Janashakthi Insurance
Corporate brand
UnclaimedA Sri Lankan composite insurer providing life and general insurance products, with a long-standing association with cricket and other sports.
Last updated August 31, 2026
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Overview
Janashakthi Insurance PLC is a Sri Lankan insurance company operating across life insurance and, historically, general insurance. The business was incorporated in 1992 as Janashakthi Life Insurance Company Limited and began operations in 1994. Its launch marked the establishment of what the company and reference sources describe as Sri Lanka’s first insurer focused specifically on life insurance. General insurance was added through the creation of Janashakthi General Insurance Co Limited in 1995, and the two businesses were combined in 2000 to form Janashakthi Insurance Co Ltd. The company expanded beyond Sri Lanka in 2002 by entering the Maldives, becoming the first Sri Lankan insurer to operate in another country. Its principal long-term market, however, has remained Sri Lanka. Janashakthi became a publicly traded company in 2008 through a listing on the Colombo Stock Exchange. It was included in the S&P Sri Lanka 20 Index in 2016 and again reported as an index constituent in 2019. The company has also appeared in Sri Lankan corporate and brand rankings, including LMD 100 and Brand Finance rankings. Janashakthi’s business has included life protection, savings and related long-term insurance services, together with general insurance offerings such as motor and other non-life coverage. The company expanded its general-insurance position substantially through the 2015 acquisition of AIA General Insurance Lanka. That transaction reportedly lifted its market share to 17.5 percent and made it Sri Lanka’s third-largest insurer by revenue at the time. In 2018, Janashakthi sold its general-insurance business to Allianz, changing the group’s strategic emphasis and leaving life insurance as the core operating activity associated with the listed insurance company. The company has also been involved in corporate ownership and regulatory matters. A dispute with National Development Bank concerned shareholding concentration and the interpretation of statutory restrictions. A Colombo District Court rejected an interim injunction sought against Janashakthi, while the matter was subsequently resolved after the Insurance Board of Sri Lanka required a reduction in the company’s excessive holding in NDB. In 2009, the regulator briefly suspended the company over a solvency concern; contemporary accounts also recorded criticism of the speed of that intervention. Beyond insurance, Janashakthi has developed a distinctive public profile through sponsorship of cricket and other sports. It sponsored Zimbabwe’s 2001–02 tour of Sri Lanka, supported national squash competition for many years, and published a major historical work on Sri Lankan cricket in 1999. Former Sri Lanka cricket captain Mahela Jayawardene joined the company’s board in 2021. Ravi Liyanage became chief executive officer in 2020, having previously served on the company’s board. Janashakthi remains part of the wider Janashakthi group, whose other businesses include finance, capital markets and property-related companies.
History
Janashakthi Insurance traces its corporate origin to 1992, when Janashakthi Life Insurance Company Limited was incorporated in Sri Lanka. Operations began in 1994, establishing the company as a specialist life insurer at a time when the country’s insurance market was developing beyond its earlier institutional structure. The company is associated with Chandra Schaffter, a former Ceylon representative in cricket and hockey and a cricket administrator. In 1995, Janashakthi broadened its activities through the creation of Janashakthi General Insurance Co Limited. The life and general businesses were merged in 2000, creating Janashakthi Insurance Co Ltd and giving the company a composite insurance profile. In 2002, it entered the Maldives, becoming the first Sri Lankan insurance company to establish overseas operations. The company later returned its strategic emphasis to Sri Lanka, where it developed a broad distribution and brand presence. Janashakthi became a public company in 2008 when its shares were listed on the Colombo Stock Exchange. Its corporate history subsequently included a dispute with National Development Bank concerning ownership concentration and statutory restrictions. A Colombo District Court rejected an interim injunction sought against Janashakthi and held that the company was not in breach of the Banking Act. The issue was later resolved after the Insurance Board of Sri Lanka pressed the company to reduce its excessive shareholding in NDB. The company also faced regulatory scrutiny in 2009, when the Insurance Board of Sri Lanka briefly suspended it over a solvency concern. Accounts of the episode noted criticism that the regulator had acted too hastily. This episode remains part of the company’s regulatory history, although the available reference material does not provide a finding that the company engaged in fraud or other criminal misconduct. Janashakthi expanded its general-insurance footprint through the acquisition of AIA General Insurance Lanka in 2015. The transaction reportedly raised the company’s market share to 17.5 percent and made it the third-largest insurer by revenue at that time. Three years later, in 2018, Janashakthi sold its general-insurance business to Allianz. The divestment represented a significant portfolio change and left life insurance as the principal business associated with Janashakthi Insurance. The company has maintained a notable connection with sport, particularly cricket. In 1999 it published The Janashakthi Book of Sri Lanka Cricket, 1832–1996, a historical account authored by S. S. Perera. Janashakthi sponsored Zimbabwe’s tour of Sri Lanka in 2001–02, when the series carried the Janashakthi National Test Series name. It also supported Sri Lankan squash, including the National Squash Championship, and was described as having sponsored the event for eleven consecutive years by 2013. The company celebrated twenty-five years of operations in 2019. It was included in the S&P Sri Lanka 20 Index in 2016 and was again identified as an index constituent in 2019. Ravi Liyanage became chief executive officer in 2020, after earlier board service, while former Sri Lankan cricket captain Mahela Jayawardene joined the board in 2021. Janashakthi Limited, the parent company, also owns or controls interests in other Sri Lankan financial and property businesses. In 2021, Janashakthi Insurance reported substantial growth in gross written premium and revenue, and it received workplace recognition. In 2022, ICRA Lanka assigned Janashakthi Limited a [SL]BB+ rating with a negative outlook.
