Softlogic Life creates history with 5 Awards at CA Annual Report Awards

Sri Lanka’s number one health insurance company, Softlogic Life, created history at the recently concluded CA Sri Lanka 54th Annual Report Awards 2018 themed “Epitome of Brilliance”, winning five awards that included the Industry Gold and recognition across all of Corporate Sri Lanka. This makes Softlogic Life one of two Corporates in the country to gain this phenomenal achievement, reinforcing commitment to excellence in good governance.

Softlogic Life received the coveted Gold award for the Best Annual Report by an Insurance company and four other Overall Awards-Silver award for Integrated Reporting – Best Disclosure on Business Model and three Bronze awards for Corporate Governance Disclosure, Management Commentary and Integrated Reporting- at the 54th edition of this prestigious awards ceremony of the Institute of Chartered Accountants of Sri Lanka, stamping its authority in financial disclosure within Sri Lanka. The majority of the Awards were fought out against the leading Conglomerates and Banks in the Country.

The 2017 Annual Report of Softlogic Life, presented under the theme ‘Spirited’ presents a balanced and succinct analysis and an overview of the Company and its external environment, strategy, resource allocation, business model, performance, governance and prospects of the Company. The report has closely followed guiding principles and fundamental concepts contained in the International Framework to best serve the information needs of stakeholders.

“The outstanding performance of Softlogic Life at the CA Sri Lanka Annual Report Awards 2018 stands as a testament to the firm commitment that we have made as a Company towards ensuring the highest standards of financial reporting,” said Iftikar Ahamed, Managing Director of Softlogic Life. “Being the most important publication of the Company, the Annual Report addresses a wide group of stakeholders who are able to gain a detailed view of the Company’s business and performance. Our Finance Team has therefore worked extremely hard to deliver a comprehensive and attractive Report that stands out amongst the best.”

“We are honored to be recognized for this historic achievement at the CA Annual Report Awards which is considered as the most prestigious award ceremony in Sri Lanka that crowns the best and most brilliant annual reports produced in the country. The CA Annual Report Awards has a comprehensive and well-structured judging process which evaluates the extent to which readers or stakeholders can make informed decisions. This phenomenal achievement for our Annual Report themed “Spirited”, it’s video format and the video of IFRS 17 is a testimony to the futuristic view of Softlogic Life as IFRS 17: Insurance Contract will have a significant impact on the Insurance industry from the 1st January 2022 onwards” said Nuwan Pushpakumara, Head of Finance of Softlogic Life.

Softlogic Life pushed the boundaries of innovation further when it unveiled their 2017 integrated annual report in video format, making it Sri Lanka’s first video annual report. It encouraged key stakeholders of the Company to engage with the content of their comprehensive integrated annual report, which combines information on Softlogic Life’s financial performance and non-financial information; sustainability, social and governance components. The new medium of information allowed the Company to communicate relevant information in a visually fitting, simplified manner to create significant interest amongst interested parties.

The CA Sri Lanka awards 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 the Company’s ability to effectively communicate organisational objectives, highlights, performance, personnel and management to all the relevant stakeholders.

Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.