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Nations Trust Bank American Express partners with CFW Luxury Edition

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Continuing its efforts to provide unique and memorable experiences to its loyal Cardmembers, Nations Trust Bank American Express recently announced its partnership with Colombo Fashion Week (CFW) Luxury Edition 2022 as the Official Fashion Card.

This year’s CFW Luxury Edition runway show is scheduled to take place on the 17th of November 2022 and will celebrate the luxury in craftsmanship. As personalisation, time and craftsmanship are viewed as an expression of luxury, several labels such as Sonali Dharmawardana, Indi Yapa Abeywardena, Charini Suriyage, Aslam Hussain, Fouzul Hameed, LOVI and more will showcase their collections.

“Many of our discerning Cardmembers have a strong affinity and appreciation for the finer things in life. In the world of fashion, artisans and designers put in their time, creativity and craftsmanship to produce collections that are appreciated by a select few. Given that a significant portion of this refined audience are our Cardmembers, partnering with CFW Luxury Edition is a perfect fit for us,” said Niluka Gunatilake – Head of Cards – Nations Trust Bank PLC.

“Luxury edition by CFW is a strategic component where sustainable craftsmanship is the focus with the hope of alleviating luxury in Sri Lankan design products. I am so glad that Nations Trust Bank American Express is once again partnering this edition. They have understood our role in impacting fashion and design over the years. I am glad this journey continues in a meaningful manner, as we take this step in being the voice of the industry,” said Ajai Vir Singh, Managing Director – Colombo Fashion Week.

As American Express is a renowned global services company which strives to provide Cardmembers with access to products, insights and experiences that enrich lives and build business success, partnering with one of the most looked forward to events on Sri Lanka’s fashion calendar is a nod of recognition to the lifestyles of its valued Cardmembers. Nations Trust Bank American Express membership privileges also include a host of benefits to suit diverse lifestyles, ranging from travel to dining, shopping to lodging and entertainment to day-to-day needs.



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

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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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SLT-MOBITEL continues commitment to education as the Official Telecommunication Partner for EDEX Expo 2025

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SLT-MOBITEL, Sri Lanka’s national ICT solutions provider reaffirmed its commitment to educational excellence as EDEX Expo 2025’s Official Telecommunication Partner, cementing a partnership of over ten consecutive years with Sri Lanka’s largest education exhibition and job fair.

EDEX Expo 2025 recently concluded its preliminary event at the BMICH, Colombo, from the 17th to the 19th of January 2025. Its second event was hosted from the 25th to 26th January 2025 at the Kandy City Centre.

SLT-MOBITEL provided free Wi-Fi connectivity at both the BMICH in Colombo and the Kandy City Centre during EDEX Expo 2025, ensuring seamless digital access for attendees and enabling exhibitors and stallholders to efficiently showcase their education solutions.

The collaboration reinforces SLT MOBITEL’s vision of empowering Sri Lankan youth through seamless digital connectivity and enhanced educational opportunities.

SLT-MOBITEL’s educational arm, SLT-MOBITEL’s Nebula Institute of Technology, returned as a Gold Sponsor for its second consecutive year with a dedicated exhibition showcasing a range of cutting-edge technology programs.

Partnering with EDEX Expo, SLT-MOBITEL aimed to create an environment enabling students to seamlessly explore global opportunities and advance their careers. SLT-MOBITEL’s comprehensive support demonstrates the company’s expanding role in shaping Sri Lanka’s next generation of technology professionals.

Celebrating its 21st anniversary since launching in 2004, EDEX Expo has established itself as Sri Lanka’s premier educational exhibition, empowering Sri Lankan youth to be globally competitive. Having a built an impressive legacy, EDEX Expo continues to connect students with more than 200 reputed local and overseas educational institutions.

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Virtusa announces leadership transition

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SOUTHBOROUGH,  Virtusa Corporation, a global leader in digital business strategy, digital engineering, and IT services, today announced a leadership transition with the appointment of Nitesh Banga as President and CEO, effective February 3, 2025. Nitesh will succeed Santosh Thomas, who is stepping down to pursue outside opportunities. Mr. Thomas has agreed to stay on as a strategic advisor through the transition process.

“I am immensely proud of the substantial growth we have accomplished together over the past 4 years at Virtusa. It has been exciting to witness firsthand the positive impact our efforts have had on our people, our clients and their customers,” said Santosh. “I firmly believe Virtusa has a bright future ahead, helping our global clients deliver exceptional experiences that will take advantage of the future of technology.”

During his tenure as CEO, Mr. Thomas guided Virtusa through a holistic company transformation. He established the strategic direction of the company, drove worldwide operational excellence through targeted investments in personnel, technology, and commercial initiatives. He oversaw several strategic acquisitions and digital capability expansion efforts which significantly broadened the company’s services and resulted in record-high client and employee net-promoter scores.

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