Allianz made substantial progress in its Property and Casualty (P/C) business, with operating profit rising 37 per cent, while the combined ratio improved by 3.1 percentage points to 93.7 per cent. Management actions to drive sales and stronger expense discipline delivered clear results in 2017, especially in China, Indonesia and Sri Lanka. On 2February 2018, Allianz announced plans to acquire 100 per cent of Janashakthi General Insurance, a subsidiary of Janashakthi Insurance PLC. The transaction, which is subject to regulatory approval, will significantly expand Allianz's customer reach and position it as one of Sri Lanka's largest P/C insurers.