Allianz to acquire Sri Lanka’s Janashakthi InsuranceFebruary 5 2018 by InsuranceAsia News Staff
Allianz has entered into an agreement with Sri Lanka’s Janashakthi Insurance to acquire 100% of its subsidiary Janashakthi General Insurance for €85.9 million (US$107 million).
The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018.
The acquisition makes Allianz Insurance Lanka one of the country’s largest general insurers, with a market share of approximately 20%, Allianz said.
The acquisition also strengthens Allianz Lanka’s customer reach and service capabilities, with close to a million policyholders nationwide.
Janashakthi Insurance will continue to focus on its life insurance portfolio in order to strengthen its presence in the Sri Lankan life sector, said Allianz.
Janashakthi Insurance said the transaction is subject to several conditions precedent which have to be satisfied by the parties, including addressing any concerns which may be raised by the country’s Insurance Regulatory Commission.
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