Sept 28, 2012 (LBO) – Being well positioned to take advantage of Sri Lanka’s post war growth potential helped drive a 109 million US dollar acquisition of Aviva NDB Insurance (ANI) by American International Assurance group, officials said. “After 30 years of war and this is a new beginning for the country so we are so excited to be part of this future,” Huynh Thanh Phong regional chief executive of AIA Group Limited said.
“When we looked at ANI in Sri Lanka we not only looked at the net worth of the company – the embedded value or value of the book of the company. When we assessed the opportunity, we had to look at the whole macro-economic conditions and the potential.
“And we looked at the players within that market who are in the best position to take advantage of that potential.”
AIA bought into ANI as UK’s Aviva decided to exit several Asian markets. AIA has an Asia focus and is present in 15 markets in the region, including Japan, Korea, New Zealand, Australia, Vietnam and Indonesia Thailand India and Sri Lanka.
Bill Lisle, group chief distribution officer, AIA Group Limited says the firm’s 90-year long experience in Asia will help drive the unit in Sri Lanka.
“We looked at the opportunity in Sri Lanka post wa