Allianz completes Srilankan insurer Janashakthi’s acquisition

The logo of Europe's biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

Global financial services firm Allianz Group has completed the acquisition of Sri Lanka-based insurer Janashakthi General Insurance Ltd for about $106.4 million (LKR 16.4 billion).

In an announcement on Monday, the German insurance major said it sealed the buy after receiving all the necessary regulatory approvals and will now begin amalgamating the operations of both companies.

“This transaction brings together two highly complementary businesses for enhanced scale, competitiveness and service capabilities, while positioning Allianz as one of Sri Lanka’s largest general insurers and significantly accelerating its growth agenda in this market,” said the announcement.

After the deal, Allianz Insurance Lanka will be one of the country’s largest general insurers, with a market share of approximately 20 per cent. Further, with close to a million policyholders island-wide, the expanded client base represents a significant growth opportunity for Allianz in Sri Lanka.

Together with its 6 per cent share in the country’s life insurance market, the acquisition positions Allianz Lanka as one of the strongest protection leaders in the country. This supports Allianz’ strategic priorities of achieving market leadership positions and high-quality growth in the Asia Pacific region, Allianz said earlier this month while announcing the deal.

It had further added that Janashakthi will continue to focus on its life insurance portfolio in order to strengthen its presence in the Sri Lankan life insurance industry.

Janashakthi Insurance has been in Sri Lanka for over two decades and focuses on motor, fire and health protection for individuals and corporates. Meanwhile, Allianz with core businesses are insurance and asset management services over 80 million customers worldwide and is a leader in the German market in insurance sector.

Also Read:

Allianz to acquire Sri Lanka’s Janashakthi General Insurance in $106m deal

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.