Sri Lanka’s Janashakthi wraps up AIA General Acquisition
ECONOMYNEXT – Colombo-based Janashakthi Insurance Plc said it had paid 3.2 billion rupees to complete the purchase of a general insurance unit of AIA Insurance Lanka Plc.
Prakash Schaffter, Managing Director, Janashakthi Insurance Plc said the two firms will be amalgamated soon.
"I’d like to welcome the employees of AIA General Insurance Lanka Limited to the Janashakthi family," Schaffter said.
"Together, we shall embark on the next phase of our journey towards creating an outstanding organization that is stronger than before."
Jude Fernando, Chief Executive Officer of Janashakthi Insurance Plc said the combined business will seek operational efficiencies with technology.
The acquisition will boost annual gross written premium of Janashakthi to 11 billion rupees with a 17.5 percent market share, making it the third largest insurer by revenues.
Janashakthi has appointed W T Ellawala, Chairman; Husein Esufally, Deputy Chairman, Prakash Schaffter, Director; Ramesh Schaffter, Director and Jude Fernando, Director – Chief Executive Officer of AIA General Insurance.