Softlogic Life Insurance PLC announced the inking of landmark deals with Development Financial Institutions; Finnish Fund for Industrial Cooperation Ltd – Finnfund and The Norwegian Investment Fund for Developing Countries.
Norfund and financial have collectively signed a USD 15Mn Tier II Subordinated Debt transaction with the Company on 24th August 2020 that will provide funding to further develop the business objectives of the Company. Norfund and Finnfund are impact investors funded by the Governments of Norway and Finland and private capital markets whose objectives are to fund sustainable development through responsible and profitable businesses across the globe. What makes the transactions even more significant are that they are being executed amidst the ongoing COVID-19 pandemic that has impacted the entire world.
Softlogic Life also concluded a Financial Reinsurance transaction in March 2020 of USD 15 Mn with MünchenerRückversicherungs-Gesellschaft – MunichRe, one of the top providers of reinsurance, primary insurance, and insurance-related risk solutions in the world based on the top quality portfolio of the Company. This arrangement is viewed as an innovative market leading transaction in the South Asian Life and Health Reinsurance arena.
Softlogic Life, Sri Lanka’s third-largest life insurance entity is on a growth trajectory and these milestones transactions will furtheramplify the excellent prospects available for the life insurance industry in Sri Lanka. The Company’s fast paced growth has brought ashare of 16.2% of the market as at 31st March 2020, doubling market share within the past five years and covering more than a million lives. In 2019 Softlogic Life Insurance grew by 25% versus an industry growth of 11% issuing 247,755 policies andselling the highest number of policies accounting for 33% of the market.
“These investments by NorFund, Finnfund and MunichReare a testament to the solid work we have put into building Softlogic Life into a formidable business in Sri Lanka’s insurance industry. We like to think of it as an endorsement that we have done something special,” said Pathirage, To Page 18