Softlogic Life Insurance PLC has finalised its 100% acquisition of Allianz Life Insurance Lanka Limited, following approval from the Insurance Regulatory Commission of Sri Lanka (IRCSL). The deal, first announced on 26th March 2025, strengthens Softlogic Life’s position as Sri Lanka’s second-largest life insurer, serving over 1.3 million policyholders.
With Gross Written Premiums (GWP) of Rs. 31.574 billion in 2024 and a 25% growth in Q1 2025, the acquisition expands Softlogic Life’s market share (17.2%) and enhances its service offerings. Allianz Life will soon rebrand as SL Insurance Lanka Ltd, operating as a fully owned subsidiary.
Ashok Pathirage, Chairman of Softlogic Life, emphasised the company’s vision to build a resilient, tech-driven insurance sector, while Managing Director Iftikar Ahamed highlighted plans to integrate Allianz’s policyholders and team into Softlogic’s customer-centric model. Known for AI-powered underwriting, rapid claims processing, and digital innovation, Softlogic Life aims to further elevate industry standards.
Allianz Lanka’s General Insurance business remains under Allianz SE, with CEO Prashant Grover reaffirming their commitment to Sri Lanka’s market. The transition marks a strategic shift in Sri Lanka’s insurance landscape, merging Softlogic’s growth momentum with Allianz’s legacy.
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