Business
Sri Lanka Insurance secures AAA (lka) Fitch Rating
Sri Lanka Insurance emerged as the only insurer in Sri Lanka to maintain National Insurer Financial Strength (IFS) rating of ‘AAA (lka) with a Stable Outlook amid the turbulent times proving the prowess and stature of the insurance giant.
The rating reflects the favourable business profile, strong financial performance and capitalization of the company maintained over time within a challenging business environment. The pioneer of the insurance industry is shifting paradigms and setting benchmarks in the industry with AAA (lka) rating which is the highest score in the national rating scale.
On the international rating scale along with the Sri Lankan sovereign rating of ‘CCC’, Sri Lanka Insurance recorded at ‘CCC+’ and SLIC’s rating continues to reflect its ‘Favourable’ business profile, and a capital position and financial performance better than that of the domestic insurance industry.
Sri Lanka Insurance is the only insurer in Sri Lankan Insurance industry to secure this highest achievement in terms of financial stability which bear witness to the unmatched protection provided to the policyholders. This is a reflection of Sri Lanka Insurance’s superior ability to meet the long term insurance obligations to its policyholders despite challenging times.
Fitch assesses SLIC’s business profile as ‘Favourable’ compared with other Sri Lankan Insurance companies due to the impeccable business profile comprised with leading business franchise, well-diversified participation in business lines across life and non-life insurance sectors, stable business focus on established product lines and its favourable domestic operating scale making Sri Lanka Insurance the only Insurer to secure the robust financial rating and for the second consecutive time.
Fitch’s assessment is based on SLIC’s diverse portfolio across the life and non-life sectors, stable business focus and operating scale. This also comes down to our financial strength and fiduciary management practices.’
SLIC has continued to maintain its Life & General regulatory risk-based capital (RBC) ratios (A measurement of its capitalization) of 451% and 203% respectively at the end of first half of the year 2020, which is well over the industry average and also above regulatory minimum of 120%. The company has also consistently maintained its non-life combined ratio below 100% for the previous 5 years which attributes to the Company’s scale advantage and prudent underwriting practices.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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