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Softlogic Capital PLC, the financial services holding company of the Softlogic Group, crossed the billion rupee profit mark and reported profit after tax (PAT) for the sector of Rs. 1.1 billion for the financial year that ended in March 2016.
The result was a substantial increase of 45% compared to the previous year’s PAT of Rs. 782 million. Turnover for the sector after consolidation was Rs. 11.1 billion, an increase of 12% compared with the previous year. Total assets of the sector were Rs. 34.7 billion.
The Financial Services Sector contributed 16.7% to the top line of the Softlogic Group with revenues of Rs. 11.1 billion and, more importantly, contributed Rs. 1.1 billion to the bottom line of the Group, making it one of the major investment successes that the Group has achieved.
The highlights for the year included the following;
Asian Alliance Insurance recorded a profit of Rs. 924.3 million with Life Insurance recording a top line of Rs 4.1 billion for the year growing 34%, whilst General Insurance recorded a top line of Rs. 1.9 billion, growing by 15%.
Softlogic Finance recorded PAT of Rs. 375 million, increasing by 73% whilst total assets of the company were recorded at Rs. 20.9 billion.
Softlogic Stockbrokers generated revenues of Rs. 263 million that was an increase of 59% compared with the previous year, and was ranked second in the market,
Asian Alliance won a slew of top notch awards that included Asia’s “Innovation of the Year” for its Click2Claim Motor product, a National Business Excellence Gold Award and was selected as one of the Top 25 Great Places to Work in Sri Lanka for 2016.
The Softlogic Group that entered the financial services arena in the latter part of 2010, within a short period of just four years, has quickly moved to streamline and significantly enhance its acquisitions in insurance, finance and Leasing & stock broking. The sector has focused on developing the teams in each business, upgrading talent, enabling breakthrough product development and enhancing the brand awareness of the respective companies to fast track business acquisition. As part of this focused effort, Asian Alliance Insurance signed an SSPA with Fairfax Group to divest its General Insurance business and will now concentrate entirely on the thriving Life business.
Softlogic Capital PLC is part of the Softlogic Group that is one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in healthcare, retail, ICT, leisure, automobiles and financial services. The Board of the Company comprises Chairman Ashok Pathirage, Managing Director Iftikar Ahamed, Lucille Wijewardena, Ajitha Pasquel and Harris Premaratne.
