Allianz, a global financial services leader, has announced that it has entered into an agreement with Janashakthi Insurance to acquire 100% of its subsidiary Janashakthi General Insurance (JGIL) for LKR 16.4 billion (US$106 million).
This acquisition makes Allianz Insurance Lanka one of the country’s largest general insurers, with a market share of approximately 20%.
This transaction also represents one of the largest investments into Sri Lanka, demonstrating Allianz’s confidence in the Sri Lankan market.