Prakash Anand Schaffter (born June 19, 1967) is a Sri Lankan businessman, former first-class cricketer, and cricket administrator. He is the son of the renowned Sri Lankan businessman and double international, Chandra Schaffter. Prakash is one of four siblings, having two brothers and a sister. Born in Sri Lanka and raised in Madras (Chennai), he has pursued his undergraduate studies at the University of London before attaining an MBA from the University of Cambridge.
| Personal information | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Full name | Prakash Anand Schaffter | ||||||||||||||||||||||||||
| Born | 19 June 1967 Colombo, Western Province, Ceylon | ||||||||||||||||||||||||||
| Batting | Right-handed | ||||||||||||||||||||||||||
| Bowling | Right-arm fast-medium | ||||||||||||||||||||||||||
| Relations | Chandra Schaffter (father) Dinesh Schaffter (brother) | ||||||||||||||||||||||||||
| Domestic team information | |||||||||||||||||||||||||||
| Years | Team | ||||||||||||||||||||||||||
| 1997–1998 | Cambridge University | ||||||||||||||||||||||||||
| Career statistics | |||||||||||||||||||||||||||
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Source: Cricinfo, 25 January 2022 | |||||||||||||||||||||||||||
Currently, he serves as the Executive Deputy Chairman of Janashakthi Insurance PLC,[1] and Deputy Chairman of the Janashakthi Group (JXG)[2] in Sri Lanka. His role includes overseeing the Group's operations in various sectors such as investment banking, insurance, and finance. Prakash is one of the youngest-ever Fellow Members of the Chartered Insurance Institute. He has previously held the position of President of the Young Presidents' Organization of Sri Lanka and was a member of the council of the Sri Lanka Institute of Directors (SLID). Additionally, he sits on the boards of many other listed and unlisted entities.[3]
Married with three children, Prakash currently resides in Colombo, Sri Lanka.
Childhood
editIn 1973, when he was 6 and a half years old, his family moved to Chennai, and it remained their home for the next decade. His mother took care of him and his siblings, while his father, Chandra Schaffter, shuttled between Chennai and Colombo. Despite the relocation, the family maintained their Sri Lankan roots by regularly returning for summer holidays.
Prakash's early education began in Chennai, spanning from grade 3 to grade 9. In 1981, the family moved back to Sri Lanka, where he completed his Ordinary Level and Advanced Level examinations privately. At the age of 15, he began working at his father’s office and took on the responsibilities of both work and studies.
Higher Education and Career in the Insurance Sector
editThe tumultuous events of the 1983 riots led Prakash back to Chennai, and he ventured to the United Kingdom in December 1986. In the UK, he pursued the Chartered Insurance exams, achieving Associate-ship and Fellowship qualifications. Prakash is one of the youngest-ever Fellow Members of the Chartered Insurance Institute, qualifying at the age of 22.
In 1989, Prakash began his degree in politics at the School of Oriental and African Studies in the UK, successfully completing it in 1992. Upon returning to Sri Lanka with his siblings later that year, he was appointed as the Director at P&I Insurance Brokers and played a key role in expanding the family's brokering business.
Subsequently, in the early 90’s, he actively participated in the initial planning phase for the establishment of Janashakthi Life Insurance, the first specialized life insurance company in Sri Lanka.[4] In 1995, he pursued an MBA at the University of Cambridge, UK, concurrently playing a pivotal role in the formation of Janashakthi General Insurance. He assumed the position of Deputy General Manager in Administration and promoted to General Manager in 1998. Prakash also played a crucial role in the acquisition of the National Insurance Corporation in Sri Lanka in early 2000’s.[5]
In 2006, Prakash assumed the role of Managing Director at Janashakthi Insurance and played a key role in the acquisition of the non-life segment of AIA Insurance Sri Lanka in 2015.[6] This strategic move propelled Janashakthi Insurance to become the third-largest insurer in Sri Lanka at that time. In 2018, Prakash Schaffter took on the position of Chairman of Janashakthi Insurance PLC and spearheaded the divestment project of Janashakthi’s non-life segment in the same year. As a former President of the Insurance Association of Sri Lanka,[7][8] Prakash led discussions on regulatory changes, including the separation of Life and Non-Life business segments. Currently, he serves as the Executive Deputy Chairman of Janashakthi Insurance PLC, and Deputy Chairman of the Janashakthi Group (JXG) in Sri Lanka.
Cricket
editDuring his tenure at the University of Cambridge,[9] he extended his MBA course by a year to participate in cricket for the Cambridge team. Prior to his Cambridge years, he played competitive cricket for Finchley Cricket Club in London, a prominent team during the late 80s and early 90s. Prakash played first-class cricket for the Cambridge University Cricket Club from 1997 to 1998,[10] establishing himself as a right-arm fast-medium bowler and a lower-order batsman.[11] He represented both Cambridge University and London University during his cricketing tenure.
Prakash also ventured into cricket administration in Sri Lanka,[12] assuming roles within three interim committees tasked with overseeing Sri Lanka cricket. Notably, he served as the Secretary of Sri Lanka Cricket in two of these committees. Additionally, Prakash held significant positions as the President and Honorary General Secretary of the Tamil Union Cricket and Athletic Club. During his tenure, he played a pivotal role in the modernization of the Tamil Union, including overseeing the construction of a state-of-the-art sports and media complex.
Awards and Accolades
editIn 2019, Prakash was honoured as one of the A-list 100 Sri Lankan business people who contributed significantly to the nation's growth, as recognized by LMD, The Voice of Business.[13]
Charitable Endeavours
editPrakash Schaffter engages in charitable endeavours through the Janashakthi Foundation, a part of the Janashakthi Group. Their focus is on giving back to society through numerous initiatives aligned with the three key pillars identified as sports, education, and community development.
References
edit- ^ "About - Janashakthi Insurance PLC". Janashakthi Insurance PLC. Retrieved 18 August 2024.
- ^ "Leadership". Janashakthi Group. Retrieved 18 August 2024.
- ^ "Prakash Schaffter gets Bank of Ceylon Board seat". Adaderana Biz English | Sri Lanka Business News. 28 February 2019. Retrieved 18 August 2024.
- ^ Gunawardana, Michelle. Taming Risk: The Janashakthi Story (PDF). Janashakthi Insurance.
- ^ "Janashakthi - National Insurance merger complete". Sunday Observer. 8 September 2002. Retrieved 18 August 2024.
- ^ "Sri Lanka's Janashakthi wraps up AIA General Acquisition". Economy Next. 23 October 2015. Retrieved 18 August 2024.
- ^ "Prakash Schaffter, new IASL president". archives.sundayobserver.lk. Retrieved 18 August 2024.
- ^ "PressReader.com - Digital Newspaper & Magazine Subscriptions". www.pressreader.com. Retrieved 18 August 2024.
- ^ The Cambridge University List of Members for the Year 1998. 1998. p. 696.
- ^ "Prakash Schaffter Profile - Cricket Player England | Stats, Records, Video". ESPNcricinfo. Retrieved 18 August 2024.
- ^ "First-Class Matches played by Prakash Schaffter". CricketArchive. Retrieved 25 January 2022.
- ^ "List of Sri Lankan cricket administrators - FamousFix List". FamousFix.com. Retrieved 18 August 2024.
- ^ "The 100 Club". LMD. 30 December 2019. Retrieved 18 August 2024.