Sri Lanka Insurance Corp., clinched a AA-(sri) (AA minus) national insurer financial strength rating from Fitch Ratings Lanka, becoming the first insurer to do so.
An AA-(sri) national insurer financial strength rating is given for SLICs ability to meet its policyholders obligations and benefits. rn
rnFitch also gave the insurance giant an A+(sri) (A plus) national rating for its long-term debt. rn
rnInsurance firms usually get separate ratings for their overall strength and capacity to service long-term debt.rn
rnAn insurance financial strength rating differs, as policyholders usually rank above other debtors in the event Sri Lanka Insurance is wounded up, explained Damien Fernando, Director SLIC.rn
rnThough credit ratings are not mandatory, Alistair Corera Vice President Fitch Ratings Lanka says, it is creditable that SLIC voluntarily sought a rating.rn
rnldblquote It wont improve their premium incomes as such in the short-term. But over the years, it will build confidence to policyholders