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RA Expert Rating reinstates the rating of PJSC IC MIR at the level uaAА-


16/05/2011

On May, 16th, 2011 the Rating Agency ‘Expert Rating’ has confirmed stability rating of the Insurance Company PJSC IC ‘MIR’ (Kiev, USREO code 19209435) according to the national scale at the level uaAА-. Rating level uaAА- means very high probability of that the company will resist the influence of adverse factors in the future.

When confirming the credit rating of the Company at the level uaAА- according to the national scale, the RA ‘Expert-Rating’ was guided by the following conclusions:
1. In the first quarter of 2011 in comparison with the similar period of 2010 Company assets have grown on 49,89% and as of 01.04.2011 have exceeded UAH 100 m mark. During the given time period also there was an increase of Company equity by UAH 7,297 m, or by 11,87 %. Excess of assets growth rate over equity growth, in turn, was displayed in drop of Company equity/assets ratio from 90,9 % to 67,84 %. It should be here considered that the revealed decrease in equity/assets ratio is caused first of all by the process of active recovery by the Company of the pre-crisis positions and, according to Agency, does not worsen its solvency. In particular, the volume of Company equity as of
01.04.2011 more than in 2,5 times exceeds all its current and long-term liabilities.
2. Following the Q1 2011 compared to Q1 2010 gross premiums of IC MIR have increased by 34,27 % - to UAH 5,481 m. Good dynamics of gross premiums growth has moved this indicator to the level over the pre-crisis values fixed after Q1 2008.
3. In the Q1 2011 net profit of IC MIR was UAH 3,635 m. That is in 53 times higher than in the same period of 2010. Record rates of increase in profit of the Company have been due, among other, to reduction of indemnities payments on 69,88 %, and also reduction of loss ratio from 60,81 % as of 01.04.2010 to 13,64 % as of 01.04.2011. The profit level indicator of the Company as of the end of Q1 2011 has exceeded the pre-crisis value by 127,69 %.
Therefore the Agency draws attention to that results of IC MIR activity in the 1 Q of 2011 have allowed it to improve its main financial indicators, and, as result, to exceed their pre-crisis values.

Analytical service of RA ‘Expert-Rating’

The press release

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