People’s Insurance records outstanding growth, financial resilience

In a remarkable year of growth and success, People’s Insurance PLC has firmly established itself as one of Sri Lanka’s leading non-life insurance providers. 

Guided by the strategic leadership of CEO Jeevani Kariyawasam and the visionary direction of Chairman Isuru Balapatabendi, the company has showcased exceptional financial performance and operational excellence. 

This strong trajectory underscores People’s Insurance PLC’s resilience and unwavering commitment to delivering exceptional value to its customers.

People’s Insurance PLC has demonstrated extraordinary financial performance in 2024, showcasing remarkable stability. The company’s solvency position, a critical measure of financial strength, has significantly improved. 

As of 2Q 2024, the total available capital reached Rs.4,979 million, a substantial rise from Rs.4,266 million in 2Q 2023. The risk-based capital adequacy ratio soared from 205 percent in 2Q 2023 to an impressive 406 percent in 2Q 2024. This considerable improvement far surpasses the regulatory minimum of 120 percent. 

People’s Insurance PLC has seen substantial growth in its asset base, now totalling Rs.12 billion. The company’s gross written premiums also experienced a significant 12 percent increase from 2Q 2023 to 2Q 2024, reflecting successful market expansion and strong customer response to its insurance products and services.

Balapatabendi stated, “As we celebrate the outstanding achievements of People’s Insurance PLC, I want to express my heartfelt appreciation to all our customers, stakeholders and the dedicated team that has contributed to our success. Your trust and support have been fundamental to our impressive growth and financial stability.

Our ability to achieve significant milestones in both financial performance and market expansion is a testament to the strong relationships and collaborative efforts we have with each of you. Your confidence in our company has been instrumental in driving our success and our achievements this year are a direct reflection of this partnership.

I would also like to extend my sincere gratitude to the fellow board members of People’s Insurance PLC. Their guidance and commitment have been crucial in navigating our journey and achieving our goals.”

Kariyawasam shared, “As we reflect on our journey so far in 2024, I am filled with immense gratitude for the support and trust placed in People’s Insurance PLC by our customers, stakeholders and dedicated employees. Their unwavering confidence in our organisation and our vision has been a cornerstone of our success. Also, the substantial growth in our total available capital and risk-based capital adequacy ratio is a strong indication of our financial stability and performance this year, despite challenging market conditions.

We are excited about the future and remain committed to building on our achievements and delivering exceptional service to our customers.”