Saturday, August 22 2026
Saturday, August 22 2026
MONETABRIEF - Sri Lanka's Soflogic Life Insurance Plc, which recently acquired 60 percent of Diamond Life Insurance Company Limited of Bangladesh, plans to expand through health business, Managing Director Iftikar Aahamed said.
In Sri Lanka life insurance penetration was only 6.0 percent. In Bangladesh, life penetration was only 0.3 percent.
"We also believe that Sri Lanka has ample scope and it is underpinned in the market, the numbers basically tell you that," Ahamed told a forum organized by Colombo-based CT Smith Securities.
"But I think what's important is to look at what's out there and what more can you do and what value can you bring for your stakeholders.
"And in that sense, if we have the talent, if we have the capacity and if we have the propensity to step out of the shores of Sri Lanka and to capture an opportunity in another market, by all means we should look at it."
Sri Lanka had a population of 22 million and Bangladesh 180 million.
"You cannot overextend yourself," Ahamed said. "You need to play within your expertise. So for example, if you take Bangladesh market, health insurance is non-existent.
"We are looking at that like the person who went there to sell slippers and says nobody is wearing slippers.
"So from that perspective, we think there is a great opportunity to go into a market like that."
Data from Sri Lanka's insurance regulator shows that Soflogic Life Insurance had grown its market share from 7.65 percent in 2015 to 17.2 percent in 2025, making it the second largest player by gross written premium.
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