The firms expect the deal to complete in first quarter of 2018
Allianz has today announced its acquisition of Sri Lanka insurance firm Janashakthi General Insurance Limited.
The German firm intends to acquire 100% of the subsidiary from Janashakthi Insurance, in a transaction that is expected to complete in the first quarter of 2018.
This deal represents one of the largest investments into Sri Lanka, making Allianz one of the country’s largest general insurers.
After selling part of its Taiwan life insurance portfolio to China Life in Q4 of 2017, this deal reaffirms Allianz’ commitment to the Asia Pacific region.
Allianz Asia Pacific regional chief executive George Sartorel said: “This transaction provides a highly attractive opportunity to transform our market presence in Sri Lanka, while accelerating our growth agenda in the Asia Pacific region.”
He added: “We are greatly impressed with the JGIL team, and believe the expanded business provides a strong foundation from which to drive continued innovation and excellence for our customers.”