People's Insurance

What People's Insurance does

People's Insurance PLC is a Sri Lankan general (non-life) insurance company founded in 2009 and headquartered at No. 07, Havelock Road, Colombo 05, operating under license from the Insurance Regulatory Commission of Sri Lanka (IRCSL). It is a subsidiary of People's Leasing & Finance PLC within the People's Group, whose ultimate parent is People's Bank, and is listed on the Colombo Stock Exchange. The company serves individual consumers, SMEs, and corporate clients across Sri Lanka through a portfolio spanning motor (personal and fleet), property (dwelling fire, commercial fire, home, Niwahana), accident (personal and group), liability (public, professional indemnity, products liability, D&O), marine (cargo, goods in transit, fishing boat), engineering, healthcare, travel, solar panel, and workmen's compensation lines.

The company's underlying technology stack combines a traditional general-insurance underwriting and claims platform with a self-serve online portal (portal.pionline.lk) supporting online motor third-party purchases, premium payments, and policy renewals, a 24-hour hotline-backed 'Call & Go' motor claims facility that allows policyholders to initiate claims and continue their journey without waiting for an assessor, and an AI-powered customer service chatbot ('People's Insurance Buddy') launched in July 2025. Distribution combines 17 dedicated branches across all nine provinces, window offices hosted at People's Leasing & Finance PLC branches, bancassurance with Union Bank, motor distribution via Lakderana Investments, and a national sales team of more than 250 professionals expanded through 125 net hires in 2024.

Revenue is generated primarily through annual insurance premiums underwritten across personal and commercial lines, with FY2025 Gross Written Premium of Rs. 8,367.39 million (up 34% year-on-year), motor contributing 79% and fire 9% of GWP. The company reported FY2025 profit after tax of Rs. 355.25 million on total assets of Rs. 15.67 billion, a Risk-Based Capital Adequacy Ratio of 406% (Q2 2024) against a 120% regulatory minimum, a Fitch A credit rating, and ranked as the most profitable listed general insurer in Sri Lanka for 2024. Q1 2026 GWP of Rs. 2,856.54 million (+34% YoY) and market capitalization of approximately Rs. 6.8 billion (June 2025, +50% YoY) reinforce the company's mid-tier but rapidly scaling position within Sri Lanka's general insurance market.

Name

People's Insurance

Legal name

People's Insurance PLC

Website

https://peoplesinsurance.lk

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

People's Insurance PLC is a Sri Lanka-based general (non-life) insurer, founded 2009, that underwrites motor, fire, marine, liability, and accident cover for individuals, SMEs, and corporates, distributed through 17 own branches, People's Group window offices, and bancassurance partnerships.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Personal Auto Insurance (FSAJAMAA)

Keywords

• General insurance
• Motor insurance
• Commercial property insurance
• Liability insurance
• Marine insurance

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Motor Insurance: Motor insurance is the primary revenue driver, contributing 79% of total gross written premium in 2025. The segment grew 42% year-on-year to Rs. 8,367.39 million GWP. Revenue is earned through annual insurance premiums paid by individual vehicle owners and corporate motor fleets.
2. Fire Insurance: Fire insurance is the second-largest segment, contributing 9% of total GWP with 15% growth in 2025. Covers commercial and residential properties against fire and allied perils.
3. Non-Motor Insurance (Miscellaneous): Comprehensive portfolio including travel, marine cargo, solar panel, healthcare, directors & officers liability, professional indemnity, workmen's compensation, and other business insurance lines. The non-motor portfolio recorded 25% growth in Q1 2026, significantly outperforming the industry's 13% growth.
4. Investment and Other Income: Includes interest income, net fair value gains/losses, and other income. In 2025, investment and other income amounted to Rs. 1,106.60 million, a marginal decline of 9% compared to the previous year due to challenging market conditions affecting investment returns.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels11 records

Core offering

People's Insurance PLC is a Sri Lankan general (non-life) insurance provider offering a comprehensive portfolio spanning motor, fire, marine, engineering, and miscellaneous insurance products for both individual consumers and businesses. The company operates a 17-branch direct network plus window offices through People's Leasing & Finance branches, with a proprietary Call & Go motor claims facility, an AI chatbot (People's Insurance Buddy), and an online portal for premium payments and policy renewals.

