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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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Steps leading to the achievement of SL’s national interest in IOR

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Prof. Nobukatsu Kanehera: ‘Rulesbased order violated.’

Sri Lanka needs to build awareness, effective policies and encourage regional multilateral frameworks to develop a multi-pronged approach to secure its national interest and safeguard regional stability in the Indian Ocean Region (IOR), as the region together with its seabed have become an area of strategic competition, former Assistant Chief Cabinet Secretary to former Japanese Prime Minister Shinzo Abe, Prof Nobukatsu Kanehara said.

“The Indian Ocean has been a maritime highway for millennia, with Sri Lanka being a midway point of the flow of trade, culture, technology and intellectual progress, Prof Kanehara said at the 4th Pathfinder Foundation Sri Lanka Indian Ocean Security Council Conference held recently at the Cinnamon Grand Hotel. The forum was presided over by Pathfinder Foundation Sri Lanka Chairman Ambassador (retd.) Dr. Bernard Goonetilleke.

The forum’s purpose was to obtain expert commentary regarding the need for Sri Lanka to ‘up its game’ in the IOR.

Abe said that from the 1870s onwards, the Indian Ocean had become the global communications highway, with the British Empire laying submarine cables from Aden to Mumbai, linking Europe to South Asia.

‘Since then, with the passage of time, Ceylon, and later Sri Lanka, has seen the bulk of the global digital communications umbilical laid through its maritime domain of influence, with over a dozen such cables laid over the island’s Exclusive Economic Zone (EEZ) thus far, he said.

Prof. Kanehera added: ” With the rise of Artificial Intelligence (AI) and increasing digitisation, such submarine cables have become critical strategic infrastructure for the island nation as well as the region.

‘This timely conference came as world powers rushed to secure critical minerals needed to maintain a technology edge over rivals, both militarily and economically, disrupting the longstanding rules-based order, especially at sea and in trade.

‘The lack of cognition regarding how to understand and navigate the return to a near Cold War era strategic competition in the Indian Ocean, and increasingly in the sub-surface domain and the seabed, among Sri Lanka’s policy making community, bureaucrats and public leaves the economically weakened island nation more vulnerable to geopolitical coercion, shocks and tug-o-war, which will likely increase in the coming decade.’

By Hiran H Senewiratne

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Automobile Association of Ceylon donates towards Disaster Relief Support Fund

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Automobile Association of Ceylon (AAC) donated Rs. 25 Million towards the Disaster Relief Support Fund to assist the Ditwah Cyclone victims.

A donation was handed over to Dr. S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka by Dhammika Attygalle, President – AAC at the Presidential Secretariat on the 19th February 2026 in the presence of Executive Committee members.

Dhammika Attygalle President AAC (third from Left) handing over the cheque to Dr S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka.

In the picture L-R Lasitha Gunaratne- EXCO Member – AAC, Devapriya Hettiarachchi – Secretary -AAC, P H Liyanage, P B Kulatunga & Indunil Udaya – Members of the EXCO – AAC

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‘Sri Lanka’s first AI-powered digital trainer for Banca partners’

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A few highlights from the NAVI Launch event.

HNB Assurance PLC recently introduced NAVI, The Digital Trainer, a new AI-powered training companion designed to support its banca staff with instant, reliable access to knowledge, whenever they need it. The solution was unveiled at Partnership Life, the company’s annual forum dedicated to celebrating the performance of its Partnership Channel.

Built to make learning simpler and more accessible, NAVI is a voice-enabled AI chatbot that helps banca staff quickly find product information, policy details, and process-related guidance by drawing from a centralized knowledge bank. Whether on the go or at the point of customer interaction, NAVI ensures that answers are never out of reach.

Sharing his thoughts, Sanesh Fernando, Chief Business Officer / GM – Partnership Channel at HNB Assurance, opined, “With NAVI, our intention is to make learning a part of everyday conversations. By combining chat and voice capabilities, we are making it easier for our officers to learn on demand and perform with greater confidence.” He further noted that it is this continuous focus on meaningful innovation that has consistently set HNB Assurance apart within the bancassurance space. “Solutions like NAVI reflect the way we think and operate as a Partnership Channel. This commitment to enabling our partners and bancassurance officers through practical, forward-thinking initiatives has been a key driver in our journey, one that has seen us being recognized as the Best Life Bancassurance Provider for five consecutive years, while also delivering strong and sustained growth year after year.”

Commenting on the launch, Suneth Jayamanne, Chief Information Officer / GM of HNB Assurance, said, “We see NAVI as a support system rather than a piece of technology. Our Bancassurance officers operate in fast-paced environments and having instant access to the right information can make all the difference. NAVI is about helping our people feel more prepared, more confident, and more connected to the knowledge they need to serve customers better.”

The launch of NAVI was marked by an engaging reveal featuring an AI-generated avatar that introduced the digital trainer and its capabilities, symbolizing a shift towards a more intuitive and people-friendly approach to learning.

As HNB Assurance continues to expand its Partnership Channel, innovations such as NAVI highlights the company’s focus on building strong, well-supported partnerships, blending technology with a deep understanding of how people learn, and work.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 79 branches. HNBA is a Life Insurance company with a rating of ‘A’ (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘A’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.

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