Allianz to Acquire Janashakthi General Insurance Limited in Sri Lanka
February 02 2018 - 2:08AM
Dow Jones News
By Anthony Shevlin
Allianz SE (ALV.XE) said Friday that it has entered into an
agreement with Sri Lanka's Janashakthi Insurance Co. PLC (JINS.SL)
to acquire its subsidiary Janashakthi General Insurance Ltd. for
85.9 million euros ($107 million).
The German insurer said the acquisition makes Allianz Insurance
Lanka one of the country's largest general insurers and that it
will have a market share of around 20%. The transaction is subject
to regulatory approval and is expected to be completed in the first
quarter.
Janashakthi General Insurance Ltd. will continue to focus on its
life insurance portfolio in order to strengthen its presence in the
Sri Lankan life insurance industry, said Allianz.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
February 02, 2018 01:53 ET (06:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Jul 2023 to Jul 2024
