Softlogic Life

What Softlogic Life does

Softlogic Life Insurance PLC is a publicly listed Sri Lankan life and health insurer (Colombo Stock Exchange: AAIC.N0000) founded in 2001 and headquartered in One Galle Face Tower, Colombo. The company operates as a multi-channel distributor offering a comprehensive product portfolio spanning six categories: protection (term life, universal life, child and family plans), investment (unit-linked and protected savings plans), retirement (individual and corporate pension plans), healthcare (hospitalization, surgical, and the newly launched 'Health for Life' continuous coverage), corporate group solutions (group life, group medical, employer-employee schemes), and optional benefit riders. As of Q1 2026, Softlogic Life holds 19.3% market share and is the country's #1 health insurer, with Gross Written Premium (GWP) of Rs. 40.1 billion in FY25 (27% YoY growth) and Profit After Tax of Rs. 4.7 billion.

The company's technology stack includes AI-powered claims settlement (first in Sri Lanka), automated straight-through underwriting for low-risk applicants, fraud scoring on claims, lapse-propensity and cross-sell propensity models, AML transaction monitoring, and an AI-enabled Annual Report Analyzer. It operates a Video-KYC (e-KYC) system with facial recognition against NIC photos for digital onboarding, an integrated online payment gateway (ipg.softlogiclife.lk), a third-party claims portal integration (instaclaim.lk), and a Learning Management System for sales force development. Softlogic Life joined the Partnership for Carbon Accounting Financials (PCAF) in February 2026 as Sri Lanka's first insurance signatory.

Revenue is generated through recurring life and health insurance premiums on annual, semi-annual, quarterly, or monthly billing cadences, plus unit-linked investment-linked products and corporate group schemes. Distribution combines Sri Lanka's largest 2,400-agent agency force, bancassurance partnerships with nearly all major banks (delivering Rs. 2.2 billion in GWP with 119% YoY growth in 2018), direct corporate sales, mobile insurance via Dialog Axiata, postal network distribution via Sri Lanka Postal Department, and online self-serve channels. The customer base spans individual retail policyholders, corporate enterprises, and bank channel buyers, with Q1 2026 GWP reaching Rs. 12.3 billion (37% YoY growth). Institutional shareholders include LeapFrog Investments (38% stake), Munich Re, Norfund, and OP Finnfund, alongside parent conglomerate Softlogic Holdings PLC. The company completed the acquisition of 100% of Allianz Life Insurance Lanka in February 2026.

Name

Softlogic Life

Legal name

Softlogic Life Insurance PLC

Website

https://softlogiclife.lk/

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Softlogic Life is a publicly listed Sri Lankan life and health insurer offering protection, investment, retirement, and healthcare products through a 2,400-agent agency force, bancassurance partnerships, and digital channels, serving as the country's largest health insurer with 19.3% market share.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Group Term Life Insurance (FSAIAAAJ), Whole Life / UL Policy Riders & Add-ons (e.g., Waiver of Premium, Accidental Death, Child Term, LTC/Chronic Illness) (FSAIABAK), Basic Group Term Life (Employer-Paid) (FSAIADAA)

Keywords

• Life insurance services
• Health insurance products
• Bancassurance distribution
• Retirement annuity plans
• Group corporate insurance

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations, Infrastructure, Supply Chain, Others

Revenue model

1. Life Insurance Premiums: Core revenue from life insurance products including term life, whole life, endowment, child education plans, retirement and annuity plans, unit-linked plans, critical illness covers, and hospital and surgical cash plans. Premiums collected on recurring (annual/semi-annual/quarterly/monthly) or single premium basis.
2. Health Insurance: Leading health insurer in Sri Lanka with comprehensive healthcare coverage products. 'Health for Life' product launched in 2026 as first-of-its-kind continuous healthcare coverage addressing aging population and non-communicable diseases.
3. Corporate/Group Solutions: Group life, group medical, group personal accident, and employer-employee schemes for corporate clients. Includes bancassurance products distributed through bank partnerships.
4. Unit-Linked Products: Investment-linked insurance products with market and unit-linked features, providing both protection and investment returns.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Softlogic Life Insurance PLC is a public listed life insurer in Sri Lanka that underwrites and distributes a comprehensive portfolio of life and health insurance products to individual and corporate customers. Its offering spans protection (term, whole life, universal life, child and family plans), investment-linked and unit-linked plans, retirement and annuity products, health and hospitalization covers (including the new "Health for Life" continuous coverage), and corporate/group schemes such as group life, group medical, bancassurance DTAP products and bespoke partnerships (Lanka Bell, Asiri, Dialog Per Day Cover, Postal Life). Distribution is delivered through a 2,400-person agency force, bancassurance bank partnerships, direct corporate sales, branch network, and digital self-service channels.

