ICRA Lanka Limited has assigned the Insurance Financial Strength Rating of [SL]BBB (pronounced as S L triple B) with Stable outlook to Sanasa Life Insurance Company Limited. ICRA Lanka has also assigned the issue rating of [SL]BBB (pronounced as S L triple B) with Stable outlook to the proposed Rs
200 million senior, unsecured, redeemable debenture programme of the Company.
The ratings factor in the Company’s risk-based capital adequacy ratio (CAR) which stood at 188% in December 2020 (above the regulatory minimum of 120%), whilst the Total Available Capital stood at 722 million (regulatory minimum of Rs 500 mn). The proposed debenture issue of Rs 200 million is expected to further augment the capital profile.
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