People’s Insurance emerges as most profitable listed general insurer

Chairman Isuru Balapatabendi

CEO Jeevani Kariyawasam

In a remarkable accomplishment, amid challenging economic conditions and intense industry competition, People’s Insurance PLC has emerged as the most profitable general insurance company listed on the Colombo Stock Exchange as at the third quarter of 2023. This achievement underscores People’s Insurance PLC resilience, strategic acumen and commitment to delivering exceptional value.

People’s Insurance PLC has secured the highest Profit Before Tax among all listed General Insurance companies, amounting to an impressive Rs. 740 million. This significant financial milestone exemplifies People’s Insurance PLC ability to navigate and thrive in a highly competitive market, even amidst significant price competition from competitors.

Commenting on this exceptional performance, Chairman Isuru Balapatabendi highlighted the instrumental role of their strategic direction in achieving this milestone. He expressed, “This accomplishment reaffirms our commitment to excellence and our ability to navigate challenges, underscoring our dedication to supporting and empowering the community. We extend our gratitude to our stakeholders for their trust in People’s Insurance PLC.”

People’s Insurance PLC CEO Jeevani Kariyawasam emphasised the significance of upholding professionalism and virtues, stating, “The substantial profitability we’ve achieved stands as a testament to the exceptional professionalism and talent exhibited by our staff. We’re committed to delivering top-notch services, prioritising quality over quantity. Our dedication to showcasing the genuine value of our service to the public is paramount. This operational efficiency reflects People’s Insurance PLC commitment to prudent financial management and employing meticulous financial strategies all the while ensuring that all due claims are settled in a prudent manner. The timely payment of claims plays a pivotal role, underscoring our commitment to meeting policyholders’ needs and providing optimal value.”

In an industry marked by fierce competition, People’s Insurance PLC triumphs in securing the highest Profit Before Tax and boasting the best-combined ratio, highlights its strategic prowess and unwavering commitment to customer satisfaction. The outstanding Q3 2023 performance not only positions People’s Insurance PLC as a market leader but also reinforces its role as a trusted partner in safeguarding the financial interests of its clientele.

This milestone shines even brighter due to the substantial amount of claims that have been paid out by People’s Insurance displaying their commitment to empowering their clientele and still standing tall as the most profitable listed general insurance provider in the market. Their commitment to continuously improve their service standards and ensuring that they remain a source of empowerment to their diverse clientele showcases the true definition of excellence.