AIA to focus strategy on realising significant growth opportunities in Sri Lankan life insurance mar
12 October 2015 05:18 am
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.