Softlogic Life Insurance PLC, a key player in Sri Lanka’s insurance sector, has announced the signing of a subordinated loan agreement valued at $15 million. The funds will be provided by the OP Finnfund Global Impact Fund I Ky, in conjunction with the Finnish Fund for Industrial Cooperation Ltd (Finnfund), and the Norwegian Investment Fund for Developing Countries (Norfund).
The agreement outlines that Softlogic Life Insurance will receive $7.5 million each from OP Finnfund Global Impact Fund and Norfund. This financial boost is intended to facilitate the expansion of the company’s business operations and to enhance the Tier 2 capital of Softlogic Life Insurance.
The implementation of this loan agreement will be contingent upon obtaining the necessary regulations and approval from the Insurance Regulatory Commission of Sri Lanka (IRCSL).
(Colombo/Jan 21, 2025)
