Business
Softlogic Life grows 20% in 1Q 2024, posts 7.2bn GWP
Softlogic Life recorded another quarter of robust financial performance in a challenging business environment, posting Gross Written Premium (GWP) of Rs. 7.2 billion during the first three months ending 31st March (1QFY24). The top-line growth is an increase of 20% compared to 3% during the corresponding period of last year.
The burdens heaped on customers amidst numerous economic difficulties have been alleviated somewhat due to having purchased insurance where Softlogic Life has steadfastly supported its policyholders during Q1 as well, demonstrating an unwavering commitment to meeting all obligations whilst also seeking to enhance customer benefits. The Company has demonstrated its full commitment to policyholders by paying out claims and benefits of Rs. 3.4 billion for the quarter, continuing from Rs. 12.8 billion that was paid during 2023, underscoring Softlogic Life’s resolve to uphold its said promise to all policyholders.
Profit after tax (PAT) for the period in review rose to Rs. 854 million, an increase of 70% YoY and Profit before tax (PBT) grew by 46% compared to last year to stand at Rs. 1.2 billion. Total assets of the Company stood at Rs. 51.8 billion, while total equity was recorded at Rs. 12.8 Bn. Furthermore, financial investments of the company stood at Rs. 43.5 billion which is 84% of the total assets of the company. During the period, the company recorded a Return on Equity (ROE) of 23.5% while continuing to maintain a Capital Adequacy Ratio (CAR) of 367% as at Dec 2023 which is well above the regulatory requirement of 120%.
Standing tall as the second-largest life insurer in the market, Softlogic Life’s growth story has been exceptional. When comparing the company’s growth in the last 10 years, Softlogic Life reported a 10-year GWP Compound Annual Growth Rate (CAGR) of 26% compared with the industry’s 10-year GWP CAGR growth of 14%. Furthermore, Softlogic Life continues to boost insurance coverage across Sri Lanka, with over 700,000 active policies whilst protecting more than 1.3 Mn individual lives.
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
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