The 2020 annual report of Sri Lanka’s fastest-growing life insurer, Softlogic Life, recently became the first entity in Asia and Sri Lanka to obtain external assurance on integrated reporting practices. This reflects Softlogic Life’s commitment to transparent and objective reporting towards shareholders and other key stakeholders.
Obtaining assurance over integrated reports is an emerging trend, with Softlogic Life receiving what is referred to as external assurance for their 2020 report. After the Board of Softlogic Life sought assurance on the financial statement information and integrated reporting, KPMG reviewed the report to assess whether it had been prepared in line with the guiding principles of the International Framework and to ensure it covered the key content elements.
Prepared under the theme ‘One Lankan’, it’s an ode to the million Sri Lankans who have entrusted Softlogic Life with their protection and care for a million reasons. The company’s dynamic portfolio of products and services is designed to safeguard and empower these people, while its agility to evolve has helped Softlogic Life align its trajectory to contribute to the nation’s growth ambitions. The report has closely followed guiding principles and fundamental concepts in the International Integrated Reporting Council (IIRC) Framework to serve the information needs of stakeholders best.
Softlogic Life Managing Director Iftikar Ahamed said, “As a leading life insurance entity in Sri Lanka, we have long recognized the role assurance can play in building trust and confidence in integrated reports and this trend has been reflected by developments we see globally. We are extremely proud to obtain this as Asia’s first insurance company, which is a huge milestone for the entire industry.”
Furthermore, Softlogic Life has presented the video version of its integrated annual report for the fourth consecutive year. Unveiled in 2017 as Sri Lanka’s first video Annual Report, Softlogic Life’s innovative approach aims to enhance user-friendliness and simplicity, encouraging key stakeholders of the company to familiarize themselves with their comprehensive content integrated annual report.
Available now on YouTube and Softlogic Life’s official website, the video showcases several key details of this year’s Annual Report using unique infographics —financial outcome which include gross written premium (GWP) achieved, profit before tax (PBT) and Year-on-Year (YoY) growth, business operating context to the business process of the company, intellectual capital to human capital, innovations and new products unveiled by Softlogic Life in 2020 and risks to opportunities.
Nuwan Pushpakumara, Chief Financial Officer of Softlogic Life, said, “The positive feedback we have been receiving since 2017 from our stakeholders for the video Annual Report confirms the success of this landmark innovation.
We are humbled to present a well-crafted video version for the fourth consecutive year, which translates how well the overall business strategies have elevated Softlogic Life during a tough year to become the third-largest entity in the life insurance industry with sustainable growth.”
Softlogic Life recently announced that despite all the difficulties associated with a thoroughly disrupted COVID year 2020, the company grew revenues to record Gross Written Premium (GWP) of Rs. 15.6 billion, an increase of 25%, making it the fastest company to that mark.
0 comments: