Sri Lanka Fitch upgrades HNB Assurance rating to ‘A(lka)’

Sept 22, 2009 (LBO) - Fitch Ratings said it has upgraded Sri Lanka HNB Assurance's (HNBA) National Long-term rating to 'A(lka)' from 'A-(lka)' with a stable outlook. Concurrently, Fitch has affirmed HNBA's National Insurer Financial Strength (IFS) rating at 'A(lka)'.
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"The upgrade of HNBA's National Long-term rating reflects mainly the implicit capital, franchise and distribution support from Hatton National Bank (HNB, National Long-term rating 'AA-(lka)')," the rating agency said in a statement.

HNBA's major shareholders are HNB with a 59.99 percent stake and Alliance Finance Co with 9.
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97 percent, while the remaining 30.04 percent of the company's shares are widely held.

With total assets of 2.8 billion rupees, HNBA was Sri Lanka's sixth largest insurer at end-2008.

"Although parental support has always been a critical element of HNBA's credit profile, Fitch believes the company's strategic importance to the bank has grown since its incorporation in 2001," says Stanley Tsai, Director in Fitch's insurance team.
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Fitch said it expects HNBA to further increase its "distribution synergies" with its parent through on-going product development, b