Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms.
The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister de Silva Mawatha (Baseline Road), Colombo – 09.
The company had acquired Janashakthi General Insurance Limited for a sum of 16.4 billion rupees, which, at the time, represented one of the largest investments into Sri Lanka.
The resulting expansion changed Allianz’s market presence in Sri Lanka and accelerated the company’s growth, giving it a market share of approximately 20 percent.
With over 2,700 experienced team members working across a network of over 100 branches around the island, Allianz Lanka is now geared to offer greater value and convenience to consumers and businesses across Sri Lanka.
Over the years, Allianz Lanka has come to be known for its tailor-made insurance solutions for corporate clients and large scale projects in Sri Lanka. Leveraging its global expertise and insights into the local market, and geographical expansion of its branch network, it now seeks to serve individual consumers and Small and Medium Enterprises (SMEs) around the island as well.
Allianz Insurance Lanka Limited, a fully owned subsidiary of Allianz SE, has been operating in Sri Lanka since 2005.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. It is the world’s number 1 motor insurer with over 100 years of experience and the global leader in travel insurance, assistance services and personal services. It also ranks amongst the top 5 insurers in the world in life, health and industrial insurance. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.