Allianz wraps up Janashakthi buy; says policies to continue
Feb 26, 2018 12:44 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Allianz, a German-based insurer said it had completed an acquisition of Janashakthi General Insurance with regulators giving the nod.
"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," the firm said in a statement.
The acquisition will boost the scale and competitiveness of Allianz as a general insurer in Sri Lanka, the firm said.
The acquistion will give Allianz a 20 percent share of Sri Lanka's general insurance market. The firm paid 107 million US dollars for Janashakhi General but some land is to be returned.
Janashakthi said it will return 11 billion rupees to shareholders through a buy-back. (Colombo/Feb26/2018)