Softlogic Life passes decade of excellence in financial reporting

Managing Director Iftikar Ahamed

CFO Nuwan Withanage

Sri Lanka’s 2nd largest life insurer, Softlogic Life, has completed a historic accomplishment by presenting its ground-breaking Integrated Annual Report for the 10th consecutive year. 

The 2022 Integrated Annual Report embraces global benchmarks and is prepared following the ‘International Framework’ of the International Integrated Reporting Council (IIRC).

Presented under the theme ‘Reimagining’, the Annual Report reflects Softlogic Life’s drive to transcend industry norms and push the boundaries of financial reporting in Sri Lanka. This is the 10th consecutive time Softlogic Life is presenting its Integrated Annual Report — a journey which the leading life insurer started in 2013. 

The report provides a comprehensive account of how Softlogic Life created value for its stakeholders in 2022. It provides a balanced and concise analysis of the Company, its external environment, strategy, resource allocation, business model, performance, corporate governance and other valuable prospects. 

“We are proud to present our 2022 integrated report, intending to effectively communicate our business strategy, prospects and corporate governance framework precisely to our valued stakeholders,” said Softlogic Life Managing Director Iftikar Ahamed. “The current climate in Sri Lanka has prompted many businesses to re-evaluate and reimagine their reporting practices while envisioning a future of transformation and growth. The team at Softlogic Life has gone beyond the extra mile by being proactive, demonstrating innovation and dedication to ensure that the Annual Report meets the highest standards of integrated reporting.” 

Softlogic Life was the first Company in Asia and Sri Lanka to obtain external assurance in integrated reporting in 2020 and continues to obtain external assurance on integrated reporting for the third consecutive year in 2022. The Annual Report has also received external assurance on sustainability indicators in compliance with ‘Global Reporting Initiative (GRI)’ guidelines. 

CFO Nuwan Withanage said: “We are extremely pleased and honoured to present Softlogic Life’s 2022 Annual Integrated Report, demonstrating our commitment to Transparency, Accountability, Governance and Sustainability. At Softlogic Life, we always strive to provide an accurate, comprehensive and concise view of our business to our stakeholders, and we believe this year’s Annual Report reflects exactly that. Our focus on strategic Key Performance Indicators (KPI), external assurance and compliance with global standards such as GRI and SASB proves our dedication to driving long-term value for our clients and communities.”

Further improving transparency and accountability, Softlogic Life’s Annual Report has provided a comprehensive analysis of the budget versus actual, including an analytical comparison of its KPI’s with relevant reasons. The ground-breaking innovation helps stakeholders understand the full context of company’s operations, and its reporting practices setting an example to other corporates by enhancing transparency among valued stakeholders. 

Additionally, the Annual Report also provides the Chairman’s review, Managing Director’s review and primary financial statements in all three languages – English, Sinhala and Tamil which proves Softlogic Life’s commitment for inclusivity. The Company has adopted the Insurance Sustainability Accounting Standard by SASB (Sustainability Accounting Standard Board) and has obtained the Carbon Conscious Certificate by showing its responsibility towards natural capital. 

Furthermore, all governance-related best practices are disclosed in the report, as the Company maintains the highest standard in corporate governance and accountability by complying with mandatory and voluntary provisions to maintain the highest accounting standards beyond minimum regulatory requirements. 

Owing to their excellence in Transparency, Accountability, Governance and Sustainability Reporting, Softlogic Life received exceptional awards in 2022, further cementing the trust gained by maintaining high Corporate Governance standards and reporting. 

The Company was awarded four awards at the prestigious 57th  TAGS Annual Report awards organised by CA Sri Lanka, including Silver for Overall Excellence in Corporate Reporting for the 2nd consecutive year and Gold for the Insurance sector. Softlogic Life was also crowned at the CMA Integrated Reporting Awards, walking away with five accolades, including Silver for Overall Excellence in Integrated Reporting and Gold for the Insurance sector, proving its mettle as a powerful contender in the industry.