- 2021
Mahela Jayawardene joins the board
[1]Former Sri Lanka cricket captain Mahela Jayawardene was appointed a director.
- 2020
Ravi Liyanage becomes chief executive
[1]Ravi Liyanage was appointed chief executive officer.
- 2019
Twenty-fifth operating anniversary
[1]The company celebrated twenty-five years since commencing operations.
- 2018
General-insurance divestment
[1]The general-insurance business was sold to Allianz.
- 2015
AIA General Insurance Lanka acquisition
[1]Janashakthi acquired AIA General Insurance Lanka and expanded its general-insurance market position.
- 2008
Colombo Stock Exchange listing
[1]The company became publicly listed on the Colombo Stock Exchange.
- 2002
Entry into the Maldives
[1]Janashakthi expanded overseas into the Maldives.
- 2000
Insurance businesses combined
[1]The life and general insurance companies merged to form Janashakthi Insurance Co Ltd.
- 1995
General insurance launched
[1]Janashakthi General Insurance Co Limited was established.
- 1994
Operations commence
[1]The company began operating as a specialist life insurance provider.
Products and positioning
A Sri Lankan insurer positioned around life protection, long-term financial security and customer service, with a differentiated heritage in sports sponsorship and cricket promotion.
Life insurance · 1994
Life insurance
Life insurance has been Janashakthi’s defining business since operations began in 1994. The category covers long-term protection and financial-planning needs and forms the company’s principal operating focus after the 2018 sale of its general-insurance business.
Non-life insurance · 1995
General insurance
Janashakthi developed a general-insurance portfolio after establishing a separate general insurer in 1995. Its non-life activities were consolidated with the life business in 2000, expanded through the acquisition of AIA General Insurance Lanka in 2015, and sold to Allianz in 2018.
General insurance
Motor insurance
Motor insurance was among the general-insurance offerings associated with the Janashakthi brand. The available reference material does not establish whether equivalent products continue under the Janashakthi Insurance entity after the general-insurance business was divested.
Controversies
2009
Temporary regulatory suspension over solvency concern
The Insurance Board of Sri Lanka briefly suspended Janashakthi over a solvency concern. The regulator’s action was criticised for being hasty in contemporary accounts.
Ownership concentration dispute involving National Development Bank
Janashakthi became involved in a dispute with National Development Bank over shareholding concentration and statutory restrictions. A court rejected an interim injunction against the company, and the matter was later resolved after regulatory pressure to reduce its holding.
Marketing campaigns
- 2013National Squash Championship sponsorship
Sri Lanka
Janashakthi sponsored the 33rd National Squash Championship and was reported to have supported the event for eleven consecutive years.
Outcome. The sponsorship extended the brand’s sports-marketing activity beyond cricket.
- 2001Janashakthi National Test Series
Sri Lanka
Janashakthi sponsored Zimbabwe’s 2001–02 cricket tour of Sri Lanka, with the test series carrying the Janashakthi National Test Series name.
Outcome. The sponsorship strengthened the company’s long-term association with Sri Lankan cricket.
Brand decisions
2021
Appoint Mahela Jayawardene as a directorOtherBackground
The appointment reflected the company’s established relationship with cricket and sports.
Action taken
Former Sri Lankan cricket captain Mahela Jayawardene joined the board.
2020
Appoint Ravi Liyanage as chief executiveOtherBackground
The company appointed a leader with prior board experience at Janashakthi.
Action taken
Ravi Liyanage was appointed chief executive officer.
2018
Sell general-insurance business to AllianzM&ABackground
The company reassessed its portfolio after building a substantial general-insurance operation.
Action taken
Janashakthi divested its general-insurance business to Allianz.
Aftermath
The transaction shifted Janashakthi Insurance’s strategic emphasis toward life insurance.
Reported divestment consideration. LKR 16.7 billion (2018)
2015
Acquire AIA General Insurance LankaM&ABackground
Janashakthi sought to increase its presence in Sri Lanka’s general-insurance market.
Action taken
The company acquired AIA General Insurance Lanka.
Aftermath
The acquisition reportedly increased market share to 17.5 percent and made Janashakthi the third-largest insurer by revenue at that time.
Reported acquisition consideration. LKR 3.2 billion (2015)
Sources2 sources
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