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Expert-Rating agency has confirmed the uаA+ stability rating to Busin JSIC


21/08/2008

 

The Expert-Rating agency has confirmed the а+ (uaA+ on national scale) stability rating to Busin JSIC which means high level of stability with positive forecast.

Expert-Rating confirms the current stability rating to Busin JSIC on the basis of following tendencies:
1. The amount of gross premiums in H1 2008 increased by 59.76% and exceeded UAH 32m in comparison with the same period of the past year. Meanwhile the reinsurers’ gross premiums share decreased from 80.54% to 66.91%. The indemnities decreased at more than 70%. The effectiveness of Company’s activity is growing thus increasing its profitability.
2. The company’s net income in H1 2008 has grown up by 175.56%. Over the past half year the amount of Company’s net income totaled UAH 5.8 m. The equity capital efficiency has grown from 10% to 29.9%.
3. The amount of equity capital has decreased by 53.81%, equity ratio has decreased from 89.21% to 37.73%. These drops were caused by the decline of the Company’s capital assets’ depreciated cost by 96.43% because company has sold a part of its capital assets.
Expert-Rating positively appraises the changes in the Company’s assets structure including the lowering of capital assets share at the expense of decrease of both unprofitable and nonspecialized assets. At the same time Busin JSIC preserves a considerable reserve of solvency permitting Company to be an absolute leader in Ukrainian market of aviation risks Insurance.

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