Softlogic Life records 28% growth with 5.3bn GWP in nine months
Softlogic Life Insurance PLC has more than doubled market growth recording Gross Written Premiums of Rs.5.283 billion an increase of 28.3 percent for the nine months ending September 2017 compared with the previous year.
The profit after tax for the company for nine months was Rs.755 million compared with Rs.909 million the previous year. The company did not undertake a Surplus Transfer for the third quarter (Rs.310 million was transferred in Q3 2016) and will do so with the full year valuation for 2017. Total assets of the company were at Rs.11.3 billion compared with Rs.9.9 billion the previous year.
The company has consistently doubled industry growth over the last five years and the average annual premium value recorded now exceeds Rs.100,000, leading to superior persistency and higher margins on insurance products that are attractively tailor made to fit the requirements of customers. The company foresees significant potential in the Life Insurance market where growth has crossed into double digits over the past eighteen months. To keep itself ahead of the industry, the company plans to expand its business by diversifying its distribution channels, enhancing technology and will be looking to augment its capital requirements to meet future growth. The company has optimized technology to deliver superior customer service with its very special ‘One Day Claim Service’ where over 85 percent of claims are settled in one single day. Softlogic Life customers also have access to special benefits that include; Doctor at your doorstep, Medicine Delivery and Emergency Medical Assistance in collaboration with the Group’s Asiri Hospitals.