News feed

Інформаційні партнери:

 

 

 

 

 


PRESS-RELEASE: The rating of JSC «USIC» is updated at the level uaA+


28/03/2013

March 28, 2013 the rating committee of RA «Expert-Rating» has decided to confirm the financial stability rating pf Private JSC «Ukrainian security insurance company» (23734213) at the level uaA+ (a high level of financial stability) according to the national scale. When updating the rating the Agency was based on the results of the Company’s activity in 2012.

Table

Key performance indicators of

PrJSC «Ukrainian security insurance company» in 2012

Indicators

2012 (31.12.2012)

2011 (31.12.2011)

Change, p.p.

Growth rate, %

Total assets, th. UAH

71468,3

49163,2

22305,1

45,37%

Shareholders’ equity, th. UAH

32885,5

27271,2

5614,3

20,59%

Gross liabilities, th. UAH

38582,8

21892

16690,8

76,24%

Shareholders’ equity/Liabilities ratio, %

85,23%

124,57%

-39,34 p.p.

-

Cash and cash equivalents, th. UAH

21243,4

11044

10199,4

92,35%

Cash and cash equivalents/ Liabilities ratio, %

55,06%

50,45%

4,61 p.p.

-

Total gross premiums, th. UAH

102651,5

76514,7

26136,8

34,16%

Proportion of insurance premiums, belonged to the reinsurers, th. UAH

60034,9

52688,9

7346

13,94%

Insurance premiums, belonged to the reinsurers/Gross premiums ratio, %

58,48%

68,86%

-10,38 p.p.

-

Insurance indemnities and reimbursements, th. UAH

14498,2

7264,3

7233,9

99,58%

Insurance indemnities/Gross premiums ratio for the period, %

14,12%

9,49%

4,63 p.p.

-

Financial result from operating activities, th. UAH

3975,1

2888

1087,1

37,64%

ROS, %

3,87%

3,77%

0,10 p.p.

-

Net profit (loss), th. UAH

4919,2

187,7

4731,5

2520,78%

ROE, %

14,96%

0,69%

14,27 p.p.

-

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

 

1. Key balance sheet indicators of the insurer have demonstrated a considerable increase in 2012. Thus, in the period from 31.12.2011 to 31.12.2012 assets of the Company have increased from UAH 49,163 mln up to UAH 71,468 mln, or by 45,37%. Shareholders’ equity has grown by 20,59% in the same periodand as of 31.12.2012 has amounted to UAH 32,886 mln, and liabilities have increased by 76,24% up to UAH 38,583 mln. As a result, the ratio of shareholders’ equity to liabilities of the insurer has amounted to 85,23% as of the reporting date of 2012 that corresponds to a good level of capitalization.

 

2. In the period from 31.12.2011 to 31.12.2012 cash at the accounts of IC «USIC» have increased from UAH 11,044 mln up to UAH 21,243 mln, or by 92,35%. Therefore, due to a significant growth of liquid assets of the Company the ratio of cash to liabilities has increased from 50,45% (on 31.12.2011) up to 55,06% (on 31.12.2012). In the Agency’s opinion, the trend of the growth of the liquidity level of the Company will also continue in 2013.

 

3. Ukrainian security insurance company has managed to collect UAH 102,652 mln of gross premiums in the 4 quarters of 2012 that is by 34,16% higher than the same indicator of 2011. At the same time, insurance indemnities in 2012 have exceeded almost in twice indemnities of 2011 and have amounted to UAH 14,498 mln according to the results of 2012. But despite this growth the indemnities level of the insurer has amounted to 14,12% in 2012, having exceeded by 4,63 p.p. the indicator of the previous year.

 

4. The financial result from operating activity of the Company has amounted to UAH 3,975 mln in 2012 that is by 37,64% more than the same indicator of 2011. Net profit has amounted to UAH 4,919 mln in the 12 months of 2012 against profit of UAH 188 th. in 2011. Indicators ROS and ROE have also increased, which have amounted to 3,87% and 14,96%, respectively, according to the results of 2012.

 

Having analyzed the Company’s activity in 2012, the Agency notes a considerable growth of profitability indicators, a growth of gross business, as well as a high level of capitalization that positively affects the financial stability of the insurer.

 

Analytical service of RA «Expert-Rating»

Confirmation of Private JSC «Ukrainian security insurance company» (english version) - 28.03.2013

Share on livejournal.com Share on twitter.com