People’s Insurance records outstanding financial performance

Alongside launching its new website, People’s Insurance presented its financial performance for 2012.

With an increase in Gross Written Premium (GWP) from Rs. 2,415 million to Rs. 2,944 million, a good 22% which is above the growth rate of the non-life insurance industry estimated at 20%, the company is noted to have achieved outstanding financial performance in 2012.

Placed in the fifth position in the non-life insurance industry in terms of market share, People’s Insurance Chairman Jehan P. Amaratunge revealed that the company recorded an impressive underwriting profit of Rs. 42 million. He also pointed that the profit after tax hit Rs. 235 million from Rs. 163 million, a thumping 226% increase which reflects outstanding underwriting results and investment performance.

Within a year of commencing operations, People’s Insurance had a GWP of Rs. 993 million while in 2011 the GWP exceeded Rs 1 billion making it the first insurer in the country to achieve that mark within just 18 months of operations.

People’s Insurance also released its first annual report for 2012 together with its first financial statements which were prepared in accordance with the revised Sri Lanka Accounting Standards (SLFRS/LKAS).

At the launch event People’s Insurance Managing Director D. P. Kumarage said that the company is aiming to raise a club loan of US$ 100 million by June 2013. When questioned on the institute that would fund the loan, Kumarage said the discussion is at a premature stage and therefore the source cannot be revealed as yet.

Extending its branch network, People’s Insurance recently opened its regional offices in Galle and Negombo. It has also entered into a bank-assurance agreement with People’s Bank that to support the company and help distribute its products and services through the bank’s network. Amaratunge stated that the arrangement ensures customers to be offered with insurance services from over 700 Branches Island wide.