Sri Lanka’s fastest-growing life insurer Softlogic Life announced that the company had climbed its way to becoming Sri Lanka’s 2ndlargest life insurance company after recording a superior growth performance during the first half of 2022. The significant milestone makes Softlogic Life the youngest life insurer to achieve this remarkable feat.
During the six months ending 30th June 2022, Softlogic Life has posted a Gross Written Premium (GWP) of Rs. 11.4 billion with an increase in top-line growth of 24% vs. an overall industry growth of 18.7% compared to last year. The market-share of 17.1% recorded as at June 30, 022 now ranks Softlogic Life as the second largest in the life insurance market, overtaking industry heavyweights who have been prevalent for many decades in comparison.
Since its inception, Softlogic Life has been striving to improve the quality of life of Sri Lankans through relevant disruptive innovations and digitalization. Industry-first innovations such as one-day automated claims settlement, 1-minute hospitalization claim settlement, 100% digitalized sales platform, automatic policy issuance and mobile based micro products has helped the company to deliver a superior customer experience, which has been instrumental in enhancing its competitive position.
However the biggest reason of them all that enabled the company to grow amidst calamity was because the company stood firmly with over 1.5 Mn customers in a business landscape disrupted by the pandemic and a full blown economic crisis, becoming the largest COVID claims settler with over Rs 1.4billion Covid-19 claims being paid whilst also attracting more than 17% of the new business in the industry during the period in review.
Recognizing this phenomenal growth story year on year is why the company was also titled the “Best life Insurance Company of the Year” at Emerging Asia Awards 2021 and the only brand to have won “Brand of the Year” for two consecutive years at Effie awards – 2019/2021. In addition Softlogic Life was awarded overall Silver across industries for excellence in Financial reporting and a Gold Award in the insurance sector at Annual report awards 2021 organised by Institute of Chartered Accountants while also winning an Overall Gold at the CMA Excellence in Integrating Reporting Awards 2021.
Chairman of Softlogic Life Insurance PLC Ashok Pathirage, stated, “Driven by bold leadership, an inspired team with a “Can Do” attitude and a vibrant strategy for continuous improvement, the company always believes in defying the odds.
Today they have done just that by moving towards the pinnacle to become Sri Lanka’s second largest life insurance company. This drive is why global investors have chosen Softlogic Life to invest in and continue to provide invaluable support towards growing our business in all aspects.”
Managing Director of Softlogic Life Iftikar Ahamed, commented, “As a young company we have achieved something phenomenal crafting and delivering a winning strategy that is the hallmark of the Softlogic Group in just eight years. It is a historical milestone to achieve the number two spot in an extremely competitive, mature sector that was for years lead by decade old industry giants.
The top and bottom-line performances during the first half of 2022 show optimism and confidence in continuing to improve our business and delivering great value to our policyholders and stakeholders, even amidst challenging macroeconomic conditions.”
Along with its phenomenal growth momentum, the company has also been resolute in-terms of its financial stability and the overall health of the organization. In the period of review, the company’s Profit After Tax (PAT) rose to Rs. 1.2 Bn with a 30% growth. Profit before tax (PBT) rose to Rs.1.7 Bn with a14% growth compared to last year.