Softlogic Life, for the quarter ended on 30 September, has recorded a profit-after-tax (PAT) of Rs. 2.8 billion.
Compared to the same period last year, it is an increase of 67%.
Furthermore, profit-before-tax (PBT) also grew by 63% compared to the same period last year to stand at Rs. 4 billion.
The company has also posted a gross written premium (GWP) of Rs. 22 billion during the nine months ending 30 September with an increase in top-line growth of 18% compared to the corresponding period of last year.
Growth for the third quarter was up 22% compared with the same quarter of the previous year.
The company’s total assets stood at Rs. 50.1 billion, while total equity was recorded at Rs. 9.2 billion.
The company recorded a return on equity (ROE) of 29% while continuing to maintain a strong capital adequacy ratio (CAR) of 360% as at September, compared with the regulatory requirement of 120%.
The company paid out Rs. 10.9 billion in total claims and benefits during the nine months ending 30 September, whilst building on the Rs. 6.8 billion disbursed in the previous two quarters.
Softlogic Life Insurance PLC Chairperson Ashok Pathirage said: “Our performance this quarter reflects our agility and vision, as we continue to strengthen our foothold towards dominance in the life insurance market. Achieving consistent growth amid improving macroeconomic conditions highlights our strategic focus on sustainable value creation for our stakeholders and our commitment to delivering on our promise to policyholders.”
Softlogic Life Managing Director Iftikar Ahamed said: “Softlogic Life is dedicated to setting new standards of excellence and delivering meaningful value to our policyholders and stakeholders. Over the years we have disrupted the industry by differentiating distribution, with our products equipped to serve all segments of the market, with services that are rated as industry best and tech driven innovations such as AI driven fast claim settlement. We continue to prioritise innovation and digital transformation, with a special focus on leveraging AI to drive simplicity, convenience, personalisation and more efficient services.”