SLICGL is Sri Lanka's highest-rated insurance brand with exclusive Fitch A+ (lka) validating market leadership and stable outlook

Sri Lanka Insurance Corporation General Ltd. (SLICGL) announced that Fitch Ratings has reaffirmed its 'A+(Ika)' National Insurer Financial Strength (IFS) Rating, with a Stable Outlook.

Importantly, SLICGL holds the distinction of being Sri Lanka's highest-rated insurance brand and the only A+ rated insurer in the country.

The 'A+(Ika)' rating reflects SLICGL's strong financial profile and leading position in the Sri Lankan general insurance market. Fitch's assessment highlights the company's ‘favourable’ profile, underpinned by a robust business franchise, extensive domestic operations, and a wide distribution network.

SLICGL held the No. 1 position in Sri Lanka's general insurance market in 2024, reinforcing its reputation as the country's most trusted and financially stable insurer, according to the Insurance Regulatory Commission of Sri Lanka (IRCSL).

The rating also considers the company's exposure to sovereign-related investments, contributing to elevated investment and asset risk, while noting its adequate capitalization. Despite recent pressures on underwriting profitability due to inflation, higher claim costs, and regulatory adjustments, Fitch expects SLICGL's profitability to strengthen through enhanced claims management and growth across key business lines, led by the motor portfolio alongside expansion in fire, health, and other non-motor segments.

SLICGL's capital position remains strong, with a risk-based capital ratio of 277.3% at end-2024, well above the regulatory minimum of 120%. With an improving economic outlook and enhanced market conditions, SLICGL's investment profile has strengthened, further supporting Fitch's Stable Outlook.

As the general insurance arm of the state-owned pioneer, Sri Lanka Insurance Corporation, SLICGL continues to focus on sustaining growth and profitability. The company's strategy emphasizes innovation, operational efficiency, and proactive claims management. The separation of SLICGL from its life insurance counterpart in 2024 has enabled more focused management and agility, positioning the company for its next phase of growth.

About Sri Lanka Insurance Corporation General Ltd. (SLICGL)

With over six decades of expertise in general insurance, SLICGL stands as the most valuable and trusted general insurance brand in Sri Lanka, renowned for its financial strength and customer focus. The offers a comprehensive portfolio of products spanning motor, fire and engineering, medical, general company accident, and marine insurance, delivered through an island-wide network of over 200 branches and service centers.

In 2024, SLICGL was recognized as the "Best Insurance Company for Customer Satisfaction - Sri Lanka" by the Global Brand Awards. Backed by the strength and heritage of the Sri Lanka Insurance Corporation, SLICGL remains the nation's first choice in risk protection, poised for continued growth and innovation.