Softlogic Life claims to be Sri Lanka’s 2nd largest life insurer

Softlogic Life this week claimed that the company had climbed its way to becoming Sri Lanka’s 2nd largest 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, it said in a statement.

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 per cent vs. an overall industry growth of 18.7 per cent compared to last year. The market share of 17.1 per cent recorded as at 30th June 2022 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, the company claimed.

“Since its inception, Softlogic Life has been striving to improve the quality of life of Sri Lankans through relevant disruptive innovations and digitalisation. Industry-first innovations such as one-day automated claims settlement, 1-minute hospitalization claim settlement, 100 per cent digitalised sales platform, automatic policy issuance and mobile-based micro products have helped the company to deliver a superior customer experience, which has been instrumental in enhancing its competitive position. But the biggest reason of them all that enabled the company to grow amidst calamity was because the company stood firmly with over 1.5 million customers in a business landscape disrupted by the pandemic and a full-blown economic crisis, becoming the largest COVID claims settler with over Rs 1.4 billion Covid-19 claims being paid whilst also attracting more than 17 per cent of the new business in the industry during the period in review,” the statement said.

Commenting on the milestone, Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated, “I am truly proud of this achievement by Softlogic Life. 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 2nd 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.”

Iftikar Ahamed, Managing Director of Softlogic Life PLC, 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. I would like to thank the management team, employees and our sales force for their hard work and commitment to make this vision a reality. I’d also like to thank our customers and all other stakeholders of Softlogic Life for their unwavering trust in us”

In the period of review, the company’s Profit After Tax (PAT) rose to Rs. 1.2 billion with a 30 per cent growth. Profit before tax (PBT) rose to Rs.1.7 billion with a 14 per cent growth compared to last year.