Softlogic Life acquires Allianz Life Insurance Lanka, marking new stage of growth
Daily FT: Softlogic Life, one of Sri Lanka’s leading life insurers, yesterday announced it has agreed to acquire 100% of the shares of Allianz Life Insurance Lanka Ltd., subject to the approval of the Insurance Regulatory Commission of Sri Lanka.
The acquisition aligns with Softlogic Life’s mission to deliver world-class life insurance products to consumers across the country, further expanding its market share, while enhancing its existing product offerings and strengthening its distribution capabilities.
With over 750,000 active policies, Softlogic Life already has the largest life insurance customer base in the country, and this acquisition will help to fuel its long-term growth, building on its operational expertise and digital excellence.
Softlogic Life’s strengths in digital transformation and customer-centric solutions are expected to drive innovation and sustainable growth, benefitting both customers and the broader Sri Lanka insurance market. Their unwavering dedication to timely and efficient claim settlements has strengthened customer confidence, setting an industry standard for trust and service excellence.
The news follows a period of exceptional growth for the insurer. Softlogic Life achieved gross written premiums (GWPs) of Rs. 31.6 billion in the 12 months ended 31 December 2024, marking a 10-fold increase over the past decade. Softlogic Life protects more than 1.3 million Sri Lankan lives, equivalent to 13% of the country’s working population.
Softlogic Life remains at the forefront of the Insurtech revolution, driving industry-first innovations that enhance insurance accessibility, efficiency, and customer experience.
OSL take:
Sri Lanka’s steady economic growth is evident by the performance, growth and profits being posted by many local businesses even after facing an unprecedented economic crisis in 2022 showing great resilience. Many local businesses are engaged in local and global expansions while also engaged in key acquisitions. All these are indicative of the growth and business potential and the business conducive environment in Sri Lanka, which is on the path to becoming a regional hub. With Sri Lanka’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions adding to Sri Lanka’s attraction as an emerging business destination in the region, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka’s key economic sectors. Foreign businesses/investors could also form collaborations with local businesses for further expansion locally as well as internationally.
| Article Code : | VBS/AT/20250401/Z_3 |