Connect Life - Life Insurance Licence in Mongolia

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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.