People’s Insurance poised to become formidable player in industry

People’s Insurance PLC (PI) has emerged as a powerful player in Sri Lanka’s insurance landscape in 2024, showcasing outstanding growth and strategic progress. The company’s National Sales force has undergone a dynamic restructuring, placing PI on track to become one of the most formidable insurance providers in the island. 

Following a period of recalibration last year, PI’s sales team rebounded strongly in 2024 with an impressive 11 percent growth by the end of the third quarter. This resurgence is credited to PI’s commitment to building a high-performing sales force, reinforced by the addition of 125 seasoned professionals, bringing the total team strength to over 250 members nationwide.

“Our strategic initiatives have been carefully crafted to build a resilient and sustainable business model. Today, I am pleased to see the company on a strong, well-defined path, meeting our objectives and setting a solid foundation for continued success,” said Chairman Isuru Balapatabendi. He further stated “This journey is a testament to the dedication of our team and the trust placed in us by our customers, guiding us towards a future of profitable growth and consistent service excellence.”

CEO Jeevani Kariyawasam acknowledged the company’s progress: “Compared to 3rd quarter 2023, in 3rd Quarter 2024 we have been able to achieve a growth of 17 percent GWP in National Sales Channel, which I consider a significant achievement for the company. This growth is a testament to our strategic focus and the innovations introduced by our management team.”

Under the experienced leadership of Chief Sales Officer. Dennis Hewagama, , the sales team has harnessed new momentum, elevating PI’s customer service standards and reaching new benchmarks in efficiency and quality. “I would like to take this opportunity to thank my sales team for their dedication and hard work; this achievement was possible because of them. I also want to extend my gratitude to our customers for their loyalty towards our brand,” expressed Hewagama. Aligned with its goal of national accessibility, PI has opened five new branches this year, with plans for five more by year-end. A further 10 branches are planned for 2025, underscoring PI’s commitment to delivering quality insurance solutions across the island. This expansion has been crucial in helping PI reach an impressive sales growth this year.

Financial stability has been foundational to PI’s growth strategy, demonstrated by the company’s strong Capital Adequacy Ratio maintained throughout the year. As a subsidiary of People’s Leasing and Finance PLC, backed by the financial strength of People’s Bank, PI is well-positioned to deliver customer-centric, reliable insurance products across both motor and non-motor segments, driven by a promise of quality, accessibility, and long-term value.

Reflecting on the company’s accomplishments, Head of Motor Underwriting and Captive Sales Channel Sashika Jayathilaka commented, “Compared to 2023, by the end of 3Q 2024, the GWP has increased by 9 percent which is a great achievement for the organization. I would like to thank People’s Leasing and Finance, along with all our customers, for their support and trust in us.”

With a robust sales force, an expanding branch network, and strong financial backing, People’s Insurance PLC is on a clear path towards achieving its strategic objectives, driven by a commitment to becoming one of Sri Lanka’s most sought after insurance companies.