Softlogic Life moves to the league of excellence in financial reporting

Monday, 20 December 2021 01:37 - - {{hitsCtrl.values.hits}}

Secures sweeping victories at CA Sri Lanka’s 56th Annual Report Awards 2021

Chairman Ashok Pathirage

Managing Director Iftikar Ahamed

Chief Financial Officer Nuwan Withanage

Sri Lanka’s fastest growing life insurer Softlogic Life Insurance PLC marked its name in history once more by securing multiple prestigious accolades for their exceptional financial reporting practices.

The dynamic young company dominated CA Sri Lanka’s 56th Annual Report Awards this year, with a sweeping win of six major awards, proving its mettle as a powerful player pushing the boundaries of financial reporting beyond current benchmarks.

Softlogic Life took home the Silver Award for Overall Excellence in Annual Financial Reporting beating the country’s giant conglomerates who have thus far dominated the top positions for years and years. This achievement marks a great milestone for the company with Softlogic Life now established within the top echelons of corporate reporting.

Softlogic Life excelled on its home turf securing the Gold Award for the Insurance Sector, stamping its class once again as the undisputed leader for excellence in financial reporting. These spectacular results were followed by Bronze awards for Integrated Reporting, Corporate Social Responsibility, Integrated Reporting: Best Disclosure on Business Model Award, and Integrated Reporting: Best Disclosure on Stakeholder Engagement Award. This places the company at the helm of an elite group of corporates hailed for integrated reporting practices and thus re-affirms the company’s unwavering commitment in maintaining transparency and creating the maximum values for each and every stakeholder.

“The outstanding performance of Softlogic Life at the CA Sri Lanka Annual Report Awards 2021 stands testament to the firm commitment that we have made to adhering to the highest standards of financial reporting. Our drive towards insisting on being the best in the business has taken us to a special position in our industry and it is indeed very satisfying that our company has taken its position amongst the leading institutions in the country,” said Softlogic Life Chairman Ashok Pathirage.

“As a dynamic company, we constantly focus on keeping ourselves appraised of best-in-class practices and standards prevailing across the world, to better inculcate transparency and trust amongst all our stakeholders. I would like to congratulate our deeply committed team on their proactive drive to innovate and for taking the initiative to benchmark the industry with impactful and enhanced financial reporting practices,” said Softlogic Life Managing Director Iftikar Ahamed.

“We are both humbled and honoured to be recognised for our strong financial reporting practices from this esteemed local awarding body that has been in operation for decades. The annual report continues to be one of the most powerful communication tools that companies utilise to engage with stakeholders, particularly as an insurance company dealing with public funds in this new digital world. It enables us to showcase our operations in both financial and non-financial terms, in a manner that connects well to the diverse interests of our stakeholders. Producing exemplary annual reports in line with the highest global standards remains at the top of our agenda,” remarked Softlogic Life Chief Financial Officer Nuwan Withanage.

Softlogic Life’s Integrated Annual Report voluntarily embraces global benchmarks such as the ‘International Framework’ and the Global Reporting Initiative (GRI) Standard ‘Core’ options. This is part of the company’s vision to share its journey of value creation with all its stakeholders by adopting the Six Capital Reporting Framework, under the Integrated Reporting Framework.

Just this year, the company was thrust into the spotlight for being the first entity in Asia and Sri Lanka to obtain external assurance on integrated reporting practices. Softlogic Life also went above and beyond to innovate and deliver Sri Lanka’s first video annual report, in an attempt to effectively deliver their progress and vision to stakeholders. Further, the company continues to leverage novel digital solutions to achieve greater efficiency, speed, accuracy, and transparency to adopt to modern stakeholder requirements moving at unprecedented speed.

The prestigious CA Sri Lanka Awards aim to reflect effectiveness in the communication of financial and non-financial information to stakeholders and strict compliance with legislative requirements and accepted accounting best practices. In evaluating reports for the awards, CA Sri Lanka looks at each contender’s ability to effectively communicate organisational objectives, highlights, performance, personnel and management to all relevant stakeholders.