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PRESS-RELEASE: The rating of Private JSC IC «Status» is confirmed at the level uaA


29/11/2012

November 29, 2012 at the meeting of the rating committee of RA «Expert-Rating» it was decided to confirm the financial stability rating of the insurer Private JSC IC «Status» at the level uaA according to the national scale. Making decision of confirming the rating, the Agency was based on the results of the Company’s activity in the 9 months of 2012.

Table 1

Key performance indicators of PrJSC IC «Status» in the 9 months of 2012 (th. UAH, p.p.,%)

Indicators

9 months of 2012 (01.10.2012)

9 months of 2011 (01.10.2011)

Change

Growth rate, %

Total assets, th. UAH

177985,7

123200,3

54785,4

44,47%

Shareholders’ equity, th. UAH

124381,4

78154,1

46227,3

59,15%

Gross liabilities, th. UAH

53604,3

45046,2

8558,1

19,00%

Shareholders’ equity/Liabilities ratio (the capital adequacy ratio), %

232,04%

173,50%

58,54 p.p.

-

Cash and cash equivalents, th. UAH

40837,9

44994,1

-4156,2

-9,24%

Cash and cash equivalents/ Liabilities ratio, %

76,18%

99,88%

-23,70 p.p.

-

Total gross premiums, th. UAH

70293,4

77731,2

-7437,8

-9,57%

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

4783,9

13999,5

-9215,6

-65,83%

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

6,81%

18,01%

-11,20 p.p.

-

Insurance indemnities and reimbursements, th. UAH

8794,4

7656,1

1138,3

14,87%

Insurance indemnities/Gross premiums ratio for the period, %

12,51%

9,85%

2,66 p.p.

-

Financial result from operating activities, th. UAH

34476,9

13436

21040,9

156,60%

ROS, %

49,05%

17,29%

31,76 p.p.

-

Net profit (loss), th. UAH

33609,5

14973,7

18635,8

124,46%

ROE, %

27,02%

19,16%

7,86 p.p.

-

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

1. Assets of the insurer have increased from UAH 123,2 mln up to UAH 177,986 mln, or by 44,47% in the period from 01.10.2011 to 01.10.2012. Shareholders’ equity has increased by 59,15% in the same period and has amounted to UAH 124,381 mln on 01.10.2012, liabilities have grown by 19% amd have amounted to UAH 53,604 mln as of the reporting date of the first three quarters of 2012. As a result, the level of the insurer’s capitalization has increased by 58,54 p.p. and has amounted to 232,04% on 01.10.2012.

2. As of 01.10.2012 at the accounts of the Company there have been UAH 40,838 mln that is by 9,24% less, than on 01.10.2011. Considering the liabilities have grown faster than the liquid assets of the insurer, the ratio of cash to liabilities has decreased during the last 12 months and has amounted to 76,18% at the beginning of the fourth quarter of 2012. This indicator corresponds to the average level of liquidity of the insurance company.

3. Gross insurance premiums have amounted to UAH 70,293 mln according to the results of the 9 months of 2012 that is by 9,57% lower than the indicator of the 9 months of 2011. The proportion of reinsurers in gross premiums of the Company has sharply decreased: from UAH 14 mln down to UAH 4,784 mln, or by 65,83%. Insurance indemnities have amounted to UAH 8,794 mln in the first three quarters of 2012, having increased by 14,87%, compared to the 9 months of 2011.

4. The Agency notes a significant increase in the profitability indicators of the insurer. Thus, the financial result from operating activity has amounted to UAH 34,477 mln in the 9 months of 2012 that is in 2,57 times higher than the indicator in the first three quarters of 2011. Net profit of IC «Status» has amounted to UAH 33,61 mln according to the 9 months of 2012 that exceeds the same indicator of past year by 124,46%. As a result, the indicators ROS and ROE have increased, which have amounted to 49,05% and 27,02%, respectively.

Therefore, according to the results of the 9 months of 2012, despite an insignificant correction of gross business Private JSC IC «Status» has shown the growth of capitalization, maintained a good level of liquidity and demonstrated the growth of profitability indicators. The given factors have positively affected the financial stability of the insurer.

 

Analytical service of RA «Expert-Rating»

Confirmation of Private JSC IC «Status» (english version) - 29.11.2012

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