Allianz announced yesterday that the company has completed its acquisition of Janashakthi General Insurance Limited, after receiving all the necessary regulatory approvals.
This transaction brings together two highly complementary businesses for enhanced scale, competitiveness and service capabilities, while positioning Allianz as one of Sri Lanka’s largest general insurers and significantly accelerating its growth agenda in this market.
With this closing, Allianz will begin amalgamating the operations of both companies, while being fully committed to honouring and servicing the policies of our customers from both Allianz Insurance Lanka Limited and Janashakthi General Insurance Limited.
The Board of Directors of Janashakthi Insurance in a Stock Market filing announced that Jude Fernando, currently Director, Chief Executive Officer of Janashakthi General Insurance Limited, will with effect from May 1, 2018 have responsibility for the life insurance business as Director, Chief Executive Officer of Janaskthi Insurance PLC.
His appointment follows the resignation of Stuart Chapman Director, Chief Executive Officer of Janashakthi Insurance PLC effective April 30. Prior to Chapman’s appointment, Fernando functioned as Director, CEO of the Janashakthi Insurance PLC with responsibility for both life and general businesses. Last week Allianz, the global financial services leader, announced that it has entered into an agreement with Janashakthi Insurance PLC to acquire 100% of its subsidiary Janashakthi General Insurance Limited for Rs 16.4 billion (EUR 85.9 million).
This acquisition makes Allianz Insurance Lanka one of the country’s largest general insurers, with a market share of approximately 20%. The acquisition will deliver a range of strategic benefits to all stakeholders.
Janashakthi Insurance PLC will continue to focus on its life insurance portfolio in order to strengthen its presence in the Sri Lankan life insurance industry, and remains committed to its vision of lighting the lamp of insurance in every home and workplace. Janashakthi Insurance has been operating in Sri Lanka for over 23 years with a focus on motor, fire and health protection for individuals and corporates.
This transaction also represents one of the largest investments into Sri Lanka, demonstrating Allianz’s confidence in this market.
George Sartorel, Allianz’s Regional CEO for Asia Pacific, said, “This transaction provides a highly attractive opportunity to transform our market presence in Sri Lanka, while accelerating our growth agenda in the Asia Pacific region.”
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