Fitch Ratings has withdrawn Sri Lanka Insurance Corporation Limited's (SLIC) 'CC' Insurer Financial Strength (IFS) Rating on Rating Watch Negative and 'A(lka)' National IFS Rating on Stable Outlook.
Fitch is withdrawing the ratings of SLIC as SLIC is undergoing a reorganisation. Accordingly, Fitch will no longer provide ratings or analytical coverage for SLIC.
SLIC transferred its insurance operation to two new fully owned subsidiaries - Sri Lanka Insurance Corporation General Limited and Sri Lanka Insurance Corporation Life Limited - on 1 February 2024. SLIC is now a holding company with no direct insurance operations, while the two new subsidiaries will be regulated by the Insurance Regulatory Commission of Sri Lanka.