Softlogic Life becomes SL’s 2nd largest life insurer

0
53

Defying all odds amidst challenging macroeconomic conditions, Sri Lanka’s fastest-growing life insurer Softlogic Life announced 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.

During the six months ending 30June 2022, Softlogic Life has posted a Gross Written Premium (GWP) of Rs11.4 billion, with an increase in top-line growth of 24% versus an overall industry growth of 18.7% compared to last year.The marketshare of 17.1% recorded as at 30June 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.

Along with its phenomenal growth momentum, the company has also been resolute interms of its financial stability and the overall health of the organisation.In the period of review, the company’s Profit After Tax (PAT) rose to Rs1.2 billion with a 30% growth. Profit before tax (PBT) rose to Rs1.7 billion with a 14% growth compared to last year.Furthermore, Softlogic Life maintained a healthy Capital Adequacy Ratio (CAR) of 325%, well above the regulatory CAR requirement of 120%.All of this, while maintaining a 10-year Compound Annual Growth Rate (CAGR)of 29% in GWP against an industry CAGR of 14.3%.