Project detail - SOFTLOGIC LIFE INSURANCE PLC

SOFTLOGIC LIFE INSURANCE PLC

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Who is our client

Asian Alliance Insurance PLC is a listed insurance company established in 1999, focusing on life and general insurance in Sri Lanka. The company was taken over by the entrepreneurial, diversified Soft Logic group in 2011, who in 2012 sold 19% of its stake to FMO and a similar stake to DEG. Based on regulation early 2015 the non-life insurance activities have been separated and are now a full subsidiary of the life insurance entity.

Funding objective

The focus of Soft Logic Group following the sale of their shares is to bring international shareholders like FMO in by selling part of their new shares. The Soft Logic Group has used this revenue to improve their balance sheet.

Why we fund this project

This is one of the first direct investments by FMO in the insurance sector, a sector which is clearly consider part of our strategic financial sector. Together with our partner DEG we have appointed experienced board of director members who guide Asian Alliance Insurance to a more professional level, improving efficieny and assisting with new products. With Capacity Development we stimulate to hire actuarial expertise for the company, as this expertise is limited available in Sri Lanka.

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Date Total FMO financing
8/12/2015 EUR 0.06 MLN
Website client
http://www.asianalliance.lk
Region
Asia
Country
Sri Lanka
Sector
Financial Institutions
Signing date
6/23/2016
Total FMO financing
LKR 0.46 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
C