Product overview

Softlogic Life is a leading Sri Lankan life insurer offering a comprehensive portfolio of insurance products across six main categories: Protection (term life, universal life, child plans, family plans), Investment (protected investment and savings plans), Retirement (individual and corporate pension plans), Health Care (health insurance series and healthcare plans), Corporate Solutions (group life, bancassurance partnerships with Dialog, Asiri, Lanka Bell, and postal distribution), and Optional Benefits (health riders and supplementary covers). The company operates as a multi-channel distributor with agency, bancassurance, direct, and digital sales capabilities. Recent innovation includes Health for Life, Sri Lanka's first continuous healthcare coverage product targeting the aging population, along with AI-powered digital tools for claims processing and corporate reporting.

Differentiator

Problem solved

Functional benefit

Products and services

• Softlogic Life Legacy Plan A protection-focused life insurance plan providing comprehensive coverage for policyholders and their families, targeted at individual retail customers seeking family financial protection.
• Softlogic Life Level Term Plan Term life insurance with level premiums and coverage amounts throughout the policy term, designed for individual retail customers seeking fixed-cost pure protection.
• Softlogic Life Online Plan A digitally-enabled term life insurance plan that can be purchased and managed online, targeted at digitally-engaged retail customers.
• Softlogic Life Universal Savings Plus Plan A combined protection and savings plan with enhanced benefit features, providing both life cover and wealth accumulation for individual retail customers.
• Softlogic Life Universal Plan A comprehensive life insurance plan combining protection and savings elements, marketed to individual retail customers seeking flexible universal life coverage.
• Softlogic Life Premium Relief Plan A life insurance plan designed to provide financial relief and security features alongside coverage.
• Softlogic Life Child Plan A specialized protection plan designed for children's future financial security and educational needs, targeted at parents and guardians.
• Softlogic Life Family Plan A comprehensive family protection plan covering multiple family members under a single policy, designed for households seeking combined life cover.
• Softlogic Life Protected Investment Plan An investment-focused plan with capital protection features, built for wealth accumulation with downside protection for individual retail customers.
• Softlogic Life Protected Savings Plan A savings-oriented plan designed to help policyholders accumulate funds while maintaining underlying life protection.
• Softlogic Life Retirement Plan (Retire with Pride) A retirement-focused annuity plan enabling policyholders to build retirement savings and receive regular income post-retirement, targeting individual retail customers nearing retirement.
• Softlogic Life Corporate Pension Plan A group retirement solution for corporate clients to provide employee pension benefit schemes, offered to companies and employer groups.
• Softlogic Life Good Health Series A health insurance product line providing coverage for medical expenses and healthcare needs, sold to individual retail customers seeking health protection.
• Softlogic Life Healthcare Plan A comprehensive health insurance plan covering hospitalization, surgical and medical treatment expenses for individual retail customers.
• Health for Life First-of-its-kind continuous healthcare coverage product in Sri Lanka, designed to address the country's rapidly aging population where one in four citizens is over 60 and non-communicable diseases account for 83% of all deaths, sold to individual health-conscious customers.
• Softlogic Life Group Life Plan A group life insurance solution for employers to provide life coverage to their workforce, sold to corporate / enterprise clients.
• Lanka Bell Insurance Plan A corporate group insurance plan offered in partnership with Lanka Bell, distributed to Lanka Bell's customer base and corporate clients.
• Asiri Life Product A corporate insurance solution offered through the Asiri hospital network partnership, combining life cover with healthcare access for policyholders.
• Dialog Per Day Cover A daily hospitalization cash benefit plan offered via the Dialog partnership, providing per-day payout during hospital stays for eligible customers.
• Postal Life Insurance Plan An insurance plan distributed through the Sri Lanka Postal Department, providing nationwide reach including underserved areas through post offices.
• Other Benefits (Optional Riders) Additional optional benefit riders attachable to base policies for enhanced coverage, including supplementary covers sold alongside core life and health plans.
• Health Riders Supplementary health coverage riders that can be added to primary life insurance policies to extend healthcare benefits.
• Dollar Saver (Foreign Currency Insurance) Sri Lanka's first foreign currency insurance solution, allowing policyholders to hold life insurance coverage denominated in foreign currency to hedge against currency volatility.
• Call a Doctor (Telemedicine Facility) A telemedicine facility launched during the COVID-19 pandemic in 2021 to provide remote doctor consultations for policyholders, extending health services beyond inpatient care.

