SOFTLOGIC LIFE INSURANCE PLC
Status: Completed investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
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.
What is our 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 do we fund this investment?
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.
More investments
| Date | Total FMO financing |
|---|---|
| 8/3/2017 | EUR 0.06 MLN |
- Website customer/investment
- http://www.asianalliance.lk
- Region
- Asia
- Country
- Sri Lanka
- Sector
- Financial Institutions
- Effective date
- 6/23/2016
- End date
- 12/29/2020
- Total FMO financing
- LKR 0.46 MLN
- Funding
- FMO NV
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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