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Sri Lanka’s People’s Insurance Dec quarter net profit down 10-pct

ECONOMYNEXT – Sri Lanka’s People’s Insurance said net profit fell 10% to Rs185 million in the December 2017 quarter from a year ago while annual earnings were up.

Quarterly earnings per share were 92 cents, according to interim accounts filed with the stock exchange.

The stock of the firm, whose parent is People’s Leasing & Finance which is controlled by state-owned People’s Bank, was last traded at Rs23.50 Monday.

Gross written premium, mostly from motor insurance, rose 10% to Rs1.2 billion while net earned premium rose 9% to just over a billion rupees.

EPS for the year to December 2017 were Rs3.87, up from Rs3.29 the year before with net profit up 17% to Rs773 million.

People’s Insurance’s Gross Written Premium (GWP) grew 10% in 2017 to Rs4.8 billion from the previous year.

The accounts showed sharply higher other operating and administrative expenses as well as income tax expenses during the quarter and year.

Net claims rose 5% to Rs698 million during the December quarter and by 8% to Rs2.8 billion during the year.
(COLOMBO, February 20, 2018)

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