SANASA Life Insurance Company, a leading Life Insurance provider in Sri Lanka, was recently assigned an Insurance Financial Strength Rating of “[SL] BBB (Stable)” by ICRA Lanka Ltd underscoring its financial stability in the face of the COVID-19 pandemic in the country. ICRA Lanka is a Credit Rating Agency licensed by the Securities and Exchange Commission of Sri Lanka (SEC) and is a fully-owned subsidiary of ICRA Ltd., India.
The arrival of the COVID-19 pandemic brought day-to-day activities to a halt and sent Sri Lanka’s economy into a downward trajectory since March 2020. Companies in almost all industries were faced with significant losses since then due to the alarming drop in business triggered by the countrywide lockdown that was enforced to curb the spread of the disease. However, despite numerous challenges posed by the pandemic situation, SANASA Life Insurance Company was able to perform reasonably well and its financial strength and stability is reaffirmed by the assigning of this “[SL] BBB (Stable)” rating by ICRA Lanka.
Expressing his views, SANASA Life Chief Executive Officer Indika Kiriwandeniya stated, “It has certainly been one of the most challenging years for SANASA Life Insurance due to the negative impact of the pandemic. Given such a backdrop, we are happy to receive this rating by ICRA Lanka in recognition of our financial stability as one of Sri Lanka’s leading insurance companies. I would like to convey my gratitude to all our valued employees who showed passion, commitment and hard work during the past 12 months despite facing great difficulties on multiple fronts. I also appreciate the continued faith in the company demonstrated by our loyal customers for all these years.”
SANASA Life Insurance has been a giant in the field of insurance in Sri Lanka for nearly 30 years. It was established for the purpose of giving relief to the people of rural areas who met with accidents. In October, 1991 All Lanka Mutual Assurance Organization (ALMAO) was established and the monthly fee was set to a small sum of Rs. 5 to 20 and thereby the foundation for an immense insurance company was laid. In 2003, SANASA obtained the license to operate as a Life Insurance company and two years later acquired the license to operate as a General Insurance company. Today, SANASA is one of the leading insurance service providers in Sri Lanka providing thousands of job opportunities to the younger generation.