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Softlogic Life in Top 3 for the fourth consecutive year at CA TAGS 2024

Softlogic Life, Sri Lanka’s life insurer with the largest customer base has once again shown its superiority at the 59th CA TAGS Awards, winning a multitude of awards including Top 3 placement and taking its place amongst the leading lights of Corporate Sri Lanka with the Bronze Award for Overall Excellence in Corporate Reporting. These significant achievements are a powerful testament to Softlogic Life’s unwavering commitment to organisational Transparency and Governance, exemplified by its continuous efforts to push the boundaries of financial reporting practices in Sri Lanka.

The Company won six coveted awards in total, outshining some of the longstanding giant conglomerates in the Sri Lankan corporate landscape. These significant achievements are a powerful testament to Softlogic Life’s unwavering commitment to organizational Transparency, Accountability, Governance and Sustainability, exemplified by its continuous efforts to push the boundaries of financial reporting practices in Sri Lanka.

These accomplishments come at a time when Softlogic Life is redefining innovation to set new standards in corporate reporting. The company recently became Sri Lanka’s first to integrate groundbreaking AI and machine learning-based features into annual report analysis, raising the bar for financial reporting in Sri Lanka and reinforcing Softlogic Life’s reputation as a trailblazer committed to transforming how stakeholders review and obtain financial and non-financial insights. While the awards underscore its prowess as an innovator, this recognition is also a testament to Softlogic Life’s continuing business momentum and exceptional financial strength, establishing the company as one of the most influential industry players. .

The night of accomplishment was boosted with the Insurance sector Gold award and a further Gold, awarded for Digitally Transformative Reporting following through to Softlogic Life’s remarkable achievement of securing the Bronze Award for Overall Excellence in Annual Financial Reporting. This prestigious accolade, one of the most valuable awards of the evening, was won by Softlogic Life for the 4th consecutive year, cementing its reputation as a trailblazer in financial reporting.

The Company’s 2023 Annual report, aptly themed 'Bigger. Better. Bolder', earned widespread acclaim for its innovative approach and exceptional transparency. Softlogic Life competed against top conglomerates to win this award and made it to the history books as the only stand-alone company to be amongst the Top 3 winners not just once but for 4 consecutive years.

This achievement places Softlogic Life in an elite league of corporations celebrated for their exemplary reporting practices, reaffirming its unwavering dedication to creating maximum value for all stakeholders through robust governance and unmatched reporting excellence. Additionally, Softlogic Life won 3 further awards—Integrated Reporting Bronze Award, Corporate Governance Disclosure Financial Services Bronze Award, Integrating Reporting - Bronze Award and a Certificate of Recognition in the Special Award Category under Sustainability Reporting.

Commenting on yet another victorious night at the CA TAGS Awards, Softlogic Life Managing Director Iftikar Ahamed said, “Winning these prestigious accolades, including a Top 3 Award for Overall Excellence in Annual Financial Reporting for our 2023 Annual report themed 'Bigger. Better. Bolder' at the CA TAGS Awards, not only underscores our commitment to pushing the boundaries of financial reporting in Sri Lanka’s corporate landscape but also reflects our dedication to creating optimal value for all stakeholders. The Gold award for Insurance and a further Gold for Digitally Transformative Reporting positions us exactly where we need to be, excelling in our industry and being ahead of the AI digital curve. With AI now starting to be being part of our everyday life, it is essential that companies adapt accordingly if we are to remain relevant.”

Softlogic Life Chief Financial Officer Nuwan Withanage said, “We believe that embracing technological advancements and innovative reporting methods truly enhances our ability to deliver complex financial insights in a clear, transparent, meaningful and an accessible manner to our stakeholders. While our pioneering efforts in integrating AI-driven tools, adopting global best practices, and new standards in reporting excellence, we continue to demonstrate our resolve to empower stakeholders with actionable insights. This strategic approach reinforces confidence and trust whilst positioning Softlogic Life as a catalyst for driving transformative change in Sri Lanka’s corporate reporting landscape. The introduction of the revolutionary Annual Report Analyzer, featuring cutting-edge advancements such as “Lifey”-a voice-enabled, AI and machine learning-powered virtual assistant—and automated visual data interpretation, has redefined traditional approaches to annual reporting. At Softlogic Life, financial reporting goes beyond regulatory compliance—it is a testament to our unwavering commitment to Transparency, Accountability, Governance, Sustainability, and stakeholder trust.”

Whilst the CA TAGS Awards 2024 were in the making, Softlogic Life also won five awards at the CMA Excellence in Integrated Reporting Awards 2024. The five awards including an Overall Silver Award for Integrated Reporting Excellence, Insurance Sector Gold, a Top 5 excellence in Integrated report in Sri Lanka and two special awards for best disclosure on strategic focus and best disclosure on capitals that highlighted Softlogic Life’s multifaceted prowess in maintaining high standards across various reporting domains, all aimed at driving transparency, accountability and value for stakeholders

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