RCS - ICFG Limited - Connect Life - Life Insurance Licence in Mongolia

ICFGAnnouncement

12/08/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250812:nRSL8425Ua&default-theme=true

RNS Number : 8425U  ICFG Limited  12 August 2025

Reach

12 August 2025

ICFG Limited

("ICFG" or the "Company")

Connect Life LLC Obtains Specialised Life Insurance Licence in Mongolia and
Enters Strategic Partnership with Mobicom Corporation

ICFG is pleased to announce that its Mongolian subsidiary, Connect Life LLC
("Connect Life"), has been granted a specialised life insurance licence by the
Financial Regulatory Commission of Mongolia, effective 24 July 2025.

This licence authorises Connect Life to provide a comprehensive range of life
insurance and annuity products - including term life, whole life, endowment,
pension, and annuity solutions - across the Mongolian market.

As previously disclosed, SIBJ Capital, the investment arm of ICFG, has
executed a definitive agreement to acquire a 51% equity stake in Insur LLC,
the sole shareholder of Connect Life.

Following completion of this investment, Insur LLC entered into a Strategic
Cooperation Agreement with Mobicom Corporation LLC ("Mobicom"), Mongolia's
largest telecommunications and ICT provider and a local subsidiary of Japan's
KDDI Corporation. Under the "Mobilife" brand, the parties will jointly develop
and distribute innovative digital life insurance products to Mobicom's
approximately 1.7 million customers.

Key Objectives of the Cooperation Agreement:

·      Launch Mobilife's digital life insurance products nationwide
through Connect Life.

·      Broaden consumer access to life insurance and support the
development of Mongolia's insurance sector.

·      Implement a joint business plan aimed at achieving long-term
growth and transforming the sector.

Insur LLC will contribute its proprietary digital insurance platform, seed
capital, regulatory expertise, and a team comprising some of the sector's
leading professionals.

Mobicom will provide access to its nationwide customer base, sales and
distribution network, and robust ICT infrastructure, built over nearly three
decades.

This partnership marks the entry of both ICFG and Mobicom into Mongolia's life
insurance market and aligns with ICFG's strategic objective to expand its
presence in the InsurTech sector and deliver accessible, technology-driven
financial services across its markets.

Further announcements will be made as and when appropriate.

 For further information please contact:

                                                    Via IFC

 ICFG Limited
 Oliver Fox, CEO

 Strand Hanson Limited (Financial Adviser)          +44 (0) 207 409 3494

 Rory Murphy / Abigail Wennington / David Asquith

 Novum Securities (Broker)                          +44 (0) 207 399 9400

 Jon Bellis / Colin Rowbury

 IFC Advisory Limited (Financial PR and IR)         +44 (0) 203 934 6630
 Tim Metcalfe / Zach Cohen

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAPKDBBBBKDBFD