Softlogic Life passes a Decade of Excellence in Financial Reporting

Sri Lanka’s 2nd largest life insurer, Softlogic Life,
completes a historic accomplishment by presenting its ground-breaking Integrated
Annual Report for the 10th consecutive year. The 2022 Integrated Annual Report
embraces global benchmarks and is prepared following the ‘International <IR>
Framework’ of the International Integrated Reporting Council (IIRC).
Presented under the theme ‘Reimagining’, the 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 is presenting its Integrated
Annual Report — a journey which the leading life insurer started in 2013. 
The report provides a comprehensive account of how Softlogic Life created value for
its stakeholders in 2022. It provides a balanced and concise analysis of the
Company, its external environment, strategy, resource allocation, business model,
performance, corporate governance and other valuable prospects. 
“We are proud to present our 2022 integrated report, intending to effectively
communicate our business strategy, prospects and corporate governance framework
precisely to our valued stakeholders,” said Iftikar Ahamed, Managing Director of
Softlogic Life. “The current climate in Sri Lanka has prompted many businesses to
re-evaluate and reimagine their reporting practices while envisioning a future of
transformation and growth. The team at Softlogic Life has gone beyond the extra
mile by being proactive, demonstrating innovation and dedication to ensure that the
Annual Report meets the highest standards of integrated reporting.” 
Softlogic Life was the first Company in Asia and Sri Lanka to obtain external
assurance in integrated reporting in 2020 and continues to obtain external assurance
on integrated reporting for the third consecutive year in 2022. The Annual Report has
also received external assurance on sustainability indicators in compliance with
‘Global Reporting Initiative (GRI)’ guidelines. 
Nuwan Withanage, Chief Finance Officer of Softlogic Life, stated, “We are extremely
pleased and honored to present Softlogic Life’s 2022 Annual Integrated Report,
demonstrating our commitment to Transparency, Accountability, Governance and
Sustainability. At Softlogic Life, we always strive to provide an accurate,
comprehensive and concise view of our business to our stakeholders, and we
believe this year’s Annual Report reflects exactly that. Our focus on strategic Key
Performance Indicators (KPI), external assurance and compliance with global
standards such as GRI and SASB proves our dedication to driving long-term value
for our clients and communities.”
Further improving transparency and accountability, Softlogic Life’s Annual Report
has provided a comprehensive analysis of the budget versus actual, including an
analytical comparison of its KPI’s with relevant reasons. The ground-breaking
innovation helps stakeholders understand the full context of company’s operations,
and its reporting practices setting an example to other corporates by enhancing
transparency among valued stakeholders. Additionally, the Annual Report also
provides the Chairman’s review, Managing Director’s review and primary financial statements in all three languages – English, Sinhala and Tamil which proves
Softlogic Life’s commitment for inclusivity. The Company has adopted the Insurance
Sustainability Accounting Standard by SASB (Sustainability Accounting Standard
Board) and has obtained the Carbon Conscious Certificate by showing its
responsibility towards natural capital. 
Furthermore, all governance-related best practices are disclosed in the report, as the
Company maintains the highest standard in corporate governance and accountability
by complying with mandatory and voluntary provisions to maintain the highest
accounting standards beyond minimum regulatory requirements. 
Embracing technology and innovation, Softlogic Life continues to leverage novel
digital solutions such as Sri Lanka’s first-ever ‘Generate Your Own Report’ by SLI,
where users can create customized sub-reports of the Integrated Annual Report.
These steps help facilitate effective communication of the Company’s operating and
financial information among its multitude of stakeholder requirements. Enhancing
convenience and transparency, Sri Lanka’s first video version Annual Report was
produced by Softlogic Life, whereas this year also produced the Integrated Annual
Report on video for the 6th consecutive year.
Owing to their excellence in Transparency, Accountability, Governance and
Sustainability Reporting, Softlogic Life received exceptional awards in 2022, further
cementing the trust gained by maintaining high Corporate Governance standards
and reporting. The Company was awarded four awards at the prestigious 57 th TAGS
Annual Report awards organized by CA Sri Lanka, including Silver for Overall
Excellence in Corporate Reporting for the 2nd consecutive year and Gold for the
Insurance sector. Softlogic Life was also crowned at the CMA Integrated Reporting
Awards, walking away with five accolades, including Silver for Overall Excellence in
Integrated Reporting and Gold for the Insurance sector, proving its mettle as a
powerful contender in the industry.

About Softlogic Life
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. Significant stakeholders in the Company include global investor
Leapfrog Investments who manage over USD 2 billion in investments and rank
amongst the world’s most prestigious investment organizations.

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