Janashakthi Further Consolidates its Position in the General Insurance Business

February 2, 2016

Completes Amalgamation of Janashakthi General Insurance Limited and AIA General Insurance Lanka Limited

Janashakthi Insurance PLC announced that it has now successfully completed the amalgamation process of Janashakthi General Insurance Limited and AIA General Insurance Lanka Limited.

The company had acquired the latter for a sum of Rs.3.2 billion in October 2015. The resulting expansion of 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.

“The acquisition of AIA General Insurance Lanka Limited marked a significant step in our long term growth strategy. Capitalizing 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 further look forward to leveraging the strengths of the combined business to deliver greater value to all stakeholders, as we charge ahead towards becoming the No.1 Insurer in Sri Lanka,” said Prakash Schaffter, Managing Director, Janashakthi Insurance PLC.

“With the completion of the amalgamation, we are realigning the company to boost operational efficiencies and effectively utilize the growth in employee numbers to serve a wider customer base. We are also working with renewed vigor on expanding our product portfolio and are delighted to announce that we will be unveiling several innovative, customer focused solutions in the near future,” said Jude Fernando, Chief Executive Officer, Janashakthi Insurance PLC.

In line with the amalgamation process, Janashakthi Insurance PLC has fully absorbed the employees of AIA General Insurance Lanka Limited into the organization, maintaining its credibility as a responsible employer. Further, the General Insurance operations of the 40 AIA branch offices have been relocated to the nearest Janashakthi branches, enabling all customers to now have access to the 110 Janashakthi branches located island-wide.

Janashakthi Insurance PLC, founded in 1994 by renowned Insurer C. T. A. Schaffter, made its mark in the industry as an innovator and household name within a short span of two decades. Today, the company stands strong as a leader in Motor, Non-Motor and Life Insurance services, and with its recent acquisition of AIA General Insurance Lanka Limited, continues resolutely on its journey of becoming the No. 1 Insurer in Sri Lanka, with an unwavering commitment towards delivering excellent customer service.

The Board of Directors of Janashakthi Insurance PLC comprises Mr. W. T. Ellawala, Non–Executive Chairman; Mr. Husein Esufally, Non–Executive Deputy Chairman; Mr. Prakash Schaffter, Managing Director; Mr. Jude Fernando, Executive Director/Chief Executive Officer; Mr. L. C. R. de C. Wijetunge, Non-Executive Independent Director; Mrs. Manjula Mathews, Non-Executive Director; Mr. Ramesh Schaffter, Non–Executive Director; Mr. Eardley Perera, Non-Executive Independent Director; and Ms. AnushyaCoomaraswamy, Non-Executive Independent Director.