12 November 2024 12:20 am Views - 394
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Ashok Pathirage
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Iftikar Ahamed
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Adding stronger momentum to its growth trajectory, Softlogic Life posted a gross written premium (GWP) of Rs.22 billion during the nine months ending September 30, with an increase of 18 percent in topline growth compared to the corresponding period of last year.
Growth for the September quarter was up 22 percent compared with the same quarter of the previous year.
For the period, the company posted a profit after tax of Rs.2.8 billion. Compared to the same period last year, it is an increase of 67 percent. Furthermore, the profit before tax also grew by 63 percent compared to the same period last year, to stand at Rs.4 billion.
The company’s total assets stood at Rs.50.1 billion, while total equity was recorded at Rs.9.2 billion. The company recorded a return on equity of 29 percent while continuing to maintain a strong capital adequacy ratio of 360 percent as at September 2024, compared with the regulatory requirement of 120 percent.
The company paid out Rs.10.9 billion in total claims and benefits during the nine months ending September 30, further delivering on its promise to protect the largest customer base in the market, whilst building on the substantial Rs.6.8 billion disbursed in the previous two quarters.
Softlogic is a market leader in health insurance, with 36 percent in the health market share, based on the 2023 data.
Commenting on the company’s 3Q financial performance, Softlogic Life Insurance PLC Chairman Ashok Pathirage stated, “Our performance this quarter reflects our agility and vision, as we continue to strengthen our foothold towards dominance in the life insurance market.”
Over the past decade, the company’s GWP grew at a compound annual growth rate of 26 percent, compared to the industry’s 10-year GWP CAGR growth of 14 percent, posting a consistently high return on equity that reflects a strong operational performance and market leadership on the core parameters.
With more than 750,000 active policies, Softlogic Life expanded its role in enhancing national insurance penetration, now protecting over 1.5 million Sri Lankan lives.
Softlogic Life Managing Director Iftikar Ahamed noted that Softlogic Life is dedicated to setting new standards of excellence and delivering meaningful value to its policyholders and stakeholders.
“Over the years, we have disrupted the industry by differentiating distribution, with our products equipped to serve all segments of the market, with services that are rated as industry best and tech-driven innovations such as AI-driven fast claim settlement,” he said.