Softlogic Life, the second-largest life insurer in the Sri Lankan market, has announced a Rs. 6 billion share buyback, pending shareholder approvals. The buyback price is Rs. 102.40 per share for up to 58,593,750 shares of the current 375,000,000 shares in issue. The company aims to optimize capital and enhance shareholder value, leveraging its strong financial performance and a favourable low-interest-rate environment.

Over the past decade, Softlogic Life has achieved a 26% CAGR in Gross Written Premiums, significantly surpassing the industry average of 14%. For the past five years, it has consistently maintained a Return on Equity above 20% and boasts a Capital Adequacy Ratio of 367%, well above the regulatory requirement of 120%.

The company’s diversified distribution approach plays a crucial role in its profitability, particularly its agency distribution it has an over 50% rider attachment ratio which is more than 5 times than Asian Region average. With an 83% first-year retention ratio and an average policy value of Rs. 176,872, Softlogic Life significantly outperforms industry benchmarks.

The share buyback decision was based on the “Appraisal Value” method to reflect the true financial health and potential of the company in line with global industry practice and ensure a transparent and equitable valuation for shareholders. The strong company performance and the strategic opportunity to capitalize on the low-interest-rate environment allows for significant gains on liquidating Government securities, underpin this decision. The company expects its capital position to moderate but remain robust, supporting future growth.

Ashok Pathirage, Chairman of Softlogic Life said “With more than Rs. 51.7 billion assets under management and continued bottom line growth over the past year, Softlogic Life has already demonstrated remarkable strength and stability. The company’s announcement of a Rs. 6 billion strategic share buyback underscores our confidence and demonstrates our commitment to efficient capital management. Softlogic Life’s exceptional strategies, financial performance and strong market position over the past decade has provided a solid foundation for this buyback and reflect our team’s dedication to delivering sustained value to shareholders. This, yet again, reinforces the company’s status as one of the strongest players in the industry protecting over 1.3 million lives.”

Overall, this move underscores Softlogic Life’s commitment to efficient capital management and reflects its confidence in the company’s long-term growth prospects. This approach aims to maximize Return on Equity and deliver enhanced value to shareholders, aligning with the company’s long-term business focus and valuation strategy.

Expressing her views, Partner and Co-head of Asia Financial Services at LeapFrog Investments – Fernanda Lima said, “Softlogic Life’s strategic decision to execute this share buyback signals confidence in the company’s intrinsic value and aligns with our shared goal of maximizing long-term shareholder value. As an investment firm committed to fostering growth and value in our portfolio companies, we view this move as a clear indication of the company’s continuing ability to command a strong leadership position, and a broader sign of confidence in the Sri Lankan life insurance industry as a whole. Softlogic Life’s impressive track record, including a 26% CAGR in Gross Written Premiums and a consistently high Return on Equity, reflects its strong operational performance and market leadership. .”

Aitken Spence Cargo representing Aitken Spence Freight Sector secured first place under “Shipping & Shipping Related Services Sector” at the National Business Excellence Awards (NBEA) 2024, awarded by the National Chamber of Commerce Sri Lanka (NCCSL). This prestigious award ceremony recognising excellence in business was held on 20th June 2024 at the Hotel Shangri-La Colombo.

National Business Excellence Awards (NBEA) is the prestigious benchmark competition organised by the National Chamber of Commerce of Sri Lanka. This premier event, now in its 19th year, celebrates the pinnacle of business achievements in Sri Lanka, acknowledging organisations that reach global standards of excellence. The enhanced scope, considering excellence in the areas of Corporate Governance, Capacity Building, Performance Management, Local & Global Market Reach, corporate social responsibility, environmental sustainability and business & financial results aims at providing a framework which will lead to augmenting organizational performance and thereby making a significant contribution to the socio-economic development of Sri Lanka.

Aitken Spence Freight Sector has pioneered freight forwarding in Sri Lanka and continues to provide comprehensive end-to-end Freight Logistics solutions in unison with its Credo “Think Speed – Think Spence”. The sector continues to introduce game changing solutions to provide supply chain resilience through agility and innovation, while nurturing operational excellence among Team Freight. The commitment from the leadership to sustain team spirit, in-spite of crises in the global arena and local marketplace, was commended by the panel of judges.

