Sri Lanka Insurance secure AAA (lka) Fitch Rating amidst turbulent times

Sri Lanka Insurance (SLI) has become the only insurer in Sri Lanka to maintain National Insurer Financial Strength (IFS) rating of ‘AAA (lka) with a Stable Outlook amidst the turbulent times.

The rating reflects the favourable business profile, strong financial performance and capitalization of the company maintained over time within a challenging business environment. The pioneer of the insurance industry is shifting paradigms and setting benchmarks in the industry with AAA (lka) rating which is the highest score in the national rating scale, SLI said in a media release.

On the international rating scale along with the Sri Lankan sovereign rating of ‘CCC’, Sri Lanka Insurance recorded at ‘CCC+’ and SLIC's rating continues to reflect its 'Favourable' business profile, and a capital position and financial performance better than that of the domestic insurance industry.

“Fitch assesses SLIC’s business profile as ‘Favourable’ compared with other Sri Lankan insurance companies due to the 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 to secure the robust financial rating and for the second consecutive time,” the release said.