The Sri Lankan life insurance industry is nearing a century in existence but its greatest changes and innovations in recent times are coming from its youngest player, Softlogic Life, which since its launch in 2000, has accelerated to the top, overtaking other companies that have been in operation for much longer.
In just a span of 23 years, Softlogic Life has catapulted over established giants in the industry, to become the 2nd largest life insurer in Sri Lanka. Despite macroeconomic challenges hampering the industry’s growth, Softlogic Life has continued to record superior performance in a crisis-affected business landscape, surpassing renowned industry giants. During FY22, the company reported a 10-year Compound Annual Growth Rate (CAGR) of 28% of GWP, while the industry’s 10-year GWP CAGR growth was 14%. In the same review period, Softlogic Life posted a Gross Written Premium (GWP) of Rs. 23 Billion, with an increase in top-line growth of 15% compared to the previous year.
Softlogic Life’s performance is remarkable given the VUCA environment that has prevailed in Sri Lanka over the past 3 years. The company also announced an impressive Return on Equity of 25% and Earnings per Share of LKR 7.15 after providing a one-off provision for impairment. The recurring earnings per share for 2022 increased to LKR 12.85 from LKR 5.61 per share.
At its inaugural Investor Forum held in April 2023, Softlogic Life’s leadership team including Managing Director, Iftikar Ahamed, Deputy Chief Executive Officer, Indu Attygala, and Chief Financial Officer, Nuwan Withanage, presented a comprehensive vision for 2023 and beyond, detailing how the company intends to maintain its growth trajectory while continuing to build on its strong and stable financial foundation.
Softlogic Life’s performance and potential as Sri Lanka’s fastest growing life insurer has attracted global investments such as Leapfrog Investments, Norfund and Finnfund. The confidence these investors have displayed are testament to the stability of the company and the value Softlogic Life has delivered over the years to customers, communities, shareholders and the Sri Lankan economy.
At its Investor Forum, Softlogic Life’s leadership detailed their strategy for sustained growth and commitment to transparency, accountability, and customer satisfaction.
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is a part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services, with an investor base that includes many of the world’s most prestigious investment organizations.
Anyone tracking the progress of Sri Lanka’s life insurance landscape should first look at the journey of Softlogic Life, the country’s 2nd largest and fastest growing life insurer.
