Softlogic Life, the second-largest life insurer in Sri Lanka,
recently held its inaugural Investor Forum on 3rd April 2023 at Shangri La Colombo. The
forum provided Softlogic Life’s leadership and shareholders with a platform to discuss the
company’s operations, financial performance, growth trajectory, and future plans.
The event was conducted with leadership of the Company present, including Softlogic Life’s
Managing Director Iftikar Ahamed, Deputy Chief Executive Officer Indu Attygala, and Chief
Financial Officer Nuwan Withanage. The team engaged with existing and potential investors
to provide detailed information on the company’s business activities and prospects. The
forum also discussed Softlogic Life’s impressive growth and resilience during challenging
times, highlighting its role in transcending the insurance landscape in Sri Lanka.
Emphasizing the company’s commitment to transparency and accountability, Softlogic Life
Managing Director Iftikar Ahamed said, “Over the past years, Sri Lanka faced unprecedented
challenges, and businesses had to re-evaluate and reimagine their operations. At Softlogic
Life, we envision a future of transformation and growth and aim to add value to our respected
shareholders, partners and the Sri Lankan community. This year’s inaugural Investor Forum
is a step towards “Reimagining” and substantially communicating our business prospects in
an optimistic environment as Sri Lank moves out of strife and onwards on to the next phase
of its growth. This event has helped us to learn different perspectives and build stronger
relationships with the investing community whilst demonstrating our commitment to their
long-term success.”
Despite macroeconomic challenges hampering the industry’s growth, Softlogic Life
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.
Commenting on the investor forum, Deputy Chief Executive Officer Indu Attygala said,
“Softlogic Life has overcome significant milestones and this Investor Forum has reflected the
company’s unwavering dedication towards our valued shareholders. Our strategic thinking
and innovative approach to product development, coupled with our strong distribution
network, have allowed us to reach and serve customers island-wide. We were able to power
through volatile environments to come out stronger as Sri Lanka’s 2nd largest life insurer.
This would not have been possible without the excellent work done by our team and our
customers who have always stood with us. We remain committed to moving the local
insurance industry to serve our nation better.”
The company also announced an impressive Return on Equity of 25% and Earning 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.
“We are really thrilled to conclude our first-ever Investor Forum on a good note. The event
allowed us the precious opportunity to engage with investors and gave us the platform to
portray an accurate, comprehensive and concise view of our business to our stakeholders,”
stated Softlogic Life Chief Financial Officer Nuwan Withanage. “Our focus on profitability,
cost optimization and careful risk selection has allowed us to remain resilient through all
kinds of macroeconomic challenges. We remain committed to pursuing sustainable growth
opportunities and delivering long-term value to our shareholders.”
Softlogic Life continues to be the needle that moves the life insurance industry standards
whilst expanding market share, the company remains committed to delivering long-term
value to its shareholders while prioritizing the needs of its customers. With a strong
leadership team and a clear strategy for sustained growth, Softlogic Life is well-positioned to
capitalize on opportunities presented by Sri Lanka’s dynamic and progressive life insurance
market.
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
manage over USD 2 billion, and an investor base that includes many of the world’s most
prestigious investment organizations.