Soft­logic Life records 28% growth with 5.3bn GWP in nine months

Daily Mirror (Sri Lanka) - - FINANCE -

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.

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