Sri Lanka’s People’s Insurance seeks foreign partner, public listing

COLOMBO (EconomyNext) – Sri Lanka’s People’s Insurance, a unit of People’s Leasing and Finance Plc is seeking a foreign partner ahead of a public listing later this year.

"Currently, plans are underway to tie up with a foreign strategic insurance partner to support this subsidiary to enhance its competencies and knowhow for a more dynamic product line, systems and processes," PLC Chief Executive D P Kumarage told shareholders.

Premium income at People’s Insurance, a non-life insurer grew 5.8 percent to 3,440.6 million in 2014.

Motor industry profits rose 5 percent and fire, marine and accident classes had grown 8 percent.

The firm had also posted 151 million rupees in underwriting profits, unlike many of its peers who make underwriting losses and posts net profits with investment income

Net profits rose 21 percent to 450 million rupees, partly helped by capital gains on equities, the company said.

Assets rose 18 percent to 4.7 billion rupees and liabilities 14 percent to 3.34 billion rupees.

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