Softlogic Life’s acquisition of Allianz Life Insurance Lanka marks a pivotal transformation in Sri Lanka’s insurance landscape. With innovation-driven leadership and over 1.3 million lives covered, the company accelerates its dominance as the second-largest life insurer, reshaping the future of insurance in Sri Lanka.
Softlogic Life Acquires Allianz Life Insurance Lanka in Major Industry Shake-Up
Softlogic Life Insurance PLC, led by Ashok Pathirage, has officially completed the acquisition of 100% of Allianz Life Insurance Lanka Limited, following the green light from the Insurance Regulatory Commission of Sri Lanka. The landmark transaction signals a major turning point in the nation’s insurance landscape.
Softlogic Life, Sri Lanka’s second-largest life insurance company, recorded an impressive gross written premium (GWP) of Rs. 31.57 billion by the end of December 2024, representing a 17.2% market share. The momentum has continued in 2025, with a further 25% growth in the first quarter alone. Now insuring more than 1.3 million lives, Softlogic Life aims to solidify and expand its reach, build on its market strength, and create enhanced value for its customers with this strategic acquisition.
Once finalized, Allianz Life Insurance Lanka Limited will operate under a new identity SL Insurance Lanka Limited, becoming a fully owned subsidiary of Softlogic Life Insurance PLC.
Ashok Pathirage, Chairman of Softlogic Life, commented:
“This acquisition reflects our long-term vision to build a resilient, future-ready insurance business that delivers unparalleled value to Sri Lankans. We welcome this new subsidiary to our portfolio. We reaffirm our commitment to driving industry leadership through an unwavering focus on innovation, operational excellence, and customer well-being.”
Softlogic Life has long led the digital transformation of Sri Lanka’s insurance industry. The company has revolutionized customer experience with cutting-edge technologies, including artificial intelligence, predictive analytics, automation, and data-driven solutions. From same-day claims settlements and AI-powered underwriting to predictive health analytics and fully digitized onboarding, Softlogic Life continues to raise the bar in customer-centric insurance delivery.
With robust financial backing and a reputation for disciplined management, the company pairs technological innovation with financial resilience, positioning itself as Sri Lanka’s most agile and future-proof life insurance provider.
Allianz Life Insurance Lanka Limited has played a vital role in Sri Lanka’s insurance industry since becoming part of Allianz Lanka in 2008. It contributed significantly to Allianz SE’s presence in the local market, representing the life insurance arm of one of the world’s largest insurers, headquartered in Munich, Germany.
Prashant Grover, CEO and Country Manager of Allianz Insurance Lanka Limited, congratulated Softlogic Life on the acquisition and affirmed Allianz Lanka’s ongoing commitment to Sri Lanka.
“Allianz Insurance Lanka Limited, our general insurance arm, remains deeply invested in the Sri Lankan market. With two decades of service, we continue to provide trusted, world-class insurance solutions rooted in innovation and resilience.”
This acquisition marks not just a merger of companies, but a merging of visions: one that aims to redefine the future of life insurance in Sri Lanka with a laser-sharp focus on digital transformation, financial empowerment, and national service.
