Softlogic Life acquires Allianz Life Insurance Lanka

Softlogic Life, one of Sri Lanka’s leading life insurers, on Thursday said it has acquired 100 per cent of the shares of Allianz Life Insurance Lanka Ltd.

The decision is 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, the company said in an announcement.

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, benefiting both customers and the broader Sri Lankan insurance market.  This latest acquisition follows a period of exceptional growth for the insurer. Softlogic Life achieved gross written premiums (GWP) of Rs. 31.6 billion in the 12 months to December 31, 2024, marking a 10-fold increase over the past decade. Softlogic Life protects more than 1.3 million Sri Lankan lives, equivalent to 13 per cent of the country’s working population.