Product overview

People's Insurance PLC operates as a general insurance company offering a comprehensive portfolio of insurance products across personal and business segments. The product portfolio includes motor insurance (personal and fleet), property insurance (fire, home, dwelling), accident coverage (personal and group), liability insurance (public, professional, products, D&O), marine insurance (cargo, goods in transit, fishing boats), and specialized coverage (solar panels, travel, healthcare, workmen's compensation). Key named products include Call & Go Motor Insurance with instant accident assistance hotline, Niwahana Home Insurance for comprehensive home coverage, and Business Package for Shops offering bundled SME coverage. The company provides digital services including online motor third-party insurance purchasing through its portal, with 17 dedicated branches and extended accessibility through People's Leasing & Finance branches across Sri Lanka.

Differentiator

Problem solved

Functional benefit

Brands

• Call & Go: A unique motor insurance facility that allows customers to initiate motor claims with zero waiting time on the road. Customers can call the hotline and proceed with their journey without waiting for an assessor.
• Niwahana Home Insurance

Products and services

• Motor Insurance (Personal) Personal motor vehicle insurance providing coverage for accidents, damages, and third-party liabilities for individual vehicle owners, with Call & Go instant roadside accident support.
• Motor Vehicle Fleets Insurance Comprehensive fleet motor insurance solutions for businesses covering multiple vehicles under a single policy.
• Dwelling Fire and Allied Perils Insurance Property insurance covering dwellings against fire, lightning, explosion, and allied perils for homeowners.
• Commercial Fire and Allied Perils Insurance Business property insurance covering commercial establishments against fire, theft, and related risks.
• Home Insurance Comprehensive home protection covering property damage, contents, and personal belongings for homeowners.
• Niwahana Home Insurance Specially designed essential insurance policy providing combined coverage for home and family in a single comprehensive policy.
• Personal Accident Insurance Individual accident coverage providing financial protection against injuries and disability for personal policyholders.
• Group Personal Accident Insurance Accident coverage for groups and organizations, covering employees or members against workplace and general accidents.
• Business Interruption Insurance Coverage for consequential financial losses when business operations are disrupted due to covered perils.
• Burglary Insurance Business protection against losses from theft, break-ins, and burglary attempts.
• Fishing Boat Insurance Marine insurance coverage for fishing vessels and boats against operational risks.
• Tour Operator Liability Insurance Liability coverage protecting tour operators against claims from clients and third parties.
• Directors & Officers Liability Insurance Coverage protecting company directors and officers from personal liability arising from professional decisions.
• Plate Glass Insurance Coverage for breakage of plate glass and mirrors in commercial premises.
• Healthcare Insurance Business insurance solutions for healthcare providers covering medical malpractice and professional liability.
• Fidelity Guarantee Insurance Protection against financial losses from employee dishonesty, fraud, and embezzlement.
• Money Insurance Coverage for loss of money, cash in transit, and cash in safe during business operations.
• Cargo Insurance Marine insurance for goods in transit covering imports, exports, and domestic shipping against physical loss or damage.
• Goods in Transit Insurance Coverage for merchandise and products while being transported by road or other means.
• Machinery / Electronic Equipment Insurance Coverage for breakdown, damage, or loss of machinery and electronic equipment in business operations.
• Contractor's / Erection All Risks Insurance Insurance covering contractors and construction projects against all risks during erection and installation.
• Workmen's Compensation Insurance Coverage for employee injuries and occupational diseases as mandated by law for employer liability.
• Public Liability Insurance Protection against third-party claims for bodily injury or property damage occurring on business premises.
• Products Liability Insurance Coverage for legal liability arising from defects in products sold or supplied causing injury or damage.
• Professional Indemnity Insurance Professional liability coverage protecting against claims arising from negligence or errors in professional services.
• Business Package for Shops Insurance Comprehensive bundled insurance solution providing essential coverage for small and medium business establishments in a single policy.
• Solar Panel Insurance Specialized coverage protecting solar energy installations and renewable energy systems from damages.
• Travel Insurance Coverage for travelers providing protection against trip cancellations, medical emergencies, and travel-related risks.
• Online Motor Third-Party Insurance Digital self-service platform enabling customers to purchase motor third-party insurance online through the portal at portal.pionline.lk.
• People's Insurance Buddy AI-powered customer service chatbot launched at Achievers' Night 2025 to enhance customer engagement and provide faster, more efficient support through automated responses and assistance.

