Softlogic Life Holds Inaugural Investor Forum to Discuss Impressive Growth and Future Plans in Sri Lanka’s Life Insurance Industry

Softlogic Life, the second-largest life insurer in Sri Lanka, held its inaugural Investor Forum on April 3rd, 2023, at the Shangri La Colombo. The event provided an opportunity for Softlogic Life’s leadership and shareholders to discuss the company’s operations, financial performance, growth trajectory, and future plans.

During the event, Softlogic Life’s Managing Director Iftikar Ahamed, Deputy Chief Executive Officer Indu Attygala, and Chief Financial Officer Nuwan Withanage engaged with existing and potential investors, providing detailed information on the company’s business activities and prospects. The forum highlighted Softlogic Life’s impressive growth and resilience during challenging times, underlining its role in transcending the insurance landscape in Sri Lanka.

Despite macroeconomic challenges that have hampered the industry’s growth, Softlogic Life continued to record superior performance in a crisis-affected business landscape, surpassing renowned industry giants. The company reported a 10-year Compound Annual Growth Rate (CAGR) of 28% of GWP during FY22, 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.

Softlogic Life’s commitment to transparency and accountability was emphasized during the event, with Managing Director Iftikar Ahamed stating that the forum was a step towards “reimagining” and substantially communicating the company’s business prospects in an optimistic environment as Sri Lanka moves out of strife and onwards to the next phase of its growth. Softlogic Life remains committed to delivering long-term value to its shareholders while prioritizing the needs of its customers.

Deputy Chief Executive Officer Indu Attygala also commented on the event, stating that Softlogic Life’s strategic thinking and innovative approach to product development, coupled with a strong distribution network, have allowed the company to reach and serve customers island-wide. She noted that Softlogic Life had overcome significant milestones and this Investor Forum reflected the company’s unwavering dedication to its valued shareholders.

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. Softlogic Life’s Chief Financial Officer Nuwan Withanage stated that the focus on profitability, cost optimization, and careful risk selection has allowed the company to remain resilient through all kinds of macroeconomic challenges.

Softlogic Life continues to be the needle that moves the life insurance industry standards whilst expanding market share. 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.