Softlogic Life posts impressive 26Bn GWP for FY2023

Softlogic Life, recorded robust FY23 performance, posting Gross Written Premium (GWP) of Rs. 26.3 Bn for the period ended 31st December 2023, with an increase in top-line growth of 14% versus the past year and compared to industry growth of 12%.

The Company has stood firmly with its policyholders in the face of challenging macroeconomic conditions with a firm commitment to continually improve customer benefits and this commitment is signified through their diligent Claims and Benefits payout during 2023 which is Rs. 13.5 Bn compared to Rs. 9.1 Bn in 2022.

During the period under review, Softlogic Life’s market share grew to 17.2% with the Company ranked as the second-largest life insurer in the market having overtaken much older players to establish strong growth momentum. The company reported a 10-year GWP Compound Annual Growth Rate (CAGR) of 26% compared with the industry’s 10-year GWP CAGR growth of 14%. Softlogic Life notes that its contribution to increasing insurance penetration in the country has increased significantly with the Company recording more than 700,000 active policies that have covered more than 1.3 Mn Sri Lankan lives. The Company stands at the pinnacle of its desired position leading the health insurance market share of 35%.

The company recorded an impressive Return on Equity (ROE) of 23%, whilst maintaining this performance and exceeding the 20% mark for the past five years. Profit after tax (PAT) for the year was Rs. 2.8 Bn, and Profit before tax (PBT) stood at Rs. 3.2 Bn. Total assets of the Company stood at Rs. 51.3 Bn, while total equity was recorded at Rs. 13.3 Bn with an impressive growth of 22.6%. Furthermore, financial investments of the company stood at Rs. 43.5 Bn which is 84.8% of the total assets of the company.