Softlogic Life Insurance PLC has entered into landmark deals with Development Financial Institution -: Finnish Fund for Industrial Cooperation Ltd – Finnfund and The Norwegian Investment Fund for Developing Countries - Norfund contributing a US$15 million Tier II Subordinated Debt transaction with the local company recently that will provide funding to further develop its business objectives.
Earlier in March 2020, Softlogic Life concluded a Financial Reinsurance transaction of $15 million with Münchener Rückversicherungs-Gesellschaft – MunichRe, in an arrangement viewed as an innovative market leading transaction in the South Asian Life and Health Reinsurance arena.
According to a media release by Softlogic Life, 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,” the release said.
“These investments by NorFund, Finnfund and MunichRe are 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 Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, “We are always keen to develop our operations by utilizing international expertise and together with Leapfrog Investments who are shareholders of the company we are continuously assessing possibilities to improve our capabilities even further. We remain fully confident of Sri Lanka’s growth prospects and see the low penetration in the life insurance industry as a great opportunity for future growth.”
The investment marks one of NorFund and Finnfund’s first investments in Sri Lanka’s insurance industry, where, like other developing markets across Asia, they will be looking to provide expansion capital to sustainable businesses like Softlogic Life in the financial sector.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
Auspicious times widely followed by candidates keeping with traditions will be taken into consideration by the Election Commission in fixing the date and time for the conduct on the Presidential polls.
The Cabinet of Ministers has granted policy approval to change the wording “exceeding six years” in paragraph (b) of Article 83 of the Constitution to “exceeding five years” with reference to the President’s tenure.
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