Softlogic Life Insurance Sept quarter net profit plunges 93-pct to Rs76.5mn

EconomyNext reports that Softlogic Life Insurance PLC, a Sri Lankan insurer, earned Rs. 76.5 million in group net profit for the quarter ending September 30, 2026, compared with Rs. 1.07 billion in the equivalent quarter a year earlier. EconomyNext says basic earnings per share was Rs. 0.24, versus Rs. 3.38.

EconomyNext reports gross written premiums grew 18.1% to Rs. 12.25 billion, while net written premiums increased 17.3% to Rs. 11.34 billion after Rs. 906.7 million was ceded to reinsurers. Total net revenue advanced 17.4% to Rs. 13.35 billion. EconomyNext says other revenue was Rs. 2.01 billion, up 17.6%, with net finance income rising 30.5% to Rs. 1.93 billion.

EconomyNext reports total benefits, claims and expenses rose 34.2% to Rs. 13.20 billion. It says the increase in insurance contract liabilities reached Rs. 2.81 billion, compared with Rs. 955.7 million in the prior-year quarter. Net insurance benefits and claims paid grew 22.2% to Rs. 6.07 billion.

EconomyNext reports realised investment gains fell to Rs. 13.5 million from Rs. 96.9 million, while fair value gains declined to Rs. 62.4 million from Rs. 77.6 million. Underwriting and net acquisition costs increased 3.2% to Rs. 2.03 billion, and other operating and administrative expenses rose 16.3% to Rs. 2.05 billion.

EconomyNext reports that shareholders received a Rs. 1.28 billion surplus transfer from the non-participating life fund during the first half of the year, but no such transfer was recorded for the September quarter. EconomyNext also says this was the group’s first quarter consolidating Bangladesh-based Diamond Life Insurance Company Limited after acquiring a 60% stake.