LeapFrog Investments, the leading Profit with Purpose investor, announced a USD $12 million investment in Softlogic Life Insurance PLC, purchasing the shares of FMO, the Dutch development Bank.
The company is one of Sri Lanka’s fastest growing life insurers, providing Sri Lankans with individual life and health, group life, and other policies. The main shareholders of the Company will now comprise Softlogic Capital, DEG and LeapFrog Investments.
“The team, products and high growth of Softlogic Life make for an outstanding company. We are thrilled to see them join the LeapFrog portfolio,” said Dr Andrew Kuper, Founder and CEO of LeapFrog Investments.
“This investment reveals our positive view of Sri Lanka’s long-term trajectory, and its financial services industry. The deal also caps the best year of deployment in the history of our firm.”
“We are excited about the next wave of growth for Softlogic Life and our ability to continue to accelerate our market-growth strategy in partnership with the LeapFrog team and the insurance and financial services expertise they bring to the table. We are deeply appreciative of FMO’s partnership to build our Company to this strong position and are happy to have provided an excellent return on exiting their investment.” said Ashok Pathirage, Chairman Softlogic group.
“LeapFrog has a reputation for partnering to achieve channel expansion, as well as to help solidify strategic relationships that underscore growth – two continued areas of focus for the Softlogic Life business. We hope that this is the first of many investments in Sri Lanka and with the Softlogic Group.”
“Sri Lanka presents a compelling investment opportunity, with an underpenetrated, yet high growth insurance market,” said Fernanda Lima, Director, LeapFrog Investments. “By taking advantage of a diversified distribution strategy, and in-particular delivering insurance in partnership with mobile companies and financial institutions, we will be able increase the reach of relevant products into the country’s emerging consumer segment, who have traditionally been excluded from easy, and affordable access to insurance.”
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