Quantifiable outcome

• 34% growth in gross written premium in 2025 to Rs. 8,367.39 million, significantly outpacing industry growth rates
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Lakderana InvestmentscoreChannel Partner/ Reseller/ Distributor · 1 January 2025People's Insurance partnered with Lakderana Investments to expand motor insurance accessibility nationwide. Motor insurance services offered by People's Insurance, including the Call & Go facility, are now available at all Lakderana branches across Sri Lanka, providing greater convenience and enhanced protection to customers through seamless service delivery.
• Union Bank Sri LankacoreChannel Partner/ Reseller/ Distributor · 1 January 2025People's Insurance and Union Bank forged a strategic bancassurance partnership to enhance financial security for customers by distributing insurance products through Union Bank's retail banking channel. The partnership was attended by senior representatives from both organizations, including Union Bank's Senior Vice President – Retail Banking and People's Insurance's Chief Sales Officer.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• HNB Assurance: Sri Lankan insurer offering general insurance solutions including motor, fire, and personal accident. Comparable in distribution approach and product mix to People's Insurance within the domestic market.
• Union Assurance: Sri Lankan insurer providing general insurance products including motor and property. Competes with People's Insurance in retail and SME segments, though bancassurance partner Union Bank is shared.
• Fairfirst Insurance: Sri Lankan general insurer offering motor, fire, marine, and personal lines. Competes directly with People's Insurance in the mid-market and SME segments across Sri Lanka.
• Allianz Insurance Lanka: Subsidiary of global insurer Allianz, providing general insurance including motor, property, and marine in Sri Lanka. Competitor for both retail and corporate non-life customers, where Dennis Hewagama (People's CSO) previously served.
• Ceylinco Insurance: One of Sri Lanka's largest private general insurers offering motor, fire, marine, and miscellaneous insurance. Comparable in scale, product breadth, and channel mix to People's Insurance within Sri Lanka.
• Janashakthi Insurance: Sri Lankan general insurance company offering motor, property, and miscellaneous lines. Competes with People's Insurance for retail and SME customers in the local non-life market.
• Sri Lanka Insurance Corporation: Sri Lanka's largest state-owned general insurer offering motor, fire, marine, and miscellaneous non-life insurance. Directly competes with People's Insurance in the same product lines and customer segments across the domestic market.

Regional players

• Amana Takaful PLC: Sri Lankan Takaful (Islamic insurance) provider offering general Takaful products including motor and property. Comparable in non-life product set though operating under a different (sharia-compliant) insurance model.
• Cooperative Insurance Company: Sri Lankan general insurer competing primarily in cooperative and rural segments with motor and property lines. Comparable in product set though geographically more focused on cooperative networks.

Broad incumbents

• AIA Insurance Sri Lanka: Sri Lankan arm of global insurer AIA, primarily focused on life insurance but with growing general insurance lines. Represents a broader incumbent player diversifying into non-life segments where People's Insurance competes.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/peoplesins
• YouTubeyoutube.com/@peoplesinsuranceplc?feature=shared
• Facebookfacebook.com/peoplesinsuranceplc
• LinkedInlinkedin.com/company/peoplesinsurance
• Instagraminstagram.com/peoplesinsuranceplc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about People's Insurance