Sri Lanka Insurance Life (SLIC Life) has been assigned an ‘A+(lka)’ National Insurer Financial Strength (IFS) Rating by Fitch Ratings, with a Stable Outlook.
Among Sri Lankan life insurers rated by Fitch, SLIC Life holds the highest assigned rating at present. This recognition underscores the company’s financial stability, strong market presence, and commitment to delivering long term value to policyholders.
Fitch Ratings has highlighted SLIC Life’s ‘Favourable’ company profile, supported by its long-standing history, strong business franchise, and extensive distribution network. As one of Sri Lanka’s leading life insurers, SLIC Life continues to play a vital role in the country’s insurance sector, maintaining a significant market share.
The company’s financial strength is further reinforced by a strong regulatory capital position, which remains well above the industry’s minimum requirements. SLIC Life’s Risk-Based Capital (RBC) ratio stood at 646% as of mid-2024, reflecting a healthy financial buffer. The company has also demonstrated strong premium growth, with an 18% increase in gross written premiums in early 2024, driven by higher new business and renewal premiums.
Chandana L Aluthgama, Group Chief Executive Officer of Sri Lanka Insurance, said, “At SLIC Life, we continue to focus on delivering sustainable growth, innovative solutions, and trusted insurance services to Sri Lankans. This rating reaffirms our stability and dedication to serving our customers with excellence.”
Nusith Kumaratuna, Chairman of Sri Lanka Insurance said, “This achievement reflects the collective efforts of our team and the sound governance principles we uphold. It is a testament to our long-term vision and resilience in navigating complex market dynamics while securing the future of our policyholders.”
SLIC Life continues to adapt to evolving market conditions while ensuring financial security for its policyholders.
