Fitch Ratings has affirmed Sri Lanka-based National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength Rating (IFS) and National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable.
NITF’s ratings reflect strong ties with the government of Sri Lanka (B+/Stable), a strong business profile as the country’s only reinsurer and a conservative investment policy.
This is counterbalanced by weakened capitalisation due to natural disasters in 2016 and 2017 and high dividend payments.
NITF’s ratings reflect its 100% ownership by the government of Sri Lanka, its role as the country’s only reinsurer and its function as an arm of the state in implementing some policies, such as serving segments that are not covered by commercial insurers.
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