Softlogic Life acquires Allianz Life Insurance Lanka, marking new stage of growth

Thursday, 27 March 2025 05:15 - - {{hitsCtrl.values.hits}}

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 Lankan 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.

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