RAM Ratings Lanka reaffirms Sri Lanka Insurance Corporation Ltd’s ratings at AAA/P1
RAM Ratings Lanka has reaffirmed Sri Lanka Insurance Corporation Ltd’s (SLIC or the Company) long- and short-term claims-paying ability ratings at AAA and P1 respectively; the outlook on the long-term rating is stable. SLIC’s ratings are upheld by it’s strong competitive position, financial flexibility derived from state ownership, systemic importance as the country’s second largest premium underwriter, and healthy capitalisation levels SLIC is the oldest insurer in Sri Lanka and the second-largest in terms of premiums underwritten; the Company accounted for 23% of the industry’s composite gross written premiums (GWP) as at end-December 2011. Further, it is the largest insurer in terms of assets, accounting for 39% of the industry’s asset base at the same date. Given SLIC’s systemic importance and its ownership by the Government of Sri Lanka (GOSL), RAM Rati