Allianz Group, a Germany-based financial services firm, has wrapped up the previously announced acquisition of Sri Lanka-based Janashakthi General Insurance, to scale up its footprint in the island country.

The $106.4m (LKR16.4bn) deal, which was announced in first week of this month, concluded after the receivingall the necessary regulatory approvals.

With the transaction, Allianz has gained amarket share of approximately 20% in the emerging South Asian market.

In a statement, Allianz said: “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.”

Alliance will now start integrating the operations of Allianz Insurance Lanka and Janashakthi General Insurance.

Allianz has assured Janashakthi’s clients that the merged entity will continue to service the existing policies post-acquisition.

Allianz noted that Janashakthi’s general insurance portfolio complements its business in Sri Lanka  and represents a strategic fit across both corporate and retail lines.

Post-divestment, Janashakthi Insurance will continue to focus on its life insurance portfolio. The company offers motor, fire and health protection for individuals and corporate sector.