Softlogic Life Insurance Plc
Region and country of operations: Asia, Sri Lanka
Jurisdiction of registration: Sri Lanka
Business sector: Life Insurance
Date of agreement (month/year): 8/2020
Finnfund’s financing: USD 7,500,000
Share of Finnfund’s financing: 50%
Size of project/financing: USD 15,000,000
Environmental and social category: FI-C
Softlogic Life Insurance PLC is the fastest growing life insurance company in Sri Lanka having enjoyed 30% annual Gross Written Premium growth during the past 5 years and improved market ranking to 3rd place from 8th position. Softlogic Life is pioneering in inclusive business development in the life insurance sector in Sri Lanka, and owing to its innovative and accessible delivery channels and products, the company has been able to build a sizeable client base among low-income customers. The loan from Finnfund will classify as Tier 2 loan and as such it will strengthen Softlogic Life’s solvency and as such support the strong growth of the company.
Main development impact
By offering affordable insurance to emerging customers Softlogic Life helps to increase resilience in unexpected situations and to avoid overwhelming financial shock. Softlogic Life has over half million emerging customers with a goal to reach 3 million customers with quality, affordable and relevant insurance tools and services. Softlogic Life is the only low cost life and health insurance provider in Sri Lanka. Together with telecoms and post services the company is able to reach the most vulnerable people. In addition, health and life insurance products for 300,000 middle-income customers help workforce to stay healthy which might have indirect impact on economic productivity of the country.