Wins four awards, including Silver Award for Overall Excellence In Corporate Reporting
December 14th, 2023: In a resounding display of excellence, Softlogic Life, Sri Lanka’s 2nd largest life insurer, has once again solidified its position as a standout performer by securing multiple accolades at the 58th CA TAGS Awards demonstrating Transparency, Accountability, Governance and Sustainability. The company not only dominated the awards but also emerged triumphant with a sweeping win of 04 major accolades, underscoring its prowess as one of the strongest corporates in the country. These significant achievements are a powerful testament to Softlogic Life’s unwavering commitment to organisational Transparency and Governance, exemplified by its continuous efforts to push the boundaries of financial reporting practices in Sri Lanka.
Remarkably, these accomplishments come at a challenging juncture marked by a volatile market and tough macroeconomic conditions. Softlogic Life’s ability to secure such accolades during these times underscores its continuing business momentum, exceptional financial strength, and establishes the company as the most influential player in the industry and across the top echelon of the country’s corporate sector. The recognition at the CA TAGS Awards 2023 further highlights Softlogic Life’s commitment to superior standards in financial reporting, showcasing its dedication to excellence even in the face of adverse market conditions.
Outshining some of the longstanding giant conglomerates in the Sri Lankan business landscape, Softlogic Life Insurance secured the Silver Award for Overall Excellence in Annual Financial Reporting for the third consecutive year. This achievement, which was secured for its 2022 annual report themed ‘Reimagining’, places the company in a distinguished league of corporations recognised for exemplary reporting practices, reaffirming Softlogic Life’s steadfast commitment to transparency and their commitment to creating maximum value for all stakeholders.
These efforts have been further amplified through innovations such as ‘Generate Your Own Report’ to create customized sub-reports of the annual report, Sri Lanka’s first-ever video version of the annual report for the 6th consecutive year and interactive dashboard for investors, enabling them to analyze various financial metrics simultaneously. These are a few other reasons behind Softlogic Life clinching the Gold Award for the Insurance Sector, Silver Award in Integrated Reporting and Bronze Award in Corporate Governance Disclosure categories, cementing its position yet again as an unequivocal leader in financial reporting excellence.
Commenting on the continuous success at the CA TAGS Awards, Softlogic Life Managing Director Iftikar Ahamed said, “As we celebrate these remarkable wins at the CA Sri Lanka Annual Report Awards, we acknowledge that true transformation thrives in adversity. Softlogic Life’s success in clinching prestigious accolades is a testament to our commitment to excellence despite challenging market conditions. In a time when our nation grapples with economic uncertainties, these awards symbolise not just recognition but the resilience of our organisation. These awards are not just honours but beacons of hope and inspiration for the industry.”
The Integrated Annual Report reflects Softlogic Life’s drive to transcend industry norms and push the boundaries of financial reporting in Sri Lanka. This is the 10th consecutive time Softlogic Life has presented its Integrated Annual Report journey of integrating reporting, which started in 2013. It provides a comprehensive account of how Softlogic Life created value for its stakeholders through a balanced and concise analysis of the company, its external environment, strategy, resource allocation, business model, performance, corporate governance and other valuable prospects. The report also voluntarily embraces global benchmarks such as the International Framework and Global Reporting Initiative (GRI) Standard’ Core’ options. Additionally, Softlogic Life has obtained the Sri Lanka’s first ever Assurance Report on Integrated Reporting for the third consecutive year, underscoring our dedication to provide credible non-financial information to stakeholders.”
Softlogic Life Chief Financial Officer Nuwan Withanage commented, “For Softlogic Life, effective financial reporting is not just a regulatory requirement; it is a cornerstone of our commitment to Transparency, Accountability, Governance, Sustainability and stakeholder trust. We believe that embracing technological advancements and innovative reporting methods truly enhances our ability to present complex financial information in a clear and accessible manner in delivering meaningful and transparent financial insights to our stakeholders.
“Besides CA awards, we emerged victorious at the CMA Excellence in Integrated Reporting Awards 2023 this year, winning five prestigious accolades. The five awards, including the coveted Overall Gold for Integrated Reporting Excellence, highlight our multifaceted prowess in maintaining high standards across various reporting domains, all aimed at driving transparency, accountability and value for stakeholders”.
The prestigious CA Sri Lanka Awards aim to reflect effectiveness in communicating financial and non-financial information to stakeholders, strict compliance with legislative requirements, and accepted accounting best practices. In evaluating reports for the awards, CA Sri Lanka looks at each contender’s ability to effectively communicate organisational objectives, highlights, performance, personnel and management to all relevant stakeholders.