Allianz further strengthens position in Sri Lanka
View(s):Allianz Insurance Lanka Ltd (Allianz), one of Sri Lanka’s leading insurers, announced that following the acquisition of Janashakthi General Insurance in February 2018, it has now successfully completed the amalgamation process between itself and Janashakthi General Insurance Ltd.
The new entity will henceforth operate as Allianz Insurance Lanka Ltd with its head office relocated to No. 675, Dr. Danister de Silva Mawatha (Baseline Road), Colombo – 09.
In a media release, the company said it acquired Janashakthi General Insurance Ltd for a sum of Rs. 16.4 billion, which, at the time, represented one of the largest investments into Sri Lanka, demonstrating Allianz’s confidence in the market.
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 per cent.
Commenting on the successful amalgamation, Ms. Surekha Alles, Managing Director – Allianz Insurance Lanka, 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 is the world’s number 1 motor insurer with over 100 years of experience and the global leader in travel insurance, assistance services and personal services. It also ranks amongst the top 5 insurers in the world in life, health and industrial insurance. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.