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Fitch assigns ratings to Sri Lanka-based People's Insurance

Fitch Ratings assigned ratings to Sri Lanka-based People's Insurance PLC.

The rating agency said Feb. 28 that it assigned the insurer a national insurer financial strength rating and a national long-term rating of A+(lka), with a stable outlook.

The ratings reflect People Insurance's strong domestic business profile, which is supported by its association with People's Bank, its strong capitalization and adequate profitability metrics. The insurer is 75%-owned by People's Leasing & Finance Plc, which is in turn a 75% subsidiary of People's Bank.

Fitch noted that the ratings also reflect the company's robust financial performance and earnings.

The company's ratings could be lowered if its risk-based capital ratio remains below 225% or its combined ratio is above 100% for a sustained period. A weakened business profile could also lead to a negative ratings action.

Meanwhile, an increase in the insurer's market share, while maintaining its combined ratio consistently below 95% and risk-based capital well above 275%, could lead to a ratings upgrade.