Janashakthi to buy AIA’s general insurance biz

Janashakthi Insurance Plc is buying global giant AIA’s Sri Lanka’s general business, in a multi-billion rupee deal.

Parties were tightlipped about the deal but AIA has convened a press conference today evening where an announcement was likely. A disclosure to the Colombo Stock Exchange from both parties is expected today as well. 

AIA’s general business assets amounted to Rs. 6 billion as at 30 June 2015 whilst in the life business it was Rs. 44.2 billion. 

In the first half AIA’s general business had Gross Written Premium worth Rs. 1.97 billion up from Rs. 1.43 billion a year earlier. Net earned premium was Rs. 1.19 billion, up from Rs. 1.07 billion and total revenue was Rs. 1.35 billion, up from Rs. 1.16 billion. 

AIA general insurance business finished the first half with a net loss of Rs. 22.15 million, as against a profit of Rs. 59.3 million a year earlier.