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| Sunday, 5 February 2006 |
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UK's biggest insurer to enter Lanka: Aviva and NDB Group partner Eagle Insurance Global Insurance giant, Aviva plc, entered the Sri Lanka insurance market by acquiring a controlling stake in the highly successful local insurance company, Eagle Insurance Limited. With this acquisition Aviva and NDB will be the major shareholders of Eagle controlling 78.42% with effective control of 51% and 27.42%. Eagle was previously owned to the extent of 87.27% of its shares by NDB Finance Lanka (Pvt) Ltd (NFL). NFL in turn was wholly owned by Capital Development and Investment Co Ltd (CDIC), whose principal owner was NDB Bank Ltd (75.6%) Under this deal, CDIC sold 58.44% of its shares in NFL to Aviva, thereby reducing its holding in NFL to 41.56%. "Aviva has identified Asia as a high growth market. Accordingly, it entered India in 2002, and has rapidly grown into being one of the leading life insurers in the Indian Market. This acquisition reconfirms Aviva's strategic commitment to grow in Asia," said, Group Executive Director of Aviva Group Philip G Scott. Managing Director, Aviva Life Insurance Company India (Pvt) Ltd, Stuart Purdy said, "We are really excited about our entry into the Sri Lankan market. Aviva has grown rapidly in India by combining its global expertise with the local talent. We are now looking to replicate that in Sri Lanka. Eagle Insurance has high quality management and corporate governance and a core value system that is in line with Aviva's philosophy. We are looking at synergies between our operations overseas and Sri Lanka. Eagle will benefit from Aviva's expertise in Bancassurance, and Aviva's modern products, while Aviva will benefit by leveraging Eagle's world class direct distribution model." Chairman NDB Bank S. K. Wickremasinghe said that Aviva is one of the largest insurance companies in the world, and it is ranked 35th in the Fortune 500 list of companies. It brings all the technical expertise that we could possibly want, both in the areas of life and non-life insurance including their worldwide reinsurance capability. |
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