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| Tuesday, 18 May 2004 |
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Sri Lanka Insurance achieves Fitch Ratings by Steve A Morrell Sri Lanka Insurance achieved "Fitch Rating'' from the International rating agency, Fitch Ratings London-Colombo, which was the first such rating achieved by an Insurance Company here. The benchmark used for assessment was collectively, financial strength, regulatory solvency, liquidity, financial flexibility, operating performance, balance sheet strength, management quality, competitive positioning business positioning, and business viability. From the Fitch offices in London, Directors in charge of the Sri Lanka rating Chris Waterman and Mark Nicholson said that the rating was carried out based on the needs of the company. Sri Lanka Insurance which was a State controlled corporation was purchased by the Stassen Group of companies in 2003 with Aitken Spence as well holding part equity. Aitken Spence was the first company to commence the insurance business in the country in the 1800s. Director, Sri Lanka insurance Damien Fernando said that after privatisation it was necessary to maintain client confidence and ensure a better basket of products to expand their service areas. This coupled with the assurance of safety and a sound financial base motivated the company to seek the rating from an independent company, to ensure its standing and image in the insurance sphere. The Fitch Rating is a long term monitoring application and during the period of its effective application the company will be exposed to constant supervision and evaluation. All branches will be within the company's network and on line facilities will linked to the main office in Colombo. This will make insurance accessible to a broad segment of its customers. |
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