Sri Lanka Insurance receives Fitch Rating upgrade to AAA (lka) for Strong Financial Stability
- Sri Lanka Insurance is the only insurance company in Sri Lanka to be awarded AAA (lka) Fitch Rating.
- Endorses the company’s Strong financial credentials and Capitalisation
Colombo 18th June 2019: Endorsing Sri Lanka Insurance as the trusted insurer of the nation Fitch upgrades Sri Lanka Insurance’s national Insurer Financial Strength (IFS) rating to ‘AAA (lka)’ from ‘AA+ (lka)’ with a Stable Outlook. The upgraded rating reflects the favourable business profile, strong financial performance and capitalization of the company maintained over time within a challenging business environment. AAA (lka) rating is the highest score in the national rating scale.
Sri Lanka Insurance is the only insurer in Sri Lankan Insurance industry to secure this highest achievement in terms of financial stability. This is a reflection of Sri Lanka Insurance’s superior ability to meet the long term insurance obligations to its policyholders.
Sri Lanka Insurance’s impeccable business profile comprised with leading business franchise, well-diversified participation in business lines across life and non-life insurance sectors, stable business focus on established product lines and its favourable domestic operating scale making Sri Lanka Insurance the only Insurer with the robust financial rating. Sri Lanka Insurance is on a accelerated work plan according to its 3 year strategic plan, which in process improvement and product innovation.
SLIC has continued to maintain its Life & General regulatory risk-based capital (RBC) ratios (A measurement of its capitalization) were 437% and 200% respectively, which is well over the industry average and also above regulatory minimum of 120%. The company has also maintained its non-life combined ratio below 100% which attributes to the Company’s prudent underwriting practices.
Sri Lanka Insurance, the state owned Insurance giant is further strengthened by the excellent financial outlook and continues to serve the nation with the most experienced technical knowledgebase in the country, an asset base of Rs. 197 billion and a life fund of Rs.105 billion which is the largest in the Industry.