In 2017, People’s Insurance (PI’s) registered a gross written premium (GWP) of Rs. 4,782 million, an increase of 10% over the Rs. 4,340 million reported in 2016.
Underwriting profits for the year touched Rs.172 million, albeit slightly lower than the Rs 206 million reported in 2016. Nonetheless, this is seen as a considerable achievement, making PI one of the very few insurers in the country to consistently record underwriting profits since 2012. Given this track record, PI today stands tall as one of the most profitable non-life insurers in the country, said Chairman, Jehan P Amaratunga.
Meanwhile with PI costs well below the market, PI has been consistently improving its bottom-line performance year on- year. In 2017, profit after tax grew by 17% to reach Rs 773 million, from Rs. 658 million in 2016. PI’s assets at December 31, 2017 exceeded Rs. 7.5 billion, of which Rs. 6 billion was attributed to the investment portfolio, an indication of the strength of our financial position.
“To spearhead our broader ambitions to tap into the wider non-life insurance market, in 2017, we took a quantum leap to strategically rebrand to a more contemporary brand image that will resonate with the customer of tomorrow.”
Leading the rebrand was the launch of a new logo depicting a dynamic and futuristic new look that showcases PI’s ambition to be the most trusted non-life insurer in Sri Lanka. “Following the launch of our new identity, we began focusing on gradually expanding the non-motor insurance segment to reduce the dependency on captive motor business from the Group. We do realise that this is going to take time. But to accelerate our journey, we began looking at digitisation, to target the needs of new and emerging customer segments through integrated and multi channelled delivery systems. Our focus is to build unique lifestyle and business products for households and small/medium enterprises and corporate respectively.”
Being among the few insurers to embrace technology at the onset of the tech buzz, our strategy is to pursue a technology-driven growth platform to position PI as the most innovative and cost-effective insurance service provider for these segments.
Add new comment