People’s Insurance reports 33% GWP revenue growth

Friday, 22 August 2025 00:16 - - {{hitsCtrl.values.hits}}

GWP reaches Rs. 3.7 b in the first six months of 2025
Rs. 1.4 b paid in claim settlements in 1H
Reports PBT of Rs. 321 m

CEO Jeevani Kariyawasam

CFO Amila Rajapaksha

People’s Insurance PLC yesterday said Gross Written Premium (GWP) revenue grew 33% from a year earlier to Rs. 3.7 billion in the first half of 2025.

This marks one of the highest GWP growth rate among Sri Lanka’s general insurers for the June 2025 quarter, the company said, adding that growth was broad-based, with all major business segments delivering strong year-on-year performance.

The Motor Insurance segment remained the largest contributor to revenue, accounting for 77% of total GWP and posting a 40% increase from the previous year. The Fire Insurance segment also performed strongly, achieving 19% growth over the same period last year.

People’s Insurance settled claims amounting to Rs. 1.4 billion in 1H 2025.

Profit Before Tax (PBT) reached Rs. 321 million, and the company’s Capital Adequacy Ratio remained well above the regulatory minimum, reflecting prudent risk management and a solid balance sheet. Market capitalisation rose by 50% year-on-year to Rs. 6.8 billion as at June 2025, signaling strong investor confidence, the company said.

In 2024, People’s Insurance was recognised as the most profitable listed general insurance company in Sri Lanka, having disbursed over Rs. 3 billion in claims. It was also ranked the fourth-largest profit-making general insurer overall, according to Insurance Regulatory Commission data, while maintaining the highest Capital Adequacy Ratio in the sector for both 2023 and 2024.

Commenting on the results, People’s Insurance Chief Executive Jeevani Kariyawasam said: “We are pleased to deliver another quarter of strong growth, underpinned by our clear strategic focus on delivering value to all stakeholders. Our performance reflects our ability to seize long-term growth opportunities, expand coverage, enhance risk protection, and safeguard the assets and livelihoods of Sri Lankans. We remain committed to product innovation, technology-driven solutions, and sustainable growth strategies to ensure continued success for People’s Insurance and all those we serve.”

Backed by the financial strength of People’s Bank and People’s Leasing and Finance PLC, People’s Insurance offers a comprehensive range of general insurance solutions, including motor, fire, marine, engineering, and miscellaneous classes. With a strong island-wide presence, strategic partnerships across multiple financial institutions, and a customer-first approach, the company continues to invest in people, products, and processes to remain agile in a dynamic market and drive sustainable growth over the long term.