Allianz Insurance Lanka Limited (Allianz Lanka) which bought Janashakthi General Insurance in February,has now successfully completed the amalgamation process between itself and Janashakthi General Insurance Limited.The new entity will operate as Allianz Insurance Lanka Limited.
The company acquired Janashakthi General Insurance Limited for Rs. 16.4 billion. The resulting expansion changed Allianz’s market presence in Sri Lanka and accelerated the company’s growth, giving it a market share of approximately 20%, a company spokesman said.
Managing Director, Allianz Insurance Lanka, Surekha Alles said,
“With the completion of this amalgamation process, Allianz Insurance Lanka stands on a strong foundation as it begins a new chapter in its journey. The newly formed business is perfectly positioned to drive continued innovation and excellence for our customers and to seize upon growth opportunities in the country. As we move forward, we will continue to keep the customer at the heart of everything we do, ensuring that we are able to create enduring benefits for them.”
The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. It also ranks among the top 5 insurers in the world in life, health and industrial insurance, she said.