Fitch Ratings Lanka has affirmed HNB Assurance’s National Insurer Financial Strength Rating and National Long-Term rating at ‘A(lka)’.
Fitch has also affirmed its subsidiary HNB General Insurance Ltd’s National Insurer Financial Strength Rating and National Long-Term rating at ‘A(lka)’. The outlook on the ratings is stable. The ratings reflect the Sri Lanka-based insurance group’s satisfactory capitalisation in terms of regulatory solvency ratio, its prudent policy towards investment and modest market share.
The ratings also reflect synergies that HNBA enjoys from using parent Hatton National Bank’s wider branch network, HNBA’s importance to the bank in providing bancassurance products and HNB’s 60% stake in the insurance group. HNBA was established in 2001 and operated as a composite insurer until end-2014. On January 1 2015, the company transferred its non-life business to its fully owned subsidiary, HNB GI, while retaining the life business. This was done to comply with a regulatory requirement for insurers to split their life and non-life businesses by 7 February 2015.
www.dailynews.lk
Fitch has also affirmed its subsidiary HNB General Insurance Ltd’s National Insurer Financial Strength Rating and National Long-Term rating at ‘A(lka)’. The outlook on the ratings is stable. The ratings reflect the Sri Lanka-based insurance group’s satisfactory capitalisation in terms of regulatory solvency ratio, its prudent policy towards investment and modest market share.
The ratings also reflect synergies that HNBA enjoys from using parent Hatton National Bank’s wider branch network, HNBA’s importance to the bank in providing bancassurance products and HNB’s 60% stake in the insurance group. HNBA was established in 2001 and operated as a composite insurer until end-2014. On January 1 2015, the company transferred its non-life business to its fully owned subsidiary, HNB GI, while retaining the life business. This was done to comply with a regulatory requirement for insurers to split their life and non-life businesses by 7 February 2015.
www.dailynews.lk
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