Unfolding Our Success Story

Total Assets

LKR51,339

Million

Dear Stakeholders,

It gives me immense pleasure to welcome you to the 25th Annual General Meeting of Softlogic Life PLC and to place before you the Annual Report and audited financial statements for the year ended 31st December 2023. Your company navigated yet another difficult year with characteristic fortitude, consolidating its strong foundation and taking measured steps to continue as the second-largest life insurer in the country during the period under review. It is highly encouraging to note that we have emerged as a stronger and a more competitive organization notwithstanding the challenging economic conditions we had to contend with in 2023.

TURNING CHALLENGES INTO SUCCESS: NOTEWORTHY RESULTS DESPITE ECONOMIC HARDSHIP Softlogic Life performed well in the year 2023 despite the challenges that prevailed during the year under review to post Revenue in excess of Rs. 26 Bn, which reflects a 14% growth over the previous year which is notably higher than the industry growth. Along with top line growth, the Company reported Profit After tax (PAT) of Rs. 2.8 Bn. This translates into a return on investment (ROE) of 23.5%. The company also recorded earnings per share of Rs. 7.57. Softlogic Life was successful in managing its operations in a manner that maintained its operating expense ratio at 19.4% while its capital adequacy ratio of 367% was well above the regulatory requirement of 120%.

Softlogic Life faced upto 2023 with grit and determination as market conditions see-sawed and challenges and opportunities ebbed and flowed. We approached what was going to be a tough year with planning and contingencies in place with the main thought of taking care of our policyholders who are also going through some of the toughest economic difficulties and times that are on record. We felt that it was important not to be blindsided or distracted by economic volatility. Instead, we simply focused on what was achievable amidst the prevailing unprecedented circumstances. As a Company, Softlogic Life possesses an exceptional set of people and a combination of these resources and the fantastic effort they have made in 2023 delivered a GWP of Rs. 26 Bn, marking a growth of 14%, which is higher than the industry growth rate for the year.

Despite the challenging events that unfolded during the year under consideration, Softlogic Life achieved 92% of budgeted GWP and recorded a Profit After Tax of Rs. 2.8 Bn compared to 2022, reflecting a growth of 6%. It is the second-largest life insurer in the market and has achieved this position over the last five years, which were particularly challenging ones. The relentless drive to mobilise all resources, motivate teams, drives growth which is how the Company has accomplished its position to be catapulted to the forefront of the industry.

Total Assets

LKR26,341

Million