AIA Insurance Lanka seeks permission to delist

Business

AIA Insurance Lanka PLC (AIA), a public listed company, on Friday announced its intention to delist from the Colombo Stock Exchange (CSE), subject to obtaining requisite approvals.

AIA Insurance Lanka Director & Chief Officer Legal Chathuri Munaweera said: “the Regulation of Insurance Industry (Amendment) Act No.23 of 2017 enables local subsidiary insurance companies of foreign companies listed on a stock exchange outside Sri Lanka to be exempted from their obligation to be listed, if the Insurance Regulatory Commission of Sri Lanka is satisfied that such subsidiary meets specified statutory criteria”.

Pankaj Banerjee, CEO of AIA Insurance Lanka added, “As disclosed by AIA Group in its Voluntary Offer during 2013, it has been AIA Group’s ultimate objective, subject to legal and regulatory requirements and having obtained all necessary regulatory approvals, to delist AIA Insurance Lanka from the CSE”.

In a media release, AIA Insurance Lanka said its licence to carry out life insurance business as granted by the Insurance Regulatory Commission of Sri Lanka (IRCSL) will not be affected by the said proposed delisting of the company and the business will continue to be supervised by the IRCSL. Policyholder liabilities will not be affected and AIA Insurance Lanka will continue to serve its customers and honour its obligations as the insurer for all customers for the risks duly underwritten per policy terms. -ENDS -

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