Softlogic Life grows 25% in 2020 to Rs. 15.6 bn; PAT Rs. 1.5 bn | Daily News

Softlogic Life grows 25% in 2020 to Rs. 15.6 bn; PAT Rs. 1.5 bn

Softlogic Life announced that despite all the difficulties associated with a thoroughly disrupted COVID year 2020, the Company grew revenues to record Gross Written Premium (GWP) of Rs. 15.6 billion, an increase of 25% making it the fastest Company to that mark.

The strong growth follows a similar 25% growth that was achieved by the Company in the previous year when the economy was badly impacted by the Easter attacks in 2019. The Company is proud to note its contribution to increasing insurance penetration in the country with 265,617 policies issued during the year 2020, 33% of total industry that cover all segments of society. One in every three policies taken up in 2020 was a Softlogic Life policy with the Company insuring over 1.5 million Sri Lankan lives.

Their Profit before tax for the financial year ended December 31, 2020 was Rs. 2.1 billion and Profit after tax was Rs 1.5 billion. Total assets of the Company were Rs.33.2 billion indicating a growth of 61%. The Company paid claims totaling Rs. 3.5 billion during the year in accordance with its unique claims settlement philosophy with 87% of claims settled in one single day. Ashok Pathirage, Chairman of Softlogic Life Insurance PLC stated,“We continue to remain fully confident of Sri Lanka’s growth prospects and see the low penetration in the life insurance industry as a great opportunity for future growth.”

“We have also demonstrated our commitment to increasing insurance penetration in the country where one in every three life insurance policies sold in the market was from Softlogic Life, which shows that we cover almost the entirety of customer segments.”

“It is really encouraging to see the results that have been achieved during a very difficult year that bears testimony to the extremely talented and hugely motivated team that we have at Softlogic Life.

Each area of the Company has delivered in an exemplary manner to enable the overall outcome which places us in a great position going forward” said Iftikar Ahamed, Managing Director of Softlogic Life Insurance PLC.