News Non-Life03 Sep 2018

Sri Lanka:Japanese giant increases stake in the largest local insurer

| 03 Sep 2018

Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has acquired a 9% share of Ceylinco Insurance for approximately LKR3bn ($19m), thereby increasing its shareholdings to 15%.

Ceylinco is the largest insurance group in Sri Lanka listed on the Colombo Stock Exchange.

After giving effect to the additional acquisition, MSI has dispatched a director to Ceylinco Group and will contribute to enhance the corporate value of Ceylinco Group through participation in its business, the Japanese insurer said in a statement.

In July 2015, MSI invested in Ceylinco Group, with which it had a business alliance for many years, and entered the Sri Lanka’s market as the first Japanese insurance company.

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