Softlogic Life Insurance PLC, a unit of Softlogic Holdings PLC and the country’s third largest life insurer said, it finalised two landmark deals to the tune of US $ 30 (Rs.5.6bn) million.
Development financial institutions Finnish Fund for Industrial Coorporation Ltd. (Finnfund) and the Norwegian Investment Fund for Developing Countries (Norfund) collectively signed a US $ 15 million Tier II subordinated debt transaction with Softlogic Life on August 24, 2020.
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
Softlogic Life also concluded a financial reinsurance transaction in March 2020 of US $ 15 million with MünchenerRückversicherungs-Gesellschaft (MunichRe), one of the top providers of reinsurance, primary insurance, and insurance-related risk solutions in the world based on the top quality portfolio of the company.
This arrangement is viewed as an innovative market leading transaction in the South Asian life and health reinsurance arena.
“These investments by NorFund, Finnfund and MunichReare 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,” SoftlogicLife Insurance PLC Chairman Ashok Pathirage said.