Janashakthi Insurance has sought regulatory approval to complete its merger with National Insurance Corp.
Once the Insurance Board of Sri Lanka approves the merger, Janashakthi will need to go before the Colombo District Court to officially seal the name change.rn
rnldblquote NIC will be known as Janashakthi Insurance and we hope to wrap up the paper work within the next two months,
dblquote Janashakthi Managing Director, Chandra Schaffter said.rn
rnJanashakthi bought up a 51 percent slice in the former government owned insurance company for Rs. 450 mn two-years ago. The balance 39 percent was picked up for Rs. 375 mn in August last year. The 10 percent block gifted to employees at the time of privatization was also bought back by Janashakthi.rn
rnSince acquiring, Janashakthi has launched many re-structuring initiatives to lower NIC cost structure, to private sector norms. These initiatives include a Volunteer Retirement Scheme to reduce excess staff, which was subscribed by about 300 employees.