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The confirmation of Busin JSIC rating assessment


07/05/2008

On May 7 2008 Expert Rating RA has confirmed the assessment of а+ stability rating to Busin JSIC (uaA+ on national scale). а+ stability rating means high level of stability with positive forecast.

Expert-Rating points out following positive tendencies in company’s development in 2007:
1. The amount of gross premiums has increased in 2007 by 30.2%. The increase of gross premiums in 2007 considerably outruns market average rate thus indicating steady growth of company’s share in Ukrainian market. Nevertheless it should be taken into account that in 2007 the 87% of all premiums have been got in avian insurance. The share of premiums collected in avian insurance does not change since 2006 consequently Company remains leader in avian risks insurance in Ukraine.
2. The net income of Company in 2007 has increased by 203.0% and amounted to UAH 2.43 m. The growth rate of equity capital efficiency (ROE) changed from 1.99 to 5.72%%. The considerable growth of Company’s ROE resulted from both diminishing Insurance payments ratio from 7.88% in 2006 to 6.38% in 2007 and costs cut connected with the process of Company’s development optimization.
3. The following events have positively impacted the Company’s performance in 2007. Thus in November 2007 Busin IC became a member of ‘Nuclear insurance pool’ and in October 2007 BDO Balance Audit Company has conducted an international audit of the Busin IC and has acknowledged the results of IC’s activity during the last three years.
Expert-Rating positively estimates the considerable growth of gross premiums, ROE and amount of net income. The base indices of Сompany’s solvency and liquidity remain in the requirement limits and the Company’s pass through the international audit denotes a high quality of cost accounting.

Confirmation

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