Allianz Further Strengthens Its Position in Sri Lanka

October 15, 2018

Completes amalgamation of Janashakthi General Insurance with Allianz Insurance Lanka

Allianz Insurance Lanka Limited (Allianz Lanka), one of Sri Lanka’s leading insurers, announced that, following the acquisition of Janashakthi General Insurance in February 2018, it has now successfully completed the amalgamation process between itself and Janashakthi General Insurance Limited. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister de Silva Mawatha (Baseline Road), Colombo – 09.

The company had acquired Janashakthi General Insurance Limited for a sum of Rs. 16.4 billion, which, at the time, represented one of the largest investments into Sri Lanka, demonstrating Allianz’s confidence in the market. The resulting expansion changed Allianz’s market presence in Sri Lanka and accelerated the company’s growth, giving it a market share of approximately 20%. With over 2,700 experienced team members working across a network of over 100 branches around the island, Allianz Lanka is now geared to offer greater value and convenience to consumers and businesses across Sri Lanka.

Over the years, Allianz Lanka has come to be known for its tailor-made insurance solutions for corporate clients and large scale projects in Sri Lanka. Leveraging its global expertise and insights into the local market, and geographical expansion of its branch network, it now seeks to serve individual consumers and Small and Medium Enterprises (SMEs) around the island as well. With an extensive portfolio of solutions suited to cover all the needs of individuals and businesses, the insurer is geared to provide insurance solutions to all Sri Lankans. It continues to pursue an innovation led growth strategy with a focus on digitalization to ensure that its solutions are aligned to changing market realities and evolving consumer preferences.

Commenting on the successful amalgamation, Mrs. Surekha Alles, Managing Director – Allianz Insurance Lanka, said, “With the completion of this amalgamation process, Allianz Insurance Lanka stands on a strong foundation as it begins a new chapter in its journey. The newly formed business is perfectly positioned to drive continued innovation and excellence for our customers and to seize upon growth opportunities in the country. As we move forward, we will continue to keep the customer at the heart of everything we do, ensuring that we are able to create enduring benefits for them.”

Allianz Insurance Lanka Limited, a fully owned subsidiary of Allianz SE, has been operating in Sri Lanka since 2005. The financial strength and solid capitalisation of the Allianz Group, coupled with Allianz Lanka’s local expertise and business know-how, has been the company’s powerful formula for success. This has allowed the company to be the trusted insurer for many high-value projects including Altair, One Colombo, Colombo City Center, the Southern Expressway, the oil explorations in Mannar, the 10 Megawatt Solar PV Power Plant in Hambantota, numerous wind power and electricity transmission infrastructure capacity enhancement projects.

The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. It is the world’s number 1 motor insurer with over 100 years of experience and the global leader in travel insurance, assistance services and personal services. It also ranks amongst the top 5 insurers in the world in life, health and industrial insurance. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.

It has been ranked as the most transparent major insurance company in the world and amongst the 10 most transparent multinational companies worldwide by Transparency International. It was also recognized as the World’s Most Ethical Insurer by the Ethisphere Institute. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. The systematic integration of ecological and social criteria in its business processes and investment decisions has helped the company hold the leading position for insurers in the Dow Jones Sustainability Index.