SoftLogic Life

SoftLogic Life Insurance PLC, one of Sri Lanka’s fastest growing life insurers, is leading the way in providing Sri Lankans with essential individual life and health, group life, and other policies. The company is a trailblazer in the market with its customer-centric product innovation. Its tailor-made products include a cashless hospital settlement product integrating more than 60 local hospitals, doorstep doctor visits, and medical testing. It was also first-to-market in Sri Lanka in offering life insurance via mobile through a partnership with Dialog Axiata. The company employs a 2400-person agent force, as well as distributing protection products via banks and direct means.

Softlogic Life was recently selected as one of the Top 3 Insurers in the region by Asian Insurance Review and has won a multitude of awards. Its strong brand and customer-centric agent force combined with tailor-made products are enabling strong growth.

Sri Lanka’s population of 21 million is currently underserved with life and health insurance products. But growing awareness of the benefits of insurance combined with the introduction of new and innovative products to service the market is changing that. Between 2012 and 2017, the insurance industry grew at a CAGR of 12% and that’s set to continue to rise.

“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 to 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.”

LeapFrog’s investment will enable SoftLogic’s ability to continue to accelerate its market-growth strategy.


miLife Insurance Ltd is one of the leading life insurers in Ghana. The award-winning firm puts the customer at the heart of the business by delivering on its core values of making purchasing and owning insurance simple, affordable and more accessible. miLife’s vision is to be the leader in helping Ghanaians build their dreams, one customer at a time through its educational, savings, funeral and term assurance policies which offer protection for death, disability, and critical illness.

“We want to be the most innovative and affordable life insurer for the consumer mass market in Ghana,” says Kwaku Yeboah-Asuamah, CEO of miLife. “We believe our partnership with LeapFrog will give wings to our growth plans and enable us to benefit from LeapFrog’s rich insurance expertise and knowledge.”

The ambitious firm aims to reach over 1 million people with insurance over the LeapFrog investment horizon. With insurance penetration sitting at below 2% of GDP in Ghana, the opportunities for growth are boundless.

“We’re immensely excited for the future with the miLife team. By focusing on opening up accessibility to life insurance and taking the complexity out of purchasing and owning insurance for all Ghanaians, we are giving customers a more certain future and the confidence to pursue their dreams,” said Michael Joyce, Director at LeapFrog Investments and miLife Board member.

LeapFrog’s deep expertise in developing insurance products for emerging consumers and its track record of success in Ghana and life insurance will be used to help miLife to soar to new levels of growth, profitability and impact.

Express Life

LeapFrog’s majority investment in Express was, at the time, the largest private foreign investment in Ghana’s insurance industry.

At the time, the company was in difficulty, but LeapFrog saw the opportunity in Ghana’s burgeoning insurance market. The country is one of the fastest growing economies globally, with the life insurance sector alone growing 40% per annum. Yet less than 2% of the country’s 25 million people had access to insurance, offering a compelling opportunity for quality, relevant and affordable products to fill this gap.

LeapFrog set to work, with the objective of restructuring Express and then transforming it from insignificance to a dominant position in the mass-market.

LeapFrog helped Express Life to create a completely new product range: more affordable, better quality, and more relevant to the emerging customer. LeapFrog supported the implementation of a new IT system, enabled customer service improvements and ensured the viability of low-cost insurance policies. Over 350 team members underwent sales and management training, including a large new agency force.

Crucially, LeapFrog promoted connections across the portfolio by introducing Express to BIMA, a dynamic mobile distributor and LeapFrog investment. Read about this partnership here.

When LeapFrog invested, Express had 12,000 clients. Within two years, Express Life had catapulted to 423,000 clients, reaching almost 900,000 people, family members included.

This transformed company attracted the attention of Prudential PLC, who were looking to establish a footprint in Africa. By March 2014, Express – now a healthy and growing company – had been acquired by Prudential PLC. The successful LeapFrog exit was a remarkable demonstration of how profitable investing can go hand-in-hand with deep social impact.

ARM Life

Nigeria is leading the African growth story; this exhilarating nation has been an outperformer even among fast-growing African markets. Nigeria has been posting 6% real GDP growth every year for the past decade, 1.2% above that of Sub-Saharan Africa. Currently, 66% of the vast Nigerian market is still underserved with vital financial services.

The Asset and Resource Management Company (ARM) is the leading non-bank financial institution in Nigeria, and the largest independent asset manager. ARM partnered with LeapFrog to expand into life insurance to complement its pensions and investment management offerings. ARM Life offers a wide range of investment and savings, risk and annuity products to Nigeria’s mushrooming employee base and mass-market.

LeapFrog’s team brings significant actuarial and operational skills to bear on the development of ARMLife’s retail presence, helping diversify and grow the business. LeapFrog has worked with ARMLife to bring in new leadership talent and support across management training, as well as to improve governance, financial reporting actuarial and technical services and human capital management.


LeapFrog’s first investment was in AllLife, a South African company that is quietly turning the life insurance customer model on its head. AllLife has built a profitable business by offering affordable life cover to people living with HIV, people who once were automatically excluded on the basis on carrying the virus that leads to AIDS. More than this, AllLife actively helps clients manage their health. LeapFrog has worked closely with the business, in underwriting, product design and operations.

“We contact our clients every month,” says Ross Beerman, the irrepressible CEO of AllLife, “reminding them to stay healthy, do their blood tests and take their medication. Our clients get healthier just by being our clients.” This is not just a claim. AllLife clients average a 15% improvement in their CD4 count (an immune system marker) within six months of being insured.

Where other life assurers might decline or avoid insuring people with dread diseases, AllLife backs their clients to live – and then helps them to do so. The practical, psychological and social impacts of this are profound. People with HIV are now able to take out loan finance, build their lives and participate in the community. And a significant side effect is the reduction in the stigma around HIV/AIDS.

While AllLife’s social impact is considerable, this is a profitable business, one that has seen 50% growth year-on-year, since being founded in 2004. Its sustainable business model was recognized in July 2015, when AllLife won the Prince of Wales Unilever Global Development Award for Business in the Community.

Neither Ross nor any of the founders came from the insurance world. “Otherwise we would have known that what we have accomplished was impossible.”