Softlogic Life completes 100% acquisition of Allianz Life Insurance Lanka

Softlogic Life Insurance PLC has successfully completed the acquisition of 100% of the shares of Allianz Life Insurance Lanka Ltd., (Life Business), following the receipt of regulatory approval from the Insurance Regulatory Commission of Sri Lanka (IRCSL). The transaction marks a significant milestone, following the initial announcement on 26 March.

Softlogic Life recorded Gross Written Premiums (GWPs) of Rs. 31.574 billion as at December 2024, with a market share of 17.2%, and continued the robust tone with a growth of 25% in the first quarter of 2025. As Sri Lanka’s second-largest life insurer, protecting over 1.3 million lives, this strategic acquisition enables the company to expand its footprint and strengthen its market position, whilst delivering unparalleled value to its policyholders.

Following the completion of the acquisition, Allianz Life Insurance Lanka Ltd., will become a fully-owned subsidiary of Softlogic Life Insurance PLC and will soon change its name and operate as SL Insurance Lanka Ltd., a subsidiary of Softlogic Life Insurance PLC.

Softlogic Life Chairman Ashok Pathirage said: “This acquisition reflects our long-term vision to build a resilient, future-ready insurance business that delivers unmatched value to Sri Lankans. As we welcome this new subsidiary into our portfolio, we reaffirm our commitment to driving industry leadership through innovation, operational excellence, and an unwavering focus on customer wellbeing.”

Softlogic Life has consistently led the Sri Lankan insurance industry’s transformation, pioneering the use of artificial intelligence (AI), data analytics, and automation to enhance customer experiences, streamline operations, improve distribution, and improve risk management. From AI-powered underwriting and predictive health analytics to one-day claim settlements and fully digitised onboarding, the company has embedded innovation across its value chain. Backed by a strong capital base, disciplined financial management, and a track record of unparalleled growth, Softlogic Life combines technological agility with financial resilience, positioning it as the most future-ready life insurer in the country.

Softlogic Life Managing Director Iftikar Ahamed said: “We are excited to embark on this new chapter, bringing together the strengths of our teams to build a more customer-centric insurance provider for Sri Lanka. As we welcome the policyholders and team from Allianz Life Insurance Lanka, we look forward to combining the dynamic brand of Softlogic Life and towards scaling the pinnacle of insurance in Sri Lanka.”

Allianz Life Insurance Lanka Ltd., has been a part of Allianz Lanka since 2008, contributing significantly to the Allianz Group’s presence in the local life insurance sector. Allianz Insurance Lanka Ltd., the General Insurance business of Allianz in Sri Lanka, remains a fully-owned subsidiary of Allianz SE, one of the world’s leading insurers and asset managers, headquartered in Munich, Germany. 

Allianz Insurance Lanka CEO and Country Manager Prashant Grover said: “We extend our best wishes to Softlogic Life on the successful acquisition of our life business. Allianz Insurance Lanka Ltd., the General Insurance arm of Allianz Lanka, remains fully committed to the Sri Lankan market. With over 20 years of experience in the country, Allianz Lanka continues to build on its legacy of trust, innovation, and resilience in delivering world-class insurance solutions to our customers.”