Colombo, Sri Lanka – JAT Holdings PLC, market leader in wood coatings and paint products and emerging regional conglomerate, recently announced the appointment of three new Directors (Non Board Directors): Ajith Bandara as Director – Research & Development, Dilshan Rodrigo as Director Marketing and Shamara Wanniarachchi as Director/Country Head- Bangladesh. These additions bring a wealth of expertise and experience to their respective domains, offering strategic support to JAT Holdings’ growth objectives and expansion plans.

CEO Nishal Ferdinando expressed his enthusiasm for the appointments, stating, “We are delighted to welcome Ajith Bandara, Dilshan Rodrigo and Shamara Wanniarachchi to our team of Directors. Their exceptional skills and expertise will be vital in driving our growth objectives and expanding our presence in focus markets. We are confident that their diverse talents and proven track records will be invaluable assets as we shape the future of JAT Holdings.”

Ajith Bandara, possessing an impressive 18 years of experience in the industry, was appointed as a General Manager at JAT Holdings in October 2019. With a rich background of working at leading multinational paint and coating companies, Ajith brings extensive expertise in research and development. He has also gained international exposure through participation in training programs, workshops, and conferences conducted by globally recognized institutions whilst also being invited as a guest speaker at multiple global paint and coatings related events showcasing his knowledge and expertise across continents. Ajith was instrumental in setting up JAT’s state-of-the-art R&D Center, Alkyd Resin plant in Bangladesh, and the Binder plant in Sri Lanka – projects that continue to fuel the company’s growth through reverse engineering, backward vertical integration, product innovation, and cost-efficiencies. Under Ajith’s leadership, JAT launched several new products in response to market requirements, such as WHITE by JAT, JAT Care, Masters All in One, and WALLZ across the JAT Wood Coatings and Paints verticals. Ajith has been serving as the Director – Research & Development since April 2023. He holds a bachelor’s degree in Chemistry from the University of Kelaniya and an MBA from the University of Colombo.

Dilshan Rodrigo, a seasoned professional with over 18 years of industry experience, joined JAT Holdings as a General Manager in November 2019. During his tenure, Dilshan has showcased exceptional versatility and dedication, driving brand equity, awareness, and market share across Sri Lanka, Bangladesh, and key focus markets. His innovative marketing strategies have been instrumental in cementing JAT’s position as a brand and leading to numerous successful product launches such as WHITE by JAT, Harris Ultimate, and Masters. He also steered the company to win over 14 local and international awards between 2020 and 2024. Dilshan’s outstanding performance was further recognized with the “Best Performance – Senior Management Category” award in 2023.

Prior to JAT Holdings PLC, Dilshan gained a broad level of experience across FMCG, Financial Markets, Client Servicing, Business Development, and Sales and Marketing. Dilshan holds a Degree in Computer Science, a Postgraduate Diploma in IT from the University of Brunel, and an MBA from the Post Graduate Institute of Management (PIM). He brings further value as an Associate Marketer (ACIM) with the Chartered Institute of Marketing, UK.

Shamara Wanniarachchi joined JAT Holdings in March 2019 as Head of Manufacturing. His impressive track record is marked by a swift redesignation to General Manager – Manufacturing within six months due to his strong performance and analytical skills. Shamara spearheaded transformative changes, implementing automation and centralized operations that significantly boosted efficiency, cost-effectiveness, quality, and service across manufacturing and logistics. His talent extended beyond his initial role, leading him to seamlessly transition and effectively manage all three departments – manufacturing, logistics, and commercial – as General Manager – Manufacturing and Supply Chain Management by April 2022. Shamara’s impact transcended JAT Holdings, playing a key role in establishing Asia Coatings Pvt Ltd’s operations and supporting subsidiary ACL in Bangladesh. His dedication was further solidified by accepting the demanding role of Country Head of Bangladesh in April 2023, while retaining his JAT Holdings responsibilities. Wanniarachchi’s leadership in Bangladesh drove record-breaking results, culminating in his well-deserved promotion to Country Head | Director Operations of Asia Coatings Pvt Ltd in October 2023 whilst also being recognized as the Most Outstanding Employee of the Year in 2023 at the JAT Excellencia 2023 employee awards and recognition night. Effective April 1st, JAT Holdings PLC acknowledges his exceptional contributions with a promotion to Director | Country Head – Bangladesh. Shamara holds an MBA from the University of Colombo and a Bachelor’s Degree in BSc. (Hons) specializing in Mechanical Engineering from the University of Moratuwa. As an Associate Member of the Institute of Engineers, Sri Lanka and as an Associate member of Japan – Sri Lanka Technical and Cultural Association (JASTECA), Shamara brings a diverse skill set to his role.