trending Market Intelligence /marketintelligence/en/news-insights/trending/sba0kzzamllphyrihiwntq2 content esgSubNav
In This List

Sri Lanka's Janashakthi Insurance to off-load stake in general insurance biz

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Sri Lanka's Janashakthi Insurance to off-load stake in general insurance biz

Sri Lanka-based Janashakthi Insurance PLC is selling its general insurance business, Janashakthi General Insurance Ltd., The Sunday Times reported Feb. 1, citing a company announcement.

The insurer said its board approved the sale to an undisclosed buyer, which according to stock market sources is Allianz Insurance Lanka Ltd., the publication noted.

The terms of the deal are still in the final stages of negotiations, the report added.

In addition, the insurer's board also agreed to conduct a substantial share repurchase following the sale of the wholly owned subsidiary.

Allianz Insurance Lanka is a unit of Allianz Group.