Business

Softlogic Life at 31.6 Billion GWP in 2024, marks 10 times growth in 10 years

Published

2 years ago

2025/02/12

Softlogic Life Chairman, Ashok Pathirage (L) / Softlogic Life Managing Director, Iftikar Ahamed (R)

Demonstrating exceptional and consistent growth with market leading metrics including the largest customer base, Softlogic Life recorded a stellar financial performance in 2024. The company, which marked a Gross Written Premium (GWP) of just Rs. 3 billion in 2014, achieved a GWP of Rs. 31.6 billion by December 31, 2024, growing 10 times in 10 years. With 20% year-on-year growth and a total market share of 16.8% (Q3 2024). This consistent upward trajectory is a testament to Softlogic Life’s unwavering commitment to delivering unparalleled value, financial security, and cutting-edge innovation to its policyholders.

Over the past 10years, Softlogic Life has grown at an impressive 10-year GWP Compound Annual Growth Rate (CAGR) of 26%, significantly outpacing industry growth. With over 750,000 active policies(Q4 2024), the company continues to lead the charge in expanding insurance penetration where the Company protects more than 1 million Sri Lankan lives, which is 13% of Sri Lanka’s working population, making it the life insurer with the largest customer base in the country.

Reinforcing its commitment to policyholders, Softlogic Life paid out Rs. 14.2 billion in Claims and Benefits in 2024. Total protection claims arising from health and other risk claims paid in 2024 was 11 billion and exclude maturity’s and surrenders related to investment related products. This unwavering dedication to timely and efficient claim settlements has strengthened customer confidence, setting an industry standard for trust and service excellence establishing Softlogic Life as an insurer who stands by its policyholders when needed the most.

The company’s financial strength remains formidable, with a Return on Equity (ROE) of 38.2%, continuing its streak of surpassing 20% ROE over the past six years. Profit After Tax (PAT) stood at Rs. 4.5 billion with a growth of 59% compared to the last year, while Profit Before Tax (PBT) was recorded at Rs. 6.3 billion with a growth of 98% compared to 2023. Total assets surged to Rs. 53.6 billion, with total equity reaching Rs. 10.4 billion. Additionally, financial investments accounted for Rs. 43.9 billion, representing 82% of total assets. With a Capital Adequacy Ratio (CAR) of 298%—well above the regulatory requirement of 120%—Softlogic Life remains resilient and well-equipped to navigate economic uncertainties.

Commenting on the company’s outstanding performance, Softlogic Life Chairman, Ashok Pathirage, stated: “Softlogic Life continues to deliver exceptional results, reinforcing its position as a leading Sri Lankan life insurer. Our ability to drive sustained growth amid any environment reflects the strength of our strategic vision, operational excellence, and unwavering focus on customer-centric innovation. As we expand our market presence, we remain committed to delivering superior value to our policyholders and stakeholders.”

A key success factor for Softlogic Life’s growth is that it remains at the forefront of the Insurtech revolution, driving industry-first innovations that enhance insurance accessibility, efficiency, and customer experience. Key advancements include the recently announced “Health Score” that will engage policyholders towards proactively managing their health and wellbeing. The Company has actively engaged in driving technology innovation and the introduction of advanced AI and machine learning-powered Claims that processes claims in just minutes has delivered amazing customer satisfaction. Additionally, the company has introduced digitally enabled products and fully digitalized sales platforms, revolutionizing the way insurance is delivered. Through these innovations, Softlogic Life has not only redefined the industry but also played a pivotal role in strengthening public trust in the value of insurance.

Softlogic Life Managing Director, Iftikar Ahamed, remarked, “At Softlogic Life, success is not just measured by financial figures; it’s measured by the lives we protect and the trust we build. Our position today as Sri Lanka’s life insurer with the largest customer base and the highest protection-based claims payouts, stands as a testament to our dedication and our commitment to delivering on the promise of protection to the million plus customers who are our responsibility. This dedication has been a driving force behind our remarkable 10X growth over the past 10years, an exceptional achievement by any standard.

‘’Entering 2025, we embrace the theme ‘Infinite by Nature”, reflecting our belief in the boundless opportunities ahead—both for the industry and the nation. With a strong close in 2024, we are poised to accelerate growth, harness infinite possibilities to create meaningful impact for Sri Lankans across the country.”

As Softlogic Life propels forward, it continues to redefine industry standards, set new benchmarks for growth, and drive innovation, solidifying its position as the life insurer of choice for millions of Sri Lankans. The company’s record-high Net Promoter Score (NPS) of 68, is a testament to its strong customer loyalty and service excellence while it’s multi award winning streak in corporate reporting highlights Softlogic Life’s dedication to transparency, accountability, governance, and sustainability. At the 59th CA TAGS Awards 2024, the company secured a prestigious Top 3 placement among Sri Lanka’s leading corporates, becoming the only stand-alone company to achieve this milestone for the fourth consecutive year. It earned the Insurance Gold and Bronze Award for Overall Excellence in Corporate Reporting, making up six esteemed other category accolades.

(Softlogic Life)

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

21 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

21 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

21 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.