Sri Lanka Islamic insurer rated ‘BBB’ by RAM

Oct 28, 2013 (LBO) – Sri Lanka’s Amana Takaful Plc (ATL), an Islamic financier has been rated ‘BBB’ by RAM Ratings Lanka with a stable outlook. “The ratings are supported by ATL’s above-average general insurance underwriting performance, conservative investment policy and above-average capitalisation levels,” RAM said.

“On the other hand, the ratings are weighed down by the Group’s small market share,
its below-average life insurance underwriting standards and limited investment avenues
owing to adherence to Shari’ah-compliant investments.”

The firm was helped by lower exposure to motor insurance particularly at its Maldives unit, RAM said.

The full statement is reproduced below:-

RAM Ratings Lanka assigns Amana Takaful PLC’s claims paying ability rating of BBB-/P3

RAM Ratings Lanka has assigned Amana Takaful PLC (ATL or the Company) long- and
short-term claims-paying ability rating of BBB- and P3, respectively. The outlook on the long term rating is stable.

The ratings are supported by ATL’s above-average general insurance
underwriting performance, conservative investment po