Janashakthi acquires AIA’s Sri Lankan General Insurance Business
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Pic by Indika Handuwala shows Prakash Schaffter, Tom Ellawala and Jude Fernando at the Janashakthi briefing.
Janashakthi Insurance PLC is taking full control of AIA General Insurance Lanka Ltd at a cost of Rs. 3.2 billion. Prakash Schaffter, Managing Director, Janashakthi Insurance PLC, told a media conference in Colombo on Friday that Rs. 3.35 billion raised from a recent rights issue will be used for this investment while adding that the company is open to more investmens.
The transaction is subject to customary closing conditions including regulatory and transactional approvals and is expected to be closed by end of October. AIA General Insurance Lanka Ltd is a fully owned subsidiary of AIA Insurance Lanka PLC.
Founder of Janashakthi Insurance PLC – C. T. A. Schaffter said, “I have been in the insurance industry for over 60 years and I believe that the Sri Lankan insurance industry is moving towards a positive era.”
Janashakthi General Insurance accounts for a market share of approximately 17.5 per cent.