AIA Insurance Lanka PLC (“AIA” or the “Company”) on 03rd October 2019 announced that the Colombo Stock Exchange (CSE) by its letter dated 02nd October 2019 has confirmed that the Company is delisted from the Official List of the CSE effective 02nd October 2019.
AIA Insurance Lanka Director and Chief Officer Legal Chathuri Munaweera said: “the Company commenced its delisting process in July 2018 upon receiving approval of the Insurance Regulatory Commission of Sri Lanka (IRCSL) as per the Regulation of Insurance Industry (Amendment) Act No. 23 of 2017, to be exempted from being listed on a licensed Stock Exchange, based on the strength of its ultimate holding company AIA Group Limited, which is listed on the Main Board of The Stock Exchange of Hong Kong. In line with the statutory provisions applicable to a non-listed public entity, the Company will be known as “AIA Insurance Lanka Limited”, effective from the date set out in the certificate to be issued by the Register General of Companies of Sri Lanka.”
Ms. Munaweera explained that the Company’s license to carry out life insurance business as granted by the IRCSL will not be affected by the delisting of the Company and the business will continue to be supervised by the IRCSL. Policyholder liabilities will not be affected and AIA Insurance Lanka Ltd will continue to serve its customers and honour its obligations as the insurer for all customers for the risks duly underwritten per policy terms.
Nikhil Advani, CEO of AIA Insurance Lanka added, “delisting of AIA Insurance Lanka is consistent with the target operating model followed by AIA Group, where its insurance operating units are held as wholly-owned subsidiaries wherever possible and permissible, with the ultimate parent company, AIA Group Limited, being the only publicly listed entity of AIA Group.”
He further extended his profound appreciation to the IRCSL, the SEC and the CSE for their guidance and advice throughout the process leading up to the delisting. He also thanked the exiting minority shareholders for their support and cooperation over the years.
William Lisle, Chairman of AIA Insurance Lanka PLC, reiterated that AIA will continue its exemplary track record of corporate governance, not only matching local standards but aligning with the international best practices that are in place within AIA Group. “Good corporate governance practices at AIA define how we hold ourselves to the highest standards of professionalism, which is key to maintaining trust and building sustainable relationships with our stakeholders – customers, regulators, agents, distribution partners and others. It reflects our Operating Philosophy of “Doing the Right Thing, in the Right Way, with the Right People,” he added.
He also commented on AIA Group’s commitment to Sri Lanka, saying: “AIA is fully committed to continued economic and social development and investment in Sri Lanka for the benefit of our customers, the local community and economy. I would like to reaffirm our commitment to the Sri Lankan market to which we have invested heavily to provide our customers with leading products and services and we will continue to help many more people here live healthier, longer, better lives.”