People’s Insurance PLC has reported a strong performance for the first half of 2026, with Gross Written Premium (GWP) rising by nearly 39% year-on-year to Rs. 5.21 billion, significantly outperforming the 23% growth recorded by Sri Lanka’s general insurance industry.

For the six months ended 30 June 2026, the Company generated GWP of Rs. 5.21 billion compared with Rs. 3.75 billion in the corresponding period of 2025.

Motor insurance remained the largest contributor to the Company’s portfolio, generating approximately Rs. 4.05 billion in GWP, compared with Rs. 2.91 billion a year earlier. This represented growth of approximately 39.2%, compared with industry Motor growth of around 33.5%.

However, one of the more notable developments during the period was the performance of the Company’s Non-Motor portfolio.

Non-Motor GWP increased approximately 37.4% to Rs. 1.16 billion, substantially outperforming overall industry Non-Motor growth of around 9.9%.

People’s Insurance Chairman Mr. Chandana Guniyangoda said the Company’s performance during the first half of 2026 reflected the continued progress of the business and the strength of its strategic direction.

“The performance achieved during the first half of 2026 is a reflection of the continued progress of People’s Insurance and the confidence placed in the Company by our customers and stakeholders. The Company’s ability to achieve strong growth in a competitive market is encouraging and provides a solid foundation for its continued development. We remain focused on building on this momentum and creating sustainable value for all our stakeholders.”

Chief Executive Officer Ms. Jeevani Kariyawasam said the broad-based growth achieved across the portfolio was particularly encouraging.

“The first-half results demonstrate the momentum we are building across the business. While Motor continues to be a major contributor, the strong growth achieved in Non-Motor is particularly significant as we continue to build a more diversified and resilient portfolio. Our priorities remain strengthening customer relationships, expanding distribution, improving service delivery and pursuing sustainable, profitable growth.”

The improvement in premium volumes was accompanied by a substantial increase in profitability.

Profit Before Tax (PBT) rose to Rs. 525.6 million, compared with Rs. 321.6 million in the corresponding period of 2025, representing an increase of approximately 63%.

Profit After Tax (PAT) increased approximately 61% to Rs. 357.3 million, from Rs. 221.6 million a year earlier. The Company’s earnings per share also grew by 61% to 1.75 from 1.09 in 2025, indicating the Company’s current and future growth potential.

Investment portfolio growth and other income also contributed to the improved performance, increasing to approximately Rs. 618 million, compared with Rs. 553.5 million in the corresponding period of the previous year.

Chief Financial Officer Mr. Amila Rajapaksha said the results demonstrated that the Company’s premium expansion was being accompanied by stronger financial outcomes.

“Our financial performance reflects a combination of strong business growth, improving underwriting results and disciplined financial management. While increasing premium income is important, our focus remains on ensuring that growth translates into sustainable profitability while maintaining appropriate levels of capital, liquidity and financial resilience.”

The Company also recorded an improvement in its underwriting position, with the underwriting loss reducing to approximately Rs. 92.4 million from Rs. 231.9 million in the corresponding period of 2025.

Total shareholders’ equity stood at approximately Rs. 6.33 billion at the end of June 2026, further strengthening the Company’s financial base.

At the same time, Fitch Ratings has affirmed People’s Insurance PLC’s ‘A(lka)’ National Insurer Financial Strength (IFS) Rating, with a Stable Outlook. Further, People’s Insurance continued to maintain its stable Capital Adequacy Ratio, supporting the Company’s capacity to pursue future growth while meeting its regulatory and policyholder obligations.

With total GWP growth substantially ahead of the general insurance industry, Motor and Non-Motor businesses both recording strong expansion and profitability improving significantly, People’s Insurance enters the second half of 2026 with strengthened financial fundamentals and an improved market position.