AIA to focus strategy on realising significant growth opportunities in Sri Lankan life insurance mar

12 October 2015 05:18 am - 0 - {{hitsCtrl.values.hits}}

A A A

Today, AIA Sri Lanka announced that it is to sell its general insurance company to continue to focus its strategy on realising the significant growth opportunities in the Sri Lankan life insurance market.

AIA informed the Colombo Stock Exchange that subject to shareholder approvals, AIA Insurance Lanka PLC will be divesting its fully owned general insurance subsidiary AIA General Insurance Lanka Limited to Janashakthi Insurance PLC for a total consideration of LKR 3.2 billion. The completion of the sale is expected to take place at the end of October.

AIA Group’s vision is to be the pre-eminent life insurance provider in the Asia-Pacific region and AIA Sri Lanka is fully committed to this.

Over the period since joining AIA Group, AIA Sri Lanka has also made significant investments to expand its branch network with 52 new branch offices and establish its partnership with Sri Lanka Cricket.

The formal requirement of an industry wide segregation of life and general insurance businesses by the IBSL at the start of this year provided the backdrop for AIA's decision.

Notably, AIA was the first company to comply with the segregation requirement, which AIA views as a progressive move by the regulator.

AIA Group is the largest independent publicly listed pan-Asian life insurance group, with a presence in 18 markets in Asia-Pacific, including Sri Lanka.

Established over 90 years ago, AIA is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets.

AIA Group is the 2nd largest listed life insurer in the world. It had total assets of US$172 billion as of 31 May 2015.

Across Asia-Pacific, AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients.

AIA Group serves more than 29 million holders of individual policies and over 16 million participating members of group insurance schemes in the region.

AIA Group is the number 1 company in the world with the most number of Million Dollar Round Table (MDRT) members (3,752 as of 6 May 2015). MDRT is internationally recognised as the standard of excellence in the life insurance and financial services business.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

AIA to focus strategy on realising significant growth opportunities in Sri Lankan life insurance mar

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Racing event tragedy leaves seven dead including eight-year-old child

Ranil Wickremesinghe caravan moves on despite barking dogs

Street food vendor arrested for verbally harassing foreigner

New Visa procedure implemented

Gota fires back at Cardinal, rebuts allegations

Two racing drivers arrested over Fox Hill tragedy

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

Foreign powers intensify surveillance on Presidential elections as strategic interests take centre stage

New uterine loop for monkey birth control

Sajith avoids reception hosted for Iranian President

Do not be afraid to use weapons, Minister Alles tells police

Dates confirmed for 78th Bradby Shield

SLAS appoints independent committee for investigation

Pakistan lose key players for last two T20Is against New Zealand

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?