Janashakthi further consolidates position in general insurance business

Monday, 1 February 2016 00:00 - - {{hitsCtrl.values.hits}}

Janashakthi Insurance Plc yesterday announced that it has now successfully completed the amalgamation process of Janashakthi General Insurance Ltd and AIA General Insurance Lanka Ltd.

The company had acquired the latter for Rs. 3.2 billion in October 2015. The resulting expansion of its 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. 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 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 Janashakthi Insurance Plc Managing Director Prakash Schaffter.

“With the completion of the amalgamation, we are realigning the company to boost operational efficiencies and effectively utilise the growth in employee numbers to serve a wider customer base. We are also working with renewed vigour 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 Janashakthi Insurance Plc Chief Executive Officer Jude Fernando.

In line with the amalgamation process, Janashakthi Insurance Plc has fully absorbed the employees of AIA General Insurance Lanka Limited into the organisation, maintaining its credibility as a responsible employer. Furthermore, 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 W.T. Ellawala, Non–Executive Chairman; Husein Esufally, Non–Executive Deputy Chairman; Prakash Schaffter, Managing Director; Jude Fernando, Executive Director/Chief Executive Officer; L.C.R. de C. Wijetunge, Non-Executive Independent Director; Mrs. Manjula Mathews, Non-Executive Director; Ramesh Schaffter, Non–Executive Director; Eardley Perera, Non-Executive Independent Director; and Ms. Anushya Coomaraswamy, Non-Executive Independent Director.