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International

Janashakthi Insurance to buy AIA General Insurance Lanka

October 12, 2015 Reprints

Sri Lanka's Janashakthi Insurance P.L.C. will buy AIA General Insurance Lanka Ltd. for 3.2 billion Sri Lankan rupees ($22.6 million), reported Daily News.

Chandra Schaffter, founder of Janashakthi Insurance, said the insurer hopes that the acquisition will enable it to increase its market share by 6.5% to 17.5% in terms of the general insurance business in the country.

The acquisition is likely to be completed on or before Oct. 23 after receiving all required approvals.

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Janashakthi Insurance to buy AIA General Insurance Lanka

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