November 11th, 2024: Adding stronger momentum to its growth trajectory, Softlogic Life recorded another superior quarter performance, posting Gross Written Premium (GWP) of Rs. 22 billion during the nine months ending 30th September with an increase in top-line growth of 18% compared to the corresponding period of last year. Growth for the September quarter was up 22% compared with the same quarter of the previous year.
The Company continues to deliver robust performance, posting profit after tax (PAT) for the period to Rs. 2.8 billion. Compared to the same period last year, it is an increase of 67%. Furthermore, Profit before tax (PBT) also grew by 63% compared to the same period last year to stand at Rs. 4 billion. The Company’s total assets stood at Rs. 50.1 billion, while total equity was recorded at Rs. 9.2 billion. The Company recorded a Return on Equity (ROE) of 29% while continuing to maintain a strong Capital Adequacy Ratio (CAR) of 360% as at September 2024, compared with the regulatory requirement of 120%.
The company paid out Rs. 10.9 billion in total claims and benefits during the nine months ending 30th September, further delivering on its promise to protect the largest customer base in the market whilst building on the substantial Rs. 6.8 billion disbursed in the previous two quarters. As the market leader in health insurance with 36% in health market share, based on 2023 data, Softlogic Life stands out in the industry as the Company that delivers on its promises and timely support to its policyholders by going above and beyond to pay claims and benefits fairly and on time. This unwavering commitment reinforces Softlogic Life’s role as a trusted partner with one day claim settlement consistently exceeding 80% and ensuring the quality of life of all Sri Lankans through all life stages, especially when it matters most.
Commenting on the Company’s Q3 financial performance, Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated, “Our performance this quarter reflects our agility and vision, as we continue to strengthen our foothold towards dominance in the life insurance market. Achieving consistent growth amid improving macroeconomic conditions highlights our strategic focus on sustainable value creation for our stakeholders and our commitment to delivering on our promise to policyholders. This dedication has also earned us a spot among Sri Lanka’s Top 40 Businesses —an annual ranking by the prestigious Business Today magazine —climbing nine places from last year. We remain steadfast in our pursuit of excellence, advancing innovative solutions and staying responsive to the evolving needs of our customers.”
Over the past decade, the company’s GWP has grown at an impressive Compound Annual Growth Rate (CAGR) of 26%, compared to the industry’s 10-year GWP CAGR growth of 14% posting a consistently high Return on Equity that reflects strong operational performance and market leadership on core parameters. With more than 750,000 active policies, Softlogic Life expanded its role in enhancing national insurance penetration, now protecting over 1.5 million Sri Lankan lives.
Softlogic Life Managing Director Iftikar Ahamed said, “Softlogic Life is dedicated to setting new standards of excellence and delivering meaningful value to our policyholders and stakeholders. Over the years we have disrupted the industry by differentiating distribution, with our products equipped to serve all segments of the market, with services that are rated as industry best and tech driven innovations such as AI driven fast claim settlement. We continue to prioritize innovation and digital transformation, with a special focus on leveraging AI to drive, simplicity, convenience, personalization and more efficient services. We were recognized amongst LMD’s Top 25 companies over the past 30 years which is testimony to the dynamic contribution we have delivered to the insurance industry. As we enter the final lap of the year, we do so with strong momentum, advancing our mission of protecting and empowering Sri Lankans to achieve the life they envision while we take care of the rest as Sri Lanka’s best Health Insurer”
Softlogic Life’s success extends beyond operational excellence, being recognised at the top of the chain for exceptional corporate reporting and achieving unprecedented success on numerous occasions including prestigious financial award ceremonies including CA Sri Lanka 57th TAGS Annual Report Awards where Softlogic Life was placed overall second for the third year running and emerged as Overall winner at CMA Sri Lanka – Integrated Reporting Awards. These significant achievements are a powerful testament to Softlogic Life’s unwavering commitment to organizational Transparency and Governance, exemplified by its continuous efforts to push the boundaries of financial reporting practices in Sri Lanka.