Oct 26, 2015 (LBO) – Sri Lanka’s Janashakthi Insurance PLC said that it sealed the acquisition of AIA General Insurance Lanka Limited with 3.2 billion rupee payment.
With the financial aspects of the transaction now complete, Janashakthi will commence amalgamation of AIA General Insurance Lanka Limited with Janashakthi General Insurance Limited, the company said.
“In line with our long term growth plans, the acquisition of AIA General Insurance Lanka Limited marks a significant milestone in Janashakthi’s history. The soon to commence amalgamation efforts will allow us to draw on the combined strengths of the two entities as we strive to deliver greater value to our customers, employees and shareholders,” said Prakash Schaffter, managing director of Janashakthi Insurance PLC.
With the acquisition, Janashakthi Insurance has made new appointments to the board of AIA General Insurance Lanka Limited comprising of W. T. Ellawala, chairman; Husein Esufally, deputy chairman; Prakash Schaffter, director; Ramesh Schaffter, director; and Jude Fernando, director – chief executive.
Further consolidating Janashakthi’s position as the 3rd largest general insurer in Sri Lanka, the resulting entity will account for an estimated Gross Written Premium (GWP) of 11 billion rupees with a market share of approximately 17.5 percent.