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
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
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
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
“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.