Allianz has completed its acquisition of Sri Lanka’s Janashakthi General Insurance Ltd after it received all necessary regulatory approvals.

The deal, which was announced earlier this month and estimated at LKR16.4 billion (US$106.9 million), will result in Allianz gaining a huge market share of around 20% in the emerging South Asian market.

With the acquisition finalised, Allianz will begin integrating the operations of Allianz Insurance Lanka and Janashakthi General Insurance, and has offered reassurance about its full commitment to servicing the policies of the latter’s clients.

“This transaction brings together two highly complementary businesses for enhanced scale, competitiveness and service capabilities, while positioning Allianz as one of Sri Lanka’s largest general insurers and significantly accelerating its growth agenda in this market,” the Germany-based insurer said in a media release.

Janashakthi Insurance, after selling off its general insurance arm, will concentrate on its life insurance businesses.

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