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.
Unmatched Financial Stability
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 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.
Strategic Asset Management and Market Expansion
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. People’s Insurance PLC utilizes its extensive network, which includes operations at its head office, fourteen regional offices, and partnerships with People’s Leasing & Finance PLC and People’s Bank. This wide reach enhances the company’s ability to engage with potential clients and increases cost efficiency in customer acquisition. By leveraging the established customer bases of these financial institutions, People’s Insurance PLC has effectively expanded its market penetration.
Leadership and Vision: The Catalyst for Success
The company’s remarkable growth has been largely driven by its strategic vision and dynamic leadership. CEO Jeevani Kariyawasam’s emphasis on modernizing strategies and embracing innovation has been instrumental in improving customer service and operational efficiency. At the same time, Chairman Isuru Balapatabendi’s strategic guidance has kept the company on a consistent growth path, steering it toward long-term success.
Dedication to Excellence in Customer Service
At the heart of People’s Insurance PLC’s operations lies a strong commitment to delivering outstanding customer experiences. The company is driven by a deep sense of responsibility and a dedication to adding value in every customer interaction. The sales team plays a pivotal role in ensuring customers receive personalized and effective service, further solidifying the company’s reputation for excellence.
People’s Insurance PLC’s distinctive operational model, which includes leveraging the extensive networks of People’s Leasing & Finance PLC and People’s Bank, enhances its ability to efficiently reach and serve customers. This strategic approach not only ensures effective client engagement but also supports the company’s mission to uphold the highest standards of customer service.
Future Outlook: Ready for Continued Success
Looking ahead, People’s Insurance PLC is well-positioned for sustained growth and success. The company’s robust financial base, dynamic leadership, and commitment to excellence create a strong foundation for future accomplishments. By continually adapting to market shifts and embracing innovative strategies, People’s Insurance PLC is poised to sustain its growth trajectory in Sri Lanka’s non-life insurance sector.
Appreciation to Customers & Stakeholders
Jeevani Kariyawasam, CEO of People’s Insurance PLC, shared her thoughts on the company’s recent milestones:
“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 organization 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.
I would like to extend a special thank you to our Chairman and Board of Directors, and exceptional staff, whose hard work and commitment have been integral to our progress. Their efforts have enabled us to enhance our offerings, expand our market presence, and deliver unparalleled value to our customers.
We are excited about the future and remain committed to building on our achievements and delivering exceptional service to our customers.” she said.
Chief Sales Officer Dennis Hewagama also expressed his appreciation: “I want to extend my heartfelt thanks for your unwavering trust and support over the past years. Your confidence in our products and services has been a cornerstone of our success. Your feedback and engagement have been crucial in driving our improvements and innovations. I also want to express my deepest gratitude to our dedicated sales team. Their hard work and commitment have played a pivotal role in our accomplishments.
Thank you for your continued belief in our capabilities. We look forward to building on our successes and delivering exceptional value to you in the future.”
Captive Channel Head Sashika Jayathilaka commented, “I am deeply grateful for your trust and support, which have been essential to our progress and achievements this past year. Your confidence in People’s Insurance PLC has enabled us to expand and enhance our captive business base. I would also like to extend my special gratitude the CEO, the management and the staff of People’s Leasing & Finance PLC. The growth we have seen is a direct reflection of our collaborative efforts and shared goals. Your ongoing support has empowered us to better serve you and strengthen our market presence. Thank you for being a vital part of our journey. We are excited about the future and committed to continuing our growth and delivering outstanding service to you.”
This statement underscores People’s Insurance PLC’s dedication to excellence and its forward-looking approach as it continues to navigate and thrive in the dynamic insurance industry.
In summary, People’s Insurance PLC exemplifies the impact of resilient leadership and strategic vision. With its impressive financial performance, broad market presence, and unwavering focus on customer service, the company is well-equipped to navigate the complexities of the insurance industry with confidence. As it continues to expand and excel, People’s Insurance PLC remains a reliable partner, dedicated to supporting its customers with unmatched expertise and care.