Softlogic Life, the second-largest life insurer in Sri Lanka, recently held its inaugural Investor Forum on 3rd April 2023 at Shangri La Colombo. The forum provided Softlogic Life’s leadership and shareholders with a platform to discuss the company’s operations, financial performance, growth trajectory, and future plans.
The event was conducted with leadership of the Company present, including Softlogic Life’s Managing Director Iftikar Ahamed, Deputy Chief Executive Officer Indu Attygala, and Chief Financial Officer Nuwan Withanage. The team engaged with existing and potential investors to provide detailed information on the company’s business activities and prospects. The forum also discussed Softlogic Life’s impressive growth and resilience during challenging times, highlighting its role in transcending the insurance landscape in Sri Lanka.
Emphasizing the company’s commitment to transparency and accountability, Softlogic Life Managing Director Iftikar Ahamed said, “Over the past years, Sri Lanka faced unprecedented challenges, and businesses had to re-evaluate and reimagine their operations. At Softlogic Life, we envision a future of transformation and growth and aim to add value to our respected shareholders, partners and the Sri Lankan community. This year’s inaugural Investor Forum is a step towards “Reimagining” and substantially communicating our business prospects in an optimistic environment as Sri Lank moves out of strife and onwards on to the next phase of its growth. This event has helped us to learn different perspectives and build stronger relationships with the investing community whilst demonstrating our commitment to their long-term success.”
Despite macroeconomic challenges hampering the industry’s growth, Softlogic Life continued to record superior performance in a crisis-affected business landscape, surpassing renowned industry giants. During FY22, the company reported a 10-year Compound Annual Growth Rate (CAGR) of 28% of GWP, 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.
Commenting on the investor forum, Deputy Chief Executive Officer Indu Attygala said, “Softlogic Life has overcome significant milestones and this Investor Forum has reflected the company’s unwavering dedication towards our valued shareholders. Our strategic thinking and innovative approach to product development, coupled with our strong distribution network, have allowed us to reach and serve customers island-wide. We were able to power through volatile environments to come out stronger as Sri Lanka’s 2nd largest life insurer. This would not have been possible without the excellent work done by our team and our customers who have always stood with us. We remain committed to moving the local insurance industry to serve our nation better.”
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.
“We are really thrilled to conclude our first-ever Investor Forum on a good note. The event allowed us the precious opportunity to engage with investors and gave us the platform to portray an accurate, comprehensive and concise view of our business to our stakeholders,” stated Softlogic Life Chief Financial Officer Nuwan Withanage. “Our focus on profitability, cost optimization and careful risk selection has allowed us to remain resilient through all kinds of macroeconomic challenges. We remain committed to pursuing sustainable growth opportunities and delivering long-term value to our shareholders.”
Softlogic Life continues to be the needle that moves the life insurance industry standards whilst expanding market share, the company remains committed to delivering long-term value to its shareholders while prioritizing the needs of its customers. 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.