20 May 2024 12:14 am Views - 140
Softlogic Life posted a Gross Written Premium (GWP) of Rs. 7.2 billion during the first three months ending 31st March (1QFY24), and a top-line growth of 20 percent compared to 3 percent during the corresponding period of last year.
The company has demonstrated commitment to policyholders by paying out claims and benefits of Rs. 3.4 billion for the quarter, continuing from Rs. 12.8 billion that was paid during 2023.
Profit after tax (PAT) for the period in review rose to Rs. 854 million, an increase of 70 percent YoY and Profit before tax (PBT) grew by 46 percent compared to last year to stand at Rs. 1.2 billion. Total assets of the company stood at Rs. 51.8 billion, while total equity was recorded at Rs. 12.8 billion.
Furthermore, financial investments of the company stood at Rs. 43.5 billion which is 84 percent of the total assets of the company. During the period, the company recorded a Return on Equity (ROE) of 23.5 percent while continuing to maintain a Capital Adequacy Ratio (CAR) of 367 percent as at Dec 2023 which is well above the regulatory requirement of 120 percent.
Comparing the company’s growth in the last 10 years, Softlogic Life reported a 10-year GWP Compound Annual Growth Rate (CAGR) of 26 percent compared with the industry’s 10-year GWP CAGR growth of 14 percent.
“We remain bullish on the industry and are happy to note that further to the interest that we submitted for SLIC Life, we have now been pre-qualified to participate in the RFP stage,” Softlogic Life Chairman Ashok Pathirage said.
Commenting on the results, Iftikar Ahamed, Managing Director of Softlogic Life said the entity sees great prospects for Life and Health insurance in the market.