Demonstrating exceptional and consistent growth with market leading metrics including the largest customer base, Softlogic Life recorded a stellar financial performance in 2024. The company, which marked a Gross Written Premium (GWP) of just Rs. 3 billion in 2014, achieved a GWP of Rs. 31.6 billion by December 31, 2024, growing 10 times in 10 years. With 20% year-on-year growth and a total market share of 16.8% (Q3 2024). This consistent upward trajectory is a testament to Softlogic Life’s unwavering commitment to delivering unparalleled value, financial security, and cutting-edge innovation to its policyholders.
Over the past 10years, Softlogic Life has grown at an impressive 10-year GWP Compound Annual Growth Rate (CAGR) of 26%, significantly outpacing industry growth. With over 750,000 active policies(Q4 2024), the company continues to lead the charge in expanding insurance penetration where the Company protects more than 1 million Sri Lankan lives, which is 13% of Sri Lanka’s working population, making it the life insurer with the largest customer base in the country.
Reinforcing its commitment to policyholders, Softlogic Life paid out Rs. 14.2 billion in Claims and Benefits in 2024. Total protection claims arising from health and other risk claims paid in 2024 was 11 billion and exclude maturity’s and surrenders related to investment related products. This unwavering dedication to timely and efficient claim settlements has strengthened customer confidence, setting an industry standard for trust and service excellence establishing Softlogic Life as an insurer who stands by its policyholders when needed the most.
The company’s financial strength remains formidable, with a Return on Equity (ROE) of 38.2%, continuing its streak of surpassing 20% ROE over the past six years. Profit After Tax (PAT) stood at Rs. 4.5 billion with a growth of 59% compared to the last year, while Profit Before Tax (PBT) was recorded at Rs. 6.3 billion with a growth of 98% compared to 2023. Total assets surged to Rs. 53.6 billion, with total equity reaching Rs. 10.4 billion. Additionally, financial investments accounted for Rs. 43.9 billion, representing 82% of total assets. With a Capital Adequacy Ratio (CAR) of 298%—well above the regulatory requirement of 120%—Softlogic Life remains resilient and well-equipped to navigate economic uncertainties.
Commenting on the company’s outstanding performance, Softlogic Life Chairman, Ashok Pathirage, stated: “Softlogic Life continues to deliver exceptional results, reinforcing its position as a leading Sri Lankan life insurer. Our ability to drive sustained growth amid any environment reflects the strength of our strategic vision, operational excellence, and unwavering focus on customer-centric innovation. As we expand our market presence, we remain committed to delivering superior value to our policyholders and stakeholders.”
A key success factor for Softlogic Life’s growth is that it remains at the forefront of the Insurtech revolution, driving industry-first innovations that enhance insurance accessibility, efficiency, and customer experience. Key advancements include the recently announced “Health Score” that will engage policyholders towards proactively managing their health and wellbeing. The Company has actively engaged in driving technology innovation and the introduction of advanced AI and machine learning-powered Claims that processes claims in just minutes has delivered amazing customer satisfaction. Additionally, the company has introduced digitally enabled products and fully digitalized sales platforms, revolutionizing the way insurance is delivered. Through these innovations, Softlogic Life has not only redefined the industry but also played a pivotal role in strengthening public trust in the value of insurance.
Softlogic Life Managing Director, Iftikar Ahamed, remarked, “At Softlogic Life, success is not just measured by financial figures; it’s measured by the lives we protect and the trust we build. Our position today as Sri Lanka’s life insurer with the largest customer base and the highest protection-based claims payouts, stands as a testament to our dedication and our commitment to delivering on the promise of protection to the million plus customers who are our responsibility. This dedication has been a driving force behind our remarkable 10X growth over the past 10years, an exceptional achievement by any standard.
Entering 2025, we embrace the theme ‘Infinite by Nature”, reflecting our belief in the boundless opportunities ahead—both for the industry and the nation. With a strong close in 2024, we are poised to accelerate growth, harness infinite possibilities to create meaningful impact for Sri Lankans across the country.”
As Softlogic Life propels forward, it continues to redefine industry standards, set new benchmarks for growth, and drive innovation, solidifying its position as the life insurer of choice for millions of Sri Lankans. The company’s record-high Net Promoter Score (NPS) of 68, is a testament to its strong customer loyalty and service excellence while it’s multi award winning streak in corporate reporting highlights Softlogic Life’s dedication to transparency, accountability, governance, and sustainability. At the 59th CA TAGS Awards 2024, the company secured a prestigious Top 3 placement among Sri Lanka’s leading corporates, becoming the only stand-alone company to achieve this milestone for the fourth consecutive year. It earned the Insurance Gold and Bronze Award for Overall Excellence in Corporate Reporting, making up six esteemed other category accolades.
