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IC "ASKA" has been assigned the rating of insurer financial stability at the level uaAA according to the national scale


13/09/2011

In the period of 1-9 of September RA "Expert-Rating" has made rating research of financial stability of the IC "ASKA". According to the researches of IC "ASKA" the Agency rating committee has assigned the rating of insurer stability at the level uaAA (a very high level of stability) according to the national scale that fully corresponds to the rating A according to the international scale of RA "Expert-Rating".

By results of rating research the following main conclusions can be drawn:
1. For the H1 2011gross premiums of UJSIC “ASKA” grew on 19,66 % in comparison with the same period of 2010. The company gradually recovered the pre-crisis positions in the market: presently Expert Rating RA estimates the share of UJSIC “ASKA” in the insurance market of Ukraine at the level of 2,9 %. Considering Company plans on increasing the presence in Kiev and Kiev oblast, and also in the Central oblasts, the market share of UJSIC “ASKA” will be growing.
2. UJSIC “ASKA” showed good level of diversification following 2010 and H1 2011 per insurance types. 27,41 % of H1 2011 gross premiums corresponded to insurance of fire risks and Acts of God risks. Significant share of fire risks insurance is connected to that the Company performs insurance of large property complexes of the corporate clients, for example, “Donbass Arena” stadium. Also the company showed a moderate geographical diversification of business. Donetsk and Donetsk oblast have been the source of 20% of gross premiums.
3. The quality of UJSIC “ASKA” earning assets is estimated as high by the Agency. As of 01.07.2011 approximately 60 % of the earning assets of the Company corresponded to shares. By Agency estimations, approximately 80% of company stock portfolio related either to the category of liquid shares with active market on PFTS and UX, or to subsidiaries and associated companies of SCM Group. 100 % of UJSIC “ASKA” ratable assets have been placed in instruments with rating above uaBBB-. Also the company maintained qualitative level of reinsurance cover, 70 % of cover had been provided by reinsurers of investment level.
4. Fir the last 5 years UJSIC “ASKA” adhered to the strategy of redundant capitalization. Shareholder equity of the Company exceeded obligations in 2-3 times. As of 01.07.2011, equity/liabilities ratio has constituted 294%, and the shareholder equity of the Company was equal to UAH 296 m. The last time when the Company increased its authorized capital (i.e. requested support from shareholders), was over three years ago.
5. As of 01.09.2011, 89,06 % of UJSIC “ASKA” stock belonged to the company SCM FINANCE LIMITED. As a matter of fact, the insurer makes part of the largest financial and industrial group of Ukraine that provides to it high level of external support. The Agency should remind that according to the data of financial reports of JSC SCM (not consolidated, without consideration of financial results of the enterprises of SCM Group) the net profit of the Company following the results of 2010 made UAH 3 b 716 m. The dividends obtained from the assets of SKM Group, as earlier, remain the main source of incomes of the management company JSC SKM.

Analytical department of RA "Expert-Rating"

Press-release

Рейтинговый отчет УАСК «АСКА» (русс.) - 09.09.2011

Rating report of IC "ASKA" (engl.) - 09.09.2011

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