The management of Janashakthi making the announcement of the acquisition at a press conference held recently Pic by Chandana Wijesinghe

As speculated by The Nation Gain previously, Sri Lanka’s Janashakthi Insurance PLC today confirmed it has made a payment of Rs.3.2 billion to AIA Insurance Lanka PLC., to seal off its acquisition of AIA General Insurance Lanka Limited.

With the financial aspects of the transaction now complete, Janashakthi said it will commence amalgamation of AIA General Insurance Lanka Limited with Janashakthi General Insurance Limited.

Janashakthi Insurance PLC., has made new appointments to the board of AIA General Insurance Lanka Limited. The Board of Directors of AIA General Insurance Lanka Limited will now comprise of W. T. Ellawala, Chairman; Husein Esufally, Deputy Chairman, Prakash Schaffter, Director; Ramesh Schaffter, Director; and Jude Fernando, Director – Chief Executive Officer.

“In line with our long term growth plans,the acquisition of AIA General Insurance Lanka Limited marks a significant milestone in Janashakthi’s history. The soon to commence amalgamation efforts will allow us to draw on the combined strengths of the two entities as we strive to deliver greater value to our customers, employees and shareholders,” said Prakash Schaffter, Managing Director, Janashakthi Insurance PLC.“I’d like to welcome the employees of AIA General Insurance Lanka Limited to the Janashakthi family. 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, “We as an organization take on this new journey with renewed energy. We are confident that the combined business has a lot more to offer to our customers and stakeholders. As we continue to drive operational efficiency through technological advancements, we look forward to delivering the best service along with a greater mix of differentiated insurance solutions.”

Further consolidating Janashakthi’s position as the 3rd largest general insurer in Sri Lanka, the resulting entity will account for an estimated Gross Written Premium (GWP) of Rs.11 billion with a market share of approximately 17.5%.