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PRESS-RELEASE: The financial stability rating of Private JSC «Ukrainian Security Insurance Company» is confirmed at the level uaА+


13/04/2012

PRESS-RELEASE

(Translation from Russian)

The financial stability rating of Private JSC «Ukrainian Security Insurance Company» is confirmed at the level uaА+

 

April 13, 2012 RA «Expert-Rating» confirms the financial stability of the insurer Private JSC «Ukrainian Security Insurance Company» at the level uaА+ (a very high level of financial stability) according to the national scale. Confirming the rating, the Agency was based on the results of the Company’s activity in 2011 (see table 1).

Table 1

Key performance indicators of Private JSC «USIC» in 2010-2011

Indicators

2011

(31.12.2011)

2010

(31.12.2010)

Change

Growth rate, %

Total assets, th. UAH

49163,2

38241,9

10921,3

28,56%

Shareholders' equity, th. UAH

27271,2

27083,5

187,7

0,69%

Total liabilities, th. UAH

21892

11158,4

10733,6

96,19%

Shareholders' equity/ Total liabilities ratio, %

124,57%

242,72%

-118,15 p.p.

-

Cash and cash equivalents, th. UAH

11044

6616,4

4427,6

66,92%

Cash and cash equivalents/ Total liabilities ratio, %

50,45%

59,30%

-8,85 p.p.

-

Gross premiums, th. UAH

76514,7

39407,3

37107,4

94,16%

Reinsurer’s proportion in gross premiums, th. UAH

52688,9

25020,4

27668,5

110,58%

Reinsurer’s proportion in gross premiums/ Gross premiums ratio, %

68,86%

63,49%

5,37 p.p.

-

Insurance indemnities and reimbursements, th. UAH

7264,3

3773

3491,3

92,53%

Insurance indemnities and reimbursements / Gross premiums ratio for the period, %

9,49%

9,57%

-0,08 p.p.

-

Financial result from operating activities, th. UAH

2888

1519,7

1368,3

90,04%

ROS, %

3,77%

3,86%

-0,08 p.p.

-

Net profit (loss), th. UAH

187,7

207,3

-19,6

-9,45%

ROE, %

0,69%

0,77%

-0,08 p.p.

-

Source: Data of the Company, calculations by RA «Expert-Rating»

Key conclusions on the activity analysis of Private JSC «USIC» in 2011:

1. In 2011 the Company’s assets have increased by 28,56% and as of 31.12.2011 they have amounted to UAH 49,163 mln. As of 31.12.2011 shareholders’ equity has amounted to UAH 27,271 mln that is by 0,69% more than the same indicator of 2010. Total liabilities of the insurer have increased almost in twice for the 12 months of 2011 and, therefore, at the end of 2011 they have amounted to UAH 21,892 mln. Despite a significant increase in the Company’s liabilities the shareholders’ equity/liabilities ratio remains at the high level (124,57%) that indicates the redundant capitalization of Private JSC «USIC». Cash at the Company’s accounts has grown by 66,92% in the period from 31.12.2010 to 31.12.2011 and as of 31.12.2011 they have amounted to UAH 11,044 mln that has enabled the insurer to keep the liquidity at a sufficient level.

2. The Company «USIC» has collected gross premiums of UAH 76,515 mln following the results of the activity in 2011 that is almost in twice more, than in 2010 having improved the indicators of its business activity. At the same time, insurance payments have significantly increased in 2011 comparing to the 2010, namely – by 92,53%. Nevertheless, due to a significant increase in gross premiums an increase in insurance indemnities almost hasn’t affected the financial result of the Company, and the insurance indemnities/gross premiums ratio in 2011 has decreased by 0,08 p.p.

3. The financial result from operating activity of Private JSC «USIC» in 2011 has amounted to UAH 2,888 mln that significantly exceeds (90,04%) the same indicator of 2010. The Company has finished the 2011 year with net profit of UAH 187,7 th. that is only by 9,45% less than the indicator of 2010. Such indicators as ROS and ROE in 2011 have demonstrated a very slight decrease of 0,08 p.p. in comparison with the indicators of 2010.

As a whole, performance indicators of Private JSC «USIC» in 2011 have shown a good solvency and a high financial stability of the insurer.

 

Analytical service of RA «Expert-Rating»

Confirmation of Private JSC «Ukrainian Security Insurance Company» (english version) - 13.04.2012

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