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Expert-Rating agency has confirmed a stability rating to MIR JSIC


24/11/2008

 

Expert-Rating agency has confirmed the а+ (uaA on national scale) stability rating to MIR JSIC in accordance with the results of its performance during the 9 months of 2008. a+ grade rating assessment means a high probability that company will resist influence of negative factors. (see table)

The current rating assessment is based on following results of analyses of Company accounts:
1. The amount of relized over the last 9 months net income decreased by 102.72%.compared with the same period of 2007. During this period the amount of company’s losses made up UAH 94 thousands. The ROE of Company accounted for -0.16%.The losses got by Company may be considered inessential. Expert Rating draws attention to the fact that the past 9 months resulted in UAH4292.5 thousands of net operating income.
2. We in Expert-Rating negatively appraise the decrease of gross premiums from UAH 29.9 m in 9 months of 2007 to UAH 17.066 m in similar period of 2008 thus having caused the decrease of gross premiums by almost 43%. In consideration of appearance in Q3 of first indications of recession, the decrease of gross premium collected by MIR IC during 9 months of 2008 against the background of insignificant losses may be considered to be a neutral event from the position of influence on Company’s solvency.
3.The main indicators of insurer’s solvency(premiums-equity capital ratio, equity capital-assets ratio) remain within the standard. in the judgment of the Agency over the last 9 months MIR IC sticked to the conservative policy of surplus solvency and liquidity meantime the Company’s activity remains profitable.

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