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Mitsui Sumitomo Insurance increases stake in the largest local insurer

  • Publish Date: Posted over 5 years ago
  • Author:by Alan Jarque

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

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.