Fitch assigns HNB A(lka), A-(lka)

Fitch Ratings said it assigned HNB Assurance Ltd. a national insurer financial strength rating of A(lka) and a national long-term rating of A-(lka).

The outlooks for both are stable.

The agency said that HNB's current market position is modest, ranking as the sixth-largest non-life player in Sri Lanka with a 2.4% market share in 2006 and the seventh-largest life assurer, with 2.9% market share at the same date.

According to Fitch, HNB plans to double its turnover in 2007 to 2010 and this is an ambitious target, even allowing for continued double-digit inflation.

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