Gross Written Premium of Rs. 11.4 Bn with an increase in top-line growth of 24%
Market share of 17.1% as of 30th June 2022
Top-line growth of 24% vs an overall industry growth of 18.7%
Profit After Tax rose to Rs. 1.2 Bn with a 30% growth
Maintains a 10-year Compound Annual Growth Rate of 29% in GWP against an industry
CAGR of 14.3%
Colombo, Sri Lanka, August 14 th , 2022: Defying all odds amidst challenging macroeconomic
conditions, Sri Lanka’s fastest-growing life insurer Softlogic Life announced that the company
had climbed its way to becoming Sri Lanka’s 2nd largest life insurance company after recording
a superior growth performance during the first half of 2022. The significant milestone makes
Softlogic Life the youngest life insurer to achieve this remarkable feat.
During the six months ending 30th June 2022, Softlogic Life has posted a Gross Written
Premium (GWP) of Rs. 11.4 Bn with an increase in top-line growth of 24% vs. an overall
industry growth of 18.7% compared to last year. The market share of 17.1% recorded as at 30 th
June 2022 now ranks Softlogic Life as the second largest in the life insurance market,
overtaking industry heavyweights who have been prevalent for many decades in comparison.
Since its inception, Softlogic Life has been striving to improve the quality of life of Sri Lankans
through relevant disruptive innovations and digitalization. Industry-first innovations such as one-
day automated claims settlement, 1-minute hospitalization claim settlement, 100% digitalized
sales platform, automatic policy issuance and mobile-based micro products has helped the
company to deliver a superior customer experience, which has been instrumental in enhancing
its competitive position. But the biggest reason of them all that enabled the company to grow
amidst calamity was because the company stood firmly with over 1.5Mn customers in a
business landscape disrupted by the pandemic and a full-blown economic crisis, becoming the
largest COVID claims settler with over Rs 1.4 billion Covid-19 claims being paid whilst also
attracting more than 17% of the new business in the industry during the period in review.
Recognizing this phenomenal growth story year on year is why the company was also titled the
“Best life Insurance Company of the Year” at Emerging Asia Awards 2021 and the only brand to
have won “Brand of the Year” for two consecutive years at Effie awards – 2019/2021. In
addition, as a result of the company’s firm commitment towards ensuring high standards in
transparency and Corporate Governance, Softlogic Life was awarded an overall Silver across
industries for excellence in Financial reporting and a Gold Award in the insurance sector at
Annual report awards 2021 organised by Institute of Chartered Accountants of Sri Lanka while
also winning an Overall Gold at the CMA Excellence in Integrating Reporting Awards 2021.
Commenting on the milestone, Ashok Pathirage, Chairman of Softlogic Life Insurance PLC,
stated, “I am truly proud of this achievement by Softlogic Life. Driven by bold leadership, an
inspired team with a “Can Do” attitude and a vibrant strategy for continuous improvement, the
company always believes in defying the odds. Today they have done just that by moving
Press Release
towards the pinnacle to become Sri Lanka’s 2nd largest life insurance company. This drive is
why global investors have chosen Softlogic Life to invest in and continue to provide invaluable
support towards growing our business in all aspects. I’m extremely pleased to see, how
Softlogic Life “a company we took under the wings of “Softlogic Group” in 2011 has grown by
leaps and bounds whilst also transforming the industry.
Iftikar Ahamed, Managing Director of Softlogic Life PLC, commented, “As a young company we
have achieved something phenomenal crafting and delivering a winning strategy that is the
hallmark of the Softlogic Group in just eight years. It is a historical milestone to achieve the
number two spot in an extremely competitive, mature sector that was for years lead by decade
old industry giants. The top and bottom-line performances during the first half of 2022 show
optimism and confidence in continuing to improve our business and delivering great value to our
policyholders and stakeholders, even amidst challenging macroeconomic conditions. I would
like to thank the management team, employees and our sales force for their hard work and
commitment to make this vision a reality. I’d also like to thank our customers and all other
stakeholders of Softlogic Life for their unwavering trust in us”
Along with it’s phenomenal growth momentum, the company has also been resolute in-terms of
its financial stability and the overall health of the organization. In the period of review, the
company’s Profit After Tax (PAT) rose to Rs. 1.2 Bn with a 30% growth. Profit before tax (PBT)
rose to Rs.1.7 Bn with a 14% growth compared to last year. Furthermore, Softlogic Life
maintained a healthy Capital Adequacy Ratio (CAR) of 325%, well above the regulatory CAR
requirement of 120%. All of this, while maintaining a 10-year Compound Annual Growth Rate
(CAGR) of 29% in GWP against an industry CAGR of 14.3%.
A life insurance company that was seen by people as the fastest-growing life insurance
company with the best momentum in the industry is now starting to be seen in a different light.
Today Softlogic Life is seen as “The Industry Benchmark” that has set the pace and buzz in the
world of life insurance for its innovative, daring, consistent and remarkable growth story amidst
a calamity.
About Softlogic Life
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic
Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing
conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial
Services. Significant stakeholders in the company include global investors Leapfrog
Investments.
