Fitch upgraded Sri Lanka Insurance’s national Insurer Financial Strength (IFS) rating to ‘AAA (lka)’ from ‘AA+ (lka)’ with a Stable Outlook. The AAA (lka) rating is the highest score in the national rating scale
Sri Lanka Insurance is the only insurer to secure this achievement in terms of financial stability. This is a reflection of Sri Lanka Insurance’s ability to meet the long-term insurance obligations to its policyholders.The business profile of SLIC comprises business franchise, well-diversified participation in business lines across life and non-life insurance sectors, stable business focus on established product lines and its favorable domestic operating scale.
Sri Lanka Insurance is on an accelerated work plan according to its three year strategic plan and focuses on process improvement and product innovation. SLIC has continued to maintain its Life and General regulatory risk-based capital (RBC) ratios (A measurement of its capitalization) at 437 percent and 200 percent respectively, which is well over the industry average and also above regulatory minimum of 120 percent. The company has also maintained its non-life combined ratio below 100 percent which attributes to the Company’s prudent underwriting practices.
Sri Lanka Insurance, the state owned insurance company is further strengthened by its financial outlook and continues to serve the nation with experienced technical knowledgebase, an asset base of 197 billion rupees and a life fund of 105 billion rupees, which is the largest in the industry.