Janashakthi General integrates with AIA General Insurance

Janashakthi Insurance PLC has completed the amalgamation of Janashakthi General Insurance Limited with AIA General Insurance Lanka Limited.

The company acquired the latter for Rs.3.2 billion in October last year. The resulting expansion of the customer base and growth in employee numbers will further reinforce Janashakthi's position in the General Insurance industry where it will now account for a market share of approximately 17.5% with an estimated Gross Written Premium (GWP) of Rs.11 billion, a company spokesman said.

Managing Director, Janashakthi Insurance, Prakash Schaffter said, "The acquisition of AIA General Insurance Lanka Limited marked a significant step in our long term growth strategy. Capitalising on the operational synergies of the two entities, we have been working diligently towards ensuring a swift yet smooth consolidation to deliver on customer service excellence."

"We look forward to leveraging the strengths of the combined business to deliver greater value to stakeholders, as we charge ahead to become the No.1 Insurer in Sri Lanka," he said.

Chief Executive Officer, Janashakthi Insurance, Jude Fernando said, "With the completion of the amalgamation, we are realigning the company to boost operational efficiencies and effectively use the growth in employee numbers to serve a wider customer base. We are also working with renewed vigour on expanding our product portfolio and will introduce several innovative, customer focused solutions soon."