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.