Quantifiable outcome

• 27% year-on-year GWP growth to Rs. 40.1 billion in FY25
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability9 records

Feature7 records

Partnerships

Six partnerships are on record, tiered flagship, core and minor.

• Allianz Life Insurance Lanka Ltd.flagshipStrategic or Co-development Partner · 13 February 2026Softlogic Life completed the acquisition of 100% of Allianz Life Insurance Lanka following regulatory approval from the Insurance Regulatory Commission of Sri Lanka. This acquisition expands Softlogic Life's market share, enhances product offerings, and leverages digital innovation to fuel long-term growth.
• Dialog AxiatacoreTechnology or Integration · 1 January 2019Groundbreaking partnership enabling mobile-enabled life insurance services, making Softlogic Life first-to-market with mobile insurance in Sri Lanka. The partnership integrates insurance products with Dialog's mobile platform for convenient customer access.
• Sri Lanka Postal DepartmentminorChannel Partner/ Reseller/ Distributor · 1 January 2019First-ever postal insurance plan partnership to bring insurance coverage to customers through Sri Lanka's postal network, extending reach to underserved areas of the country.
• Kelaniya UniversityminorStrategic or Co-development Partner · 1 January 2019MOU signed with University of Kelaniya to academically strengthen insurance advisors through specialized training and certification programs.
• Leading Banks (Sri Lanka)coreChannel Partner/ Reseller/ Distributor · 1 January 2018Distribution agreements with almost all leading banks in Sri Lanka for DTAP (Deposit Term and Prudential) insurance products distributed in tandem with bank loan products. Alternate Channels team delivered Rs. 2.2 billion GWP with 119% YoY growth through this channel.
• Hospitals Network (60+)coreTechnology or Integration · 1 January 2018Partnership with more than 60 local hospitals enabling worldwide cashless hospital settlement, doorstep doctor visits, and medical testing services for health insurance policyholders.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Union Assurance: Major Sri Lankan composite insurer with a substantial life insurance business, distributing through agents, brokers, and bancassurance. Direct competitor to Softlogic Life across life, health, and group insurance segments in the same geography.
• HNB Assurance: Life and general insurance subsidiary of Hatton National Bank, leveraging the HNB parent bank for bancassurance distribution. Competes directly with Softlogic Life in both individual life products and group/corporate schemes, particularly via bank channel.
• Sri Lanka Insurance Corporation (Life): State-owned life insurer with national reach and dominant historical position. Competes directly with Softlogic Life in mass-market and rural life insurance, and increasingly in group and health segments where the private sector is gaining share.
• LOLC Life Assurance: Sri Lankan life insurer backed by the LOLC Group conglomerate, distributing life and investment-linked products through agency and alternative channels. Comparable in scale aspiration and product mix, competing for the same individual and corporate policyholders.
• Janashakthi Insurance: Sri Lankan composite insurer with a significant life insurance business distributed through agency and broker channels. Direct competitor in retail and group life, with overlapping product lines including health, endowment, and protection plans.
• Ceylinco Life Insurance: One of Sri Lanka's largest and longest-established life insurers, offering a comparable suite of life, health, and investment-linked products through an agency-led distribution model. Directly competes with Softlogic Life for individual and group policyholders in the domestic market.

Emerging players

• Sanasa Life Insurance: Cooperative-sector life insurer with growing presence in microinsurance and savings-linked policies across Sri Lanka. An emerging niche player targeting underserved and rural segments, increasingly overlapping with Softlogic Life's mass-market retail offerings.

Regional players

• Continental Insurance Lanka (Life): Sri Lankan life and general insurer distributing individual and group life products. Smaller-scale domestic player competing in similar retail and corporate segments; useful comparison for smaller competitor dynamics within the Sri Lankan market.

Others

• Allianz Life Insurance Lanka: Sri Lankan life insurance arm of Allianz SE, fully acquired by Softlogic Life in February 2026. Post-acquisition it operates as a wholly-owned subsidiary; pre-acquisition it was a direct competitor distributing life and health products through agency and broker channels.

Broad incumbents

• AIA Insurance Sri Lanka: Sri Lankan arm of AIA Group, one of Asia's largest life insurers. Operates as a broad incumbent in the same life and health insurance categories with multinational scale, capital strength, and product breadth, competing for the same premium Sri Lankan consumer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/softlogiclife

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Softlogic Life