The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018.
This acquisition makes Allianz Insurance Lanka (“Allianz Lanka”) one of the country’s largest general insurers, with a market share of approximately 20 percent. The acquisition will deliver a range of strategic benefits to all stakeholders, including:
- Strengthens Allianz Lanka’s customer reach and service capabilities with close to a million policyholders island-wide, the expanded client base represents a significant growth opportunity for Allianz in Sri Lanka.
- Janashakthi’s general insurance portfolio complements Allianz Lanka’s existing business, and represents a strategic fit across both corporate and retail lines. In addition, Allianz will bring its core capabilities in data science and technology to deliver superior experiences for all customers.
- Together with its 6 percent share in the country’s life insurance market, the acquisition positions Allianz Lanka as one of the strongest protection leaders in the country. This supports Allianz’s strategic priorities of achieving market leadership positions and high-quality growth in the Asia Pacific region.
- 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.