Softlogic Life posts impressive Rs.26bn GWP for FY2023

Softlogic Life has recorded robust FY23 performance, posting Gross Written Premium (GWP) of Rs. 26.3 billion for the period ended 31st December 2023, with an increase in top-line growth of 14 percent versus the past year and compared to industry growth of 12 percent. 
The company has stood firmly with its policyholders in the face of challenging macroeconomic conditions with a firm commitment to continually improve customer benefits and this commitment is signified through their diligentClaims and Benefits payout during 2023 which is Rs. 13.5 billion compared to Rs. 9.1 billion in 2022.
During the period under review, Softlogic Life’s market share grew to 17.2 percent with the company ranked as the second-largest life insurer in the market having overtaken much older players to establish strong growth momentum. 

The company 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. 
Softlogic Life notes that its contribution to increasing insurance penetration in the country has increased significantly with the company recording more than 700,000 active policies that have covered more than 1.3 million Sri Lankan lives. The company stands at the pinnacle of its desired position leading the health insurance market share of 35 percent.
The company recorded an impressive Return on Equity (ROE) of 23 percent, whilst maintaining this performance and exceeding the 20 percent mark for the past five years. Profit after tax (PAT) for the year was Rs. 2.8 billion, and Profit before tax (PBT) stood at Rs. 3.2 billion. Total assets of the company stood at Rs.51.3 billion, while total equity was recorded at Rs.13.3Bnwith an impressive growth of 22.6 percent. Furthermore, financial investments of the company stood at Rs. 43.5 billion which is 84.8 percent of the total assets of the company. 
Furthermore, company’s investment income recorded in 2023 stood at Rs. 7.9 billion which is an impressive growth of 55 percent compared to 2022 which also resulted increase in a total net revenue up to Rs. 31. 8 billion which is a 25 percent growth compared to 2022.
Despite the intricacies and turbulence of the economic landscape, the 14 percent increase in top-line is in stark contrast to the negative growth of the economy and showcases Softlogic Life’s unwavering commitment to increasing value and delivering stability for its policyholders and all other stakeholders. 
The growth further demonstrates the company’s ability to weather economic challenges and reinforce its promise to prioritize the wellbeing and financial security of its policyholders’, solidifying Softlogic Life’s position as a trusted and dependable life insurance partner.
Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated, “In the face of a challenging business landscape, Softlogic Life has not only maintained but strengthened its position as the second-largest life insurance company in Sri Lanka with an increase in market share. These achievements are a testament to the effectiveness of the company’s strategic initiatives and the robust execution of those strategies.”

Softlogic Life Managing Director Iftikar Ahamed commenting on the performance noted, “This growth is not just a numerical achievement but a reflection of our commitment to the financial well-being of our policyholders. As we navigate the complexities of the market, Softlogic Life remains steadfast in our commitment to serving and creating value to our policyholders, providing them with the security and support they need. 
We view these challenges as opportunities for growth and innovation. We have already had a great start to 2024 and I am confident that our resilient and proactive attitude will continue to drive the success of Softlogic Life.”