Softlogic Life decked up to catch eyes of potential investors

6 April 2023 02:19 am Views - 1215

By Shabiya Ali Ahlam
Softlogic Life, Sri Lanka’s second largest life insurer in terms of market share, was decked up this week to catch the eyes of potential investors that will help improve the future prospects of the entity. 

The subsidiary of Softlogic Capital and part of the Softlogic group, was put under fresh spotlight to showcase the value of the entity at an investor forum that shared the details of the company operations, financial performance, growth trajectory and future plans. 

The inaugural investor forum aimed at “reimagining” and substantially communicating the business prospects in an “optimistic” environment, as Sri Lanka is gradually coming out of an unprecedented economic crisis.  Interestingly, the investor forum was held a couple of months after an announcement was made via a filing to the Colombo Stock Exchange that Softlogic Capital was evaluating a bid received for the purchase of the shares held by the company in its subsidiary Softlogic Life Insurance. When queried about the share purchase offer, Softlogic Life Managing Director Iftikar Ahamed’s response was vague.   “When it comes to the financial situation, we have outlined how investments are made as far as the company is concerned; we make sure that we look at the security and safety of these investments. This is a Softlogic investor forum, so the matters that the shareholders need to deal with, we will let them make those decisions. We are here today to showcase what we have performed and developed and to show the value of this company,” said Ahamed. 

Meanwhile, in the backdrop of a domestic debt restructuring, which the authorities confirmed last week after months-long uncertainty, Softlogic Life said its key concern is to ensure the security and safety of its investments.
“We are a company that basically has numbers audited once in three months. In terms of whatever obligations that we, as a company, need to make, we are 100 percent sure that these commitments are all secure. They are properly planned and they are properly locked in. We need to see how domestic debt restructuring pans out. The good news for us is that we kind of doubled our investment yield. So, we have some cushion there to face any kind of situation that comes about,” said Ahamed. 

During FY22, Softlogic Life reported a 10-year CAGR of 28 percent of gross written premium (GWP), while for the industry it was 14 percent. The company posted a GWP of Rs.23 billion, with an increase in the top line growth of 15 percent when compared with the previous year.