Sri Lanka’s People’s Insurance March 2018 net profit edges lower
ECONOMYNEXT – Sri Lanka’s People’s Insurance said net profit fell 2 percent from a year ago to 211.2 million rupees in the March 2018 quarter, with claims and operating expenses growing faster than premium income, interim accounts showed.
The insurance company, whose parent is People’s Leasing and Finance, reported earnings of 1.06 rupees per share in the quarter, according to interim accounts filed with the Colombo Stock Exchange.
The stock was trading 50 cents higher at 24 rupees in early trading Wednesday.
Gross written premium rose 19 percent to 1.2 billion rupees in the quarter, with motor insurance accounting for 90 percent. Net earned premium grew 11 percent to 1.09 billion rupees.
Net claims increased 10 percent to 742.8 million rupees.
Other revenue which includes fee income and interest and dividend income grew 15 percent to 181.4 million rupees.
Operating and administrative expenses rose 43 percent to 190.5 million rupees. Underwriting and acquisition costs rose 9 percent to 104 million rupees. (COLOMBO, February 20, 2018)