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Janashakthi Insurance to go for an IPO

Janashakthi Insurance, Sri Lanka’s leading insurance company will go for an Initial Public Offering (IPO) shortly, its sources said.

General Manager, Sales and Marketing, Ravi Liyanage told Daily News Business that the directive IBSL made of all insurance companies to be listed in the Colombo Stock Exchange (CSE) had prompted them to take this decision.

Picture by Sumanachandra Ariyawansa
Agreement: Country Head of ICICI Bank, Prem Kumar Thampi and Managing Director of Janashakthi Insurance Co Ltd, Prakash Schaffter exchange agreement.

With mixed reactions to the IBSL directive many insurance companies will be listed in the CSE in the future. This move would raise additional capital to insurance companies. Meanwhile, Janashakthi Insurance joined forces in a strategic partnership for bancassurance arrangement, with ICICI Bank, which will bring the synergies of both entities.

ICICI Bank, India’s largest private bank with assets of over USD 96 billion (as of December 31, 2007) and present in 18 countries worldwide through its subsidiaries, joined forces in a strategic partnership for bancassurance arrangement.

Country Head of ICICI Bank, Prem Kumar Thampi and Managing Director of Janashakthi Insurance Co Ltd, Prakash Schaffter signed the MOU.

This arrangement will provide both banking and insurance solutions to customers under one roof. Products such as Janashakthi Full Option (motor insurance), Janashakthi Awaranaya (fire and burglary insurance), Janashakthi Worldwide Travel, Janashakthi e-Marine and Title insurance will be initially offered to the customers through this special arrangement, Liyanage said. Life insurance products such as Decreasing Term Assurance under Janashakthi Loan Guard, Janashakthi Vishrama Retirement products will also be available through this operation.

“We have been exploring the opportunity to find a right partner for this emerging trend in the global arena for distribution of insurance products and services.

We are indeed happy today to sign up with a truly leading global bank to exploit mutual benefits offered in bancassurance”, he said “In India ICICI Bank has been a pioneer in leveraging synergies in the financial sector through strategic tie-ups with various industry players.

Extending the same strategy to Sri Lanka, ICICI Bank is pleased to enter into this new partnership with Janashakthi Insurance Company to offer the best insurance products to our customers in the country.

The bank has always been in the forefront to constantly evaluate customer requirements and provide best services and this partnership is a step in that direction,” Country Head of ICICI Bank, Prem Kumar Thampi said.

“We are very optimistic that this new partnership will bring about an exclusive and a wide array of financial solutions and services at the bank premises itself, either by sharing the Janashakthi extranet or through web enabled online services, apart from the professional advice by insurance professionals in the bank premises.

The proposed business model will fundamentally change the status quo from a “service centre” to a highly customised “Sales Centre”.

Janashakthi Insurance customers too will receive exclusive solutions from our strategic partner ICICI Bank,” he said.



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