Sri Lanka, March 1 -- Fitch Ratings has assigned Sri Lanka Insurance Corporation General Limited (SLIC General) a 'CCC+' Insurer Financial Strength (IFS) Rating and an 'A+(lka)' National IFS Rating. The Outlook is Stable.
The ratings reflect the insurer's 'Favourable' company profile and high investment and asset risk, driven by exposure to sovereign-related investments. The ratings also factor in the insurer's adequate capital position and weak underwriting performance in recent periods.
Fitch said it regards SLIC General's company profile as 'Favourable', based on a 'Favourable' business profile and 'Neutral' corporate governance compared with that of other Sri Lankan insurers. SLIC General's business profile is supported by its substan...