Becoming the fastest insurer to achieve Rs. 10 billion Gross Written Premium (GWP), Sri Lanka’s number one health insurer Softlogic Life announced that the company has concluded the 2018 financial year with strong top and bottom line performances. The achievement of Rs. 10 billion GWP reflects a growth of 33% Year-on-Year (YoY) in 2018—more than double that of the life insurance industry in the country.
“Our success is the result of a monumental effort by the entire team at Softlogic Life, collectively working towards crossing this significant milestone. Achieving GWP of Rs. 10 billion while remaining the youngest entity in the entire sector and clearly outperforming industry growth by over double the industry average speaks volumes of the performance delivered by Softlogic Life in 2018,” Softlogic Life Managing Director Iftikar Ahamed stated.
A top five player in the life insurance industry, Softlogic Life has established itself as a clear leader in providing quality life insurance products to a diverse cross-section of the Sri Lankan society. The company’s outstanding top-line performance during the quarter enabled Softlogic Life to a total profit of Rs. XXX during the first quarter, reflecting a remarkable improvement in growth of XX% YoY, while earnings per share expanded from Rs. XX up to Rs. XX per share.
Similarly, net earned premiums increased by XX YoY up to Rs. XX billion, supported by an XX% YoY reduction in premiums ceded to reinsurers while total net revenue for the quarter grew to Rs. XX billion, reflecting growth of XX YoY.
In 2018, Softlogic Life’s Alternate Channels team that was set up to focus on banks and corporate customers just two years ago delivered an outstanding performance with a GWP of Rs. 2.2 billion—a growth of 119% YoY. A top three Alternate Channel teams in the industry, the success Softlogic Life has had on distributing their DTAP product in tandem with bank loan products has been exceptional with distribution agreements signed up with almost all leading banks in Sri Lanka.
The company leads the market in customer-centric product innovation including tailor-made products such as a worldwide cashless hospital settlement product integrating more than 60 local hospitals, doorstep doctor visits and medical testing.
Softlogic Life was also first-to-market with mobile-enabled life insurance services through a groundbreaking partnership with Dialog Axiata. The company employs a 2400-person agent force, as well as distributing protection products via banks and direct means.
“The dynamism which Softlogic Life brings, coupled with our spirited approach towards enthusiastically addressing market segments with customized product solutions, has helped us to re-shape Sri Lanka’s life insurance landscape.
“By blending focused customer service with flexible product offerings and innovative technology, Softlogic Life is working to redefine convenience, efficiency and cost-effectiveness for our customers with this great achievement. We are primed and ready for 2019 to serve more Sri Lankans by converting great ideas into winning solutions,” Ahamed added further.
The company’s strong financial performance follows on news of major foreign investment into Softlogic Life via UK-based Profit with Purpose investor, LeapFrog Investments, which recently announced a USD $12 million investment in the company for the purchase of shares previously held by Dutch Development Bank, FMO. While strengthening Softlogic Life’s earnings per share (EPS) significantly, the timely investment helped to bring investor confidence back to Sri Lanka’s stock market and stabilize the inflow of foreign direct investments to the country.
Softlogic Life also became Sri Lanka’s most awarded life insurance company in 2018. Softlogic Life was conferred with eight prestigious accolades at three of the most prominent industry awards ceremonies in Sri Lanka—National Business Excellence Awards, Annual Report Awards and SLIM Brand Excellence Awards. This includes the Gold award in the Overall Insurance Sector at the National Business Excellence Awards (NBEA) 2018, five awards including the coveted Insurance Sector Gold Award at the 54th Annual Report Awards by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and two Silver accolades for ‘Local Brand of the Year’ and ‘Service Brand of the Year’ at the SLIM Brand Excellence 2018.