“Insurance takeovers: The next big thing”
Reference to the Business Times story last week headlined “Insurance takeovers: The next big thing”, two companies named in the story – Janashakthi Insurance Plc and HNB Assurance Plc – have denied its contents.
In letters to the newspaper, HNB Assurance said the news item is inaccurate while Janashakthi also said that the story was inaccurate.
Janashakthi went on further to state that, “In fact, post the divestment of our General Insurance business, Janashakthi Insurance PLC has commenced its journey of investing behind the Janashakthi Life business. As a result, we have taken the initiative to rebuild the Life brand, strengthen our IT capabilities to bring innovative life solutions to our customers, increase the capacity and skills of our valued customers and the field sales staff and spread our presence throughout the island through a new branch network. YTB 2018 the Janashakthi Life business is experiencing health double digit growth.”
Business Editor’s note: The story was based on industry sources who said there had been ‘talks’ on these matters. In the Janashakthi case, at a recent briefing directors said that they were looking for an international partner for technical collaboration along with a small equity partnership.