Softlogic Life posts Rs. 22 Bn GWP, grows PAT to 67%, pays claims of Rs. 10.9 Bn

Softlogic Life recorded another superior quarter performance, posting Gross Written Premium (GWP) of Rs. 22 billion during the nine months ending September 30, with an increase in top-line growth of 18% compared to the corresponding period of last year.

Growth for the September quarter was up 22% compared with the same quarter of the previous year. The company continues to deliver robust performance, posting profit after tax (PAT) for the period to Rs. 2.8 billion. Compared to the same period last year, it is an increase of 67%. Furthermore, profit before tax (PBT) also grew by 63% compared to the same period last year to stand at Rs. 4 billion.

The Company’s total assets stood at Rs. 50.1 billion, while total equity was recorded at Rs. 9.2 billion. The Company recorded a Return on Equity (ROE) of 29% while continuing to maintain a strong Capital Adequacy Ratio (CAR) of 360% as at September 2024, compared with the regulatory requirement of 120%.

The company paid out Rs. 10.9 billion in total claims and benefits during the nine months ending 30th September, further delivering on its promise to protect the largest customer base in the market whilst building on the substantial Rs. 6.8 billion disbursed in the previous two quarters. As the market leader in health insurance with 36% in health market share, based on 2023 data, Softlogic Life stands out in the industry as the Company.

This unwavering commitment reinforces Softlogic Life’s role as a trusted partner with one day claim settlement consistently exceeding 80% and ensuring the quality of life of all Sri Lankans through all life stages, especially when it matters most. Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated, “Achieving consistent growth amid improving macroeconomic conditions highlights our strategic focus on sustainable value creation for our stakeholders and our commitment to delivering on our promise to policyholders.”

Over the past decade, the company’s GWP has grown at an impressive Compound Annual Growth Rate (CAGR) of 26%, compared to the industry’s 10-year GWP CAGR growth of 14% posting a consistently high Return on Equity. Softlogic Life Managing Director Iftikar Ahamed said, “We continue to prioritize innovation and digital transformation, with a special focus on leveraging AI to drive simplicity, convenience, personalization and more efficient services.”

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