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Sanasa Life moves ahead with Rs. 500 m Tier 2 debenture plan as part of solvency restoration
Daily FT
|February 20, 2026
SANASA Life Insurance Company PLC yesterday said it will proceed with raising up to Rs. 500 million through a private placement of unrated, unlisted, unsecured, Tier 2 redeemable, cumulative subordinated debentures, as part of a broader capital restoration plan aimed at meeting regulatory solvency requirements.
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The Board, by resolution dated 27 January 2026, approved the issuance of up to five million debentures at Rs. 100 each, carrying an interest rate of 12.50% per annum. The issue will be made to identified investors and is intended to qualify as Tier II capital, subject to concurrence from the Insurance Regulatory Commission of Sri Lanka (IRCSL).
The company's licence to carry on long-term insurance business was suspended by the IRCSL from 5 December 2025 due to, among other matters, failure to meet the Capital Adequacy Ratio (CAR) requirement under the Solvency Margin (Risk Based Capital) Rules 2015.
This story is from the February 20, 2026 edition of Daily FT.
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