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PRESS RELEASE The rating of Private Joint-Stock Company Insurance Company Persha is confirmed at the level uaA


25/09/2012

On September, 25th, 2012 RA Expert Rating confirmed insurer financial strength rating of the Private Joint Stock Company Insurance Company Persha (USREOU code 31681672) at the level uaA on national scale. Confirming Company rating, the Agency was based on the analysis of insurer work results for H1 2012.

Table 1

Key performance indicators of PrJSC IC Persha in H 1 2012

Indicators

H I 2012 (30.06.2012)

H I 2011 (30.06.2011)

Change

Growth rate, %

Total assets, UAH th.

100934

76865

24069

31,31%

Shareholders’ equity, UAH th.

45186

28979

16207

55,93%

Total liabilities, UAH th.

55748

47886

7862

16,42%

Shareholders’ equity/Insurer liabilities, %

81,05%

60,52%

20,54 p.p.

-

Cash and cash equivalent, UAH th.

43127

23936

19191

80,18%

Cash/Insurer liabilities, %

77,36%

49,99%

27,38 p.p.

-

Total gross premium, UAH th.

77594

61859

15735

25,44%

Reinsurer’s share in gross premium, UAH th.

20009

27460

-7451

-27,13%

Reinsurance cover ratio, %

25,79%

44,39%

-18,60 p.p.

-

Payouts and indemnities, UAH th.

14005

12457

1548

12,43%

Payout ratio for the period, %

18,05%

20,14%

-2,09 p.p.

-

Financial results, UAH th.

4162

2981

1181

39,62%

ROS, %

5,36%

4,82%

0,54 p.p.

-

Net profit (loss), UAH th.

2428

582

1846

317,18%

ROE, %

5,37%

2,01%

3,36 p.p.

-

Source: Company data, RA Expert Rating calculations

1. During the period from 30.06.2011 to 30.06.2012 the level of insurer capitalization has grown on 20,54 p.p. due to advancing rates of shareholders’ equity growth over liabilities. So, as of 30.06.2012 shareholders’ equity of IC Persha has constituted UAH 45,186 million, that is on 55,93 % higher than as of 30.06.2011. At the same time, company liabilities increased from UAH 47,886 million (on 30.06.2011) to UAH 55,748 million (as of 30.06.2012), or on 16,42 %. The insurer during the period from 30.06.2011 to 30.06.2012 increased the assets from UAH 76,865 million to UAH 100,934 million, or on 31,31 %.

2. Cash means on the accounts of the insurer as of 30.06.2012 have constituted UAH 43,127 million, that is on 80,18 % higher than 2011 indicator. In result, cash means/liabilities ratio of the company increased from 49,99 % to 77,36 % that proves to sufficient level of company liquidity. The given indicator corresponds to average liquidity level on the insurance market of Ukraine.

3. For H1 2012 IC PERSHA collected UAH 77,594 million of gross premiums that is on 25,44 % higher than in H1 2011. Thus, the insurer continues to increase volumes of gross business. This tendency in the future will give the Company a possibility to pass to the category of large players in the national insurance market. At the same time, insurance payouts have slightly grown from UAH 12,457 million to UAH 14,005 million, i.e. on 12,43 %.

4. Following the results of H1 2012 the financial result from operational activity of the insurer has constituted UAH 4,162 million, that is on 39,62 % higher than 2011 indicator. Net profit of IC PERSHA for H1 2012 grew in 4,17 times compared with 2011. In result, ROS and ROE indicators also increased. ROS for the H1 2012 has constituted 5,36 %, and ROЕ - 5,37 %.

The analysis of PrJSC Insurance company PERSHA indicators has shown that the company has sufficient reserve of capitalization and liquidity, increases the volumes of gross premiums and return rates. All these factors justify high grade of insurer financial strength rating and demonstrate good level of company reliability.

 

Analytical service of RA Expert Rating

Confirmation of Private Joint Stock Company Insurance Company Persha (english version) - 25.09.2012

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