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Allianz to acquire Janashakthi General Insurance in Sri Lanka

Allianz, the global financial services leader, today announced that it has entered into an agreement with Janashakthi Insurance PLC (“JINS”) to acquire 100% of its subsidiary Janashakthi General Insurance Limited (“JGIL”) for LKR 16.4 billion (EUR 85.9 million). The transaction is subject to regulatory approval and is expected to complete in the first quarter of 2018.

This acquisition makes Allianz Insurance Lanka (“Allianz Lanka”) one of the country’s largest general insurers, with a market share of approximately 20%. The acquisition will deliver a range of strategic benefits to all stakeholders.

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