C.T.A. Schaffter begins his career as an insurance clerk at Ceylon Insurance Corporation. This modest start lays the foundation for what would later become a transformative journey in Sri Lanka’s insurance industry.

Mr. C. T. A. Schaffter joins Manufacturer’s Life Insurance Company in Sri Lanka as a Staff Assistant, strengthening his foundation in life insurance operations and client services.

Following the acquisition of Manufacturer’s Life operations by Carson Cumberbatch & Co., he transitions into the new entity as an Executive Assistant. By 1971, he rises to head the insurance division, demonstrating the leadership qualities that will define his career.

Mr. Schaffter leaves Carson Cumberbatch & Co. to embark on his entrepreneurial path. He establishes his own insurance agency at the Insurance Corporation, offering comprehensive insurance management services, and quickly rises to become the country’s number one life insurance agent within two years, surpassing long-established agents.

Alongside his work in Sri Lanka, Mr. C. T. A. Schaffter takes on consultancy assignments in India, further strengthening his expertise in insurance and risk management.

Kotmale is founded by Mr. C.T.A. Schaffter as a small-scale cottage industry in Bogahawatte. With only two workers and a focus on butter and cheese, the operation laid the foundation for what would become one of Sri Lanka’s most recognisable dairy brands. 

Mr. Schaffter launches P&I as a principal agency at the time of the National Insurance Corporation’s formation. Uniquely, P&I is the only individually owned insurance house in the country, run from a modest cricket pavilion at Moors Sports Club.

Following the liberalization of Sri Lanka’s insurance sector, P&I transitions into a broking firm. Leveraging an extensive client portfolio and deep industry credibility, Mr. Schaffter becomes the largest insurance broker in the country.

P&I Insurance Brokers enhances its national presence by acquiring Acland Insurance Services through a government-backed public ownership programme. The merger doubles the workforce and firmly establishes P&I as Sri Lanka’s largest insurance broker.

Janashakthi Life is launched as Sri Lanka’s first specialized life insurance company. The brand sets a new benchmark in the local insurance sector, offering dedicated products and services tailored for families and individuals.

On the back of its life insurance success, Janashakthi expands into general insurance. Operating from Muttiah Road, the company records over 200 billion rupees in premiums in its first year, signaling a strong market entry and establishing a foundation for rapid growth.

Janashakthi sponsors the historic Sri Lanka vs India Test series. The series ends in a landmark victory for Sri Lanka, with a world-record score, solidifying the brand’s early connection with national pride and sporting excellence.

Janashakthi Life and Janashakthi General merge to form Janashakthi Insurance Company Ltd. The integration strengthens operational efficiency and offers customers a comprehensive suite of insurance services.

Janashakthi achieves a major milestone with the acquisition of National Insurance Corporation Ltd., doubling its premium base and tripling its staff strength, making it a key industry player. That year also sees premium income surpass Rs. 1 billion. Building on this growth, Janashakthi launches Janashakthi Securities for bond trading, acquires Janashakthi Finance and Investments (now Kanrich Finance), and becomes the first Sri Lankan insurer to operate in the Maldives. The Group also expands its portfolio through investments in Kelsey Developments, People’s Venture Investment Company (with stakes in Interblocks and Millennium Information Technologies), Central Finance Venture Fund (venture capital), and Central Securities (an investment trust).

Janashakthi becomes the fastest insurer in Sri Lanka to surpass 3 billion rupees in premiums. The Group simultaneously enters the apparel industry, adding another vertical to its expanding portfolio.

Janashakthi is named Sri Lanka’s Number One Service Brand at the SLIM Brand Excellence Awards. This period also sees the consolidation of Kotmale, Kelsey, and First Capital under a unified holding structure known as Dunamis.

The Group ventures briefly into retail before exiting the segment in 2008. That same year, Janashakthi launches its Initial Public Offering, which is oversubscribed four and a half times, reflecting strong investor confidence in its long-term vision.

Founder and Chairman Mr. C. T. A. Schaffter receives the prestigious Lifetime Achievement Award at the 16th Asia Insurance Industry Awards, hosted by the Asia Insurance Review. In addition to this recognition, Janashakthi is celebrated with four accolades in the Banking and Financial Services category: Industry Leadership, Brand Leadership, Brand Innovation, and Overall Brand Leadership, underscoring the Group’s outstanding contribution to the financial services industry.

Janashakthi completes the acquisition of AIA General Insurance Lanka Ltd, becoming the first local insurer to make such a move following the mandatory segregation of life and non-life businesses.

Janashakthi Insurance PLC enters into an agreement to sell its wholly owned subsidiary, Janashakthi General Insurance Limited, to Allianz SE. Valued at LKR 16.4 billion, the transaction marks one of the largest non-government foreign direct investments in Sri Lanka in recent years. The Group further returns LKR 11.7 billion to shareholders through one of the country’s biggest share repurchases.

Janashakthi Group unveils its new identity as JXG, reflecting its evolution into a diverse business group with a strategic focus across insurance, finance, and investment banking. The brand prominently features the name “JXG,” with the “X” symbolizing exciting opportunities, expansion, and the exponential growth the organization strives to deliver.

With a clear roadmap and a purpose-driven focus, we are shaping our path to stand among Sri Lanka’s most respected and influential financial conglomerates. Backed by decades of experience and a spirit of innovation, the next chapter in our story is already unfolding towards an extraordinary and exponential growth.