Janashakthi completes merger with AIA Sri Lanka unit
ECONOMYNEXT – Janashakthi Insurance PLC said it has completed the amalgamation of Janashakthi General Insurance Limited and AIA General Insurance Lanka Limited it had acquired for 3.2 billion rupees in October 2015.
Janashakthi Insurance now has a market share of about 17.5 percent with an estimated Gross Written Premium (GWP) of 11 billion rupees, a statement said.
“The acquisition of AIA General Insurance Lanka Limited marked a significant step in our long term growth strategy,” it said.
“We look forward to leveraging the strengths of the combined business to deliver greater value to all stakeholders,” said Prakash Schaffter, Managing Director, Janashakthi Insurance PLC.
“With the completion of the amalgamation, we are realigning the company to boost operational efficiencies and effectively utilize the growth in employee numbers to serve a wider customer base,” said Jude Fernando, Chief Executive Officer, Janashakthi Insurance PLC.
General Insurance operations of the 40 AIA branch offices have been relocated to the nearest Janashakthi branches, enabling all customers to now have access to the 110 Janashakthi branches located island-wide.