The position of Sri Lanka Insurance (SLI) in the local industry has received a further boost with Fitch Ratings upgrading its National Insurer Financial Strength (IFS) rating and National Long-Term Rating to AA+(lka) from AA(lka). SLI’s International IFS rating has also been affirmed by the agency with the assigning of a Stable Outlook.
This one-notch rating upgrade signifies that the rating agency has a more positive and confident outlook on the top national insurer and its majority ownership by the State. The strategic importance of the company to the Government is also amply reflected in this move. SLI continues to operate as a composite insurer and the ratings upgrade is a further endorsement of the company’s stability which reflects its profitability and capitalisation.
People who are seeking to enter in to long-term insurance relationships with a company should ensure that the company has received third party financial ratings as an endorsement of the company’s long-term claim paying ability.
In fact, Sri Lanka Insurance was the first local insurance company to be assigned a global rating for financial stability AA (lka) from Fitch Ratings, London. The company has also received the ISO 9001:2008 certification for correct governing and operational procedures in line with accepted global standards. Meanwhile, SLI General and Life were ranked among the top fifty Most Valuable Brands in the country in the LMD Brands Annual for 2017 while the company was ranked No. 9 among the Most Loved Brands for the year by the same.
SLI has firmly established itself as one of the most respected players in the insurance industry. With over 120 branches island-wide, an unparalleled Assets Base of Rs. 177 billion and a massive Life Fund of Rs. 91.1 billion with millions of policies in force, SLI continues to demonstrate its stability, strength and long-term sustainability.
Being backed by top international reinsurers has continued to safeguard the company’s position. This also enabled the company to manage the losses resulting from the floods of both 2016 and 2017.