Softlogic Capital says evaluating bid received for Softlogic Life Insurance

Ending months-long speculation, Softlogic Capital PLC Managing Director Iftikar Ahamed in a stock market filing yesterday informed the Colombo Stock Exchange (CSE) that they are evaluating a bid for its subsidiary Softlogic Life Insurance PLC.“…the Board of Directors wishes to inform that, it has received a proposal for the purchase of the shares held by the company in its subsidiary Softlogic Life Insurance PLC and is in the process of evaluating such a proposal,” the stock exchange filing by Softlogic Capital said.

However, the filing fell short of disclosing the name of who had shown interest.

Market speculation was rife that AIA Insurance Lanka Limited, a privately held unit of Hong Kong-based AIA Group had shown interest in acquiring Softlogic Life Insurance.

Softlogic Capital is the financial services sector holding company of the Softlogic Group. Softlogic Capital held 51.72 percent of the issued shares of Softlogic Life Insurance as at December 31, 2022.

Softlogic Life Insurance share closed at Rs.107.0 yesterday, up Rs.8.80 or 8.96 percent from the previous close.
For the year ended December 31, 2022, the company reported earnings of Rs.7.15 per share or Rs.2.68 billion compared to earnings of Rs.5.61 per share or Rs.2.1 billion a year ago on gross written premiums of Rs.23 billion, up 15 percent year-on-year.

The net asset value per share as at December 31, 2022, was Rs.28.99, up from Rs.28.24 a year ago.