in LMD 100, an annual list of quoted companies in Sri Lanka by revenue.
Diesel & Motor Engineering PLC, commonly abbreviated as DIMO, is a Sri Lankan conglomerate company. The company engaged in vehicle sales, after-sales services, retail, construction and logistics solutions and agriculture sectors. The company was founded in 1939 and was listed on the Colombo Stock Exchange in 1964. DIMO is one of the LMD 100 companies, a list of quoted companies in Sri Lanka by revenue and ranked 39th in the 2020/21 edition.
Brown and Company PLC, sometimes called Browns Group, is a conglomerate holding company in Sri Lanka. The company was founded by James Brown, a 25-year-old engineer and mechanic from London who arrived in Ceylon in 1872. In 1892, the company was incorporated and in 1991 the company became a listed company on the Colombo Stock Exchange. The company was included in S&P Sri Lanka 20 Index in June 2021. Brown and Company is one of the LMD 100 companies, an annual list of Sri Lankan listed companies by revenue, having ranked 42nd in the 2020/21 edition.
Haycarb PLC is a coconut shell-based activated carbon manufacturing company in Sri Lanka. Haycarb was incorporated in 1973. The company controls 16% of the world's market share. Haycarb operates manufacturing plants in Sri Lanka, Thailand and Indonesia, while marketing offices are located in the United States, the United Kingdom and Australia.
Citrus Leisure PLC is a hotel chain in Sri Lanka. The hospitality company owns and operates Citrus Waskaduwa, Citrus Hikkaduwa and the Steuart by Citrus. The company was incorporated as Hotel Reefcomber Limited in 1973. In 2010, the company was rebranded as Citrus Leisure when Dilith Jayaweera and Varuni Fernando of Triad Advertising bought a stake in the company. In 1984, the company was quoted on the Colombo Stock Exchange.
The Fortress Resort & Spa, traded as The Fortress Resorts PLC, is a luxury boutique hotel in Koggala, Sri Lanka. The resort was incorporated in 1973. The resort is listed on the Colombo Stock Exchange. In 2003, Sri Lankan entrepreneur, Dhammika Perera acquired a controlling stake in the resort. The resort was formerly known as Club Horizon Hotel, Koggala and was renamed to its current name in the same year. The hotel was affected by the 2019 Easter bombings. The resort is designed like a fortress to enclose a Dutch-era villa.
The Housing Development Finance Corporation Bank of Sri Lanka PLC, commonly abbreviated as HDFC Bank of Sri Lanka PLC, is a specialised housing bank in Sri Lanka. The bank commenced operations in 1984 as a building society. Through successive acts in the Parliament of Sri Lanka over the years, the bank transformed into a state-owned enterprise, then a specialised bank and a listed company on the Colombo Stock Exchange in 2005. Since widening its scope of business in 2011, the bank established itself as a supporter of small and medium-sized enterprises. The government of Sri Lanka holds 51% of the bank's stocks, mainly through the National Housing Development Authority. HDFC Bank is one of the LMD 100 companies in Sri Lanka. The bank ranked 78th in the 2020/21 edition. Brand Finance calculated the brand value of HDFC Bank to be LKR763 million in 2022. Due to the effects of the Sri Lankan economic crisis, Fitch Ratings placed the bank along with twelve other Sri Lankan banks on Rating Watch Negative.
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