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 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 commitment to delivering value to customers.
People’s Insurance 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 Q2 2024, the Total Available Capital (TAC) reached Rs. 4,979 million, a substantial rise from Rs. 4,266 million in Q2 2023.
This increase in capital not only reflects the company’s solid financial health but also highlights its ability to meet future obligations and support its policyholders effectively.
The Risk-based Capital Adequacy Ratio (CAR) further emphasizes People’s Insurance PLC’s robust financial position. The CAR soared from 205% in Q2 2023 to an impressive 406% in Q2 2024. This considerable improvement far surpasses the regulatory minimum of 120%, underscoring the company’s exceptional capacity to maintain a strong capital buffer.
This high solvency ratio provides enhanced security for policyholders, reaffirming the company’s commitment to financial stability and customer protection.
People’s Insurance PLC has seen substantial growth in its asset base, now totaling Rs 12 billion. This asset increase is a testament to the company’s effective asset management strategies and its success in attracting and retaining customers.
The company’s Gross Written Premiums (GWP) also experienced a significant 12% increase from Q2 2023 to Q2 2024, reflecting successful market expansion and strong customer response to its insurance products and services.
This growth is driven by the company’s strategic initiatives and broad market presence.
