The Hong Kong office of Debevoise & Plimpton LLP has advised AIA Insurance Lanka PLC, a subsidiary of Hong Kong-based life insurer AIA Group Limited, on the sale of its stake in AIA General Insurance Lanka Limited to Janakashi Insurance PLC for LKR 3.2 billion. The Board of Directors of AIA Insurance Lanka PLC has approved the sale subject to obtaining the approval of the company’s shareholders.

AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group. AIA has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific – Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei and a 26 per cent joint venture shareholding in India.

The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets.

The Debevoise team advising AIA was led by partner E. Drew Dutton and associate Edwin Northover and included international counsel Stuart J. Valentine and associate Jayne So.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.