Sri Lanka’s fastest-growing life insurer Softlogic Life has made it to the Forbes ‘Asia’s Best Under A Billion 2019’ list, a business ranking which spotlights Asia’s 200 top-performing listed companies with less than $ 1 billion in revenue with consistent top- and bottom-line growth. Softlogic Life is the only company in Sri Lanka and one of the only two insurance companies in the Asian region to achieve this momentous feat.
Forbes has shortlisted Softlogic Life from 1,400 finalists, which was based on a universe of 19,000 candidates, for passing their criteria for profitability, growth and modest indebtedness. Softlogic Life was placed in the final 200 for producing the highest sales and earnings per share growth for both the most recent fiscal year and the last three-year period, as well as the strongest one- and a five-year average return on equity.
During the last financial year, Softlogic Life executed yet another superlative financial performance by achieving its highest-ever top line and bottom line. In the previous five years, the company has consistently doubled its market share and reached 12.5% at the end of 2018 and a revenue growth of 33% compared to the average industry growth of 12%. By consistently delivering outstanding financial results, Softlogic life has earned the distinction of being the fastest to cross the milestone of recording GWP (Gross Written premium) of Rs. 10 billion within just 19 years of operation. Softlogic Life recorded a compound annual growth of 35% over the last five years against an industry figure of 16% reflecting the efficacy of their systems,processes and people.
Commenting about Softlogic Life’s world-class recognition, Chairman Ashok Pathirage said, “It is indeed a great pride to be included in this year’s ‘Best Under A Billion 2019’ by Forbes which places us among the most respected organizations in Asia. The company’s ability to grow at more than double the industry growth and our efforts in the industry as a leading innovator to harness the power of technology to uplift our processes to deliver speed, efficiency and convenience to our valuable customers have been recognized by Forbes. This is a testament to all the hardwork we have put towards excelling in all fronts for years.”
“We have been able to introduce a new ethos in the market by giving a new face to life insurance to help our customers life their lives to the fullest. The company has been constantly embracing disruptive and creative innovations to offer a plethora of digital-first initiatives to elevate the standards of Sri Lanka by bringing together world-class solutions that enhance the quality of life of customers while becoming the most preferred, proactive Life insurance provider. We are well set for a record-breaking journey ahead, as we have already laid a solid foundation with proven business strategies to sustain the present rapid growth momentum,” Pathirage commented further.
Forbes’ Annual ‘Best Under A Billion’ list spotlights 200 small and midsized publicly listed enterprises in the Asia-Pacific region with sales under $1 billion and a track record of strong earnings growth. These companies posted more than 50% average growth in annual net profit and sales in their latest financial year, to a combined $10 billion and $54 billion, respectively.