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The confirmation of rating estimation (assession) of Dniproinmed JSIC


10/06/2008

On June 10, 2008 Expert Rating RA has confirmed the а grade stability rating of Dniproinmed JSIC which is equal to uaA grade in national scale. а grade stability rating means high level of stability with positive forecast.

Expert-Rating points out following positive tendencies in company’s development in Q1 of 2008:
1. The growth of assets, gross premiums, equity capital accounted for 56.1, 79.0 and 29.0%% respectively. The lag in growth rate of equity capital compared with that of premiums and assets has insignificantly reduced both the equity capital and assets ratio and the equity capital and premiums ratio. In spite of correction of solvency rate its actual value is far from that of critical level. In Expert rating opinion the solvency margin is still high enough and is up to assigned rating grade. The high level of ROE in 2007 permitted the company to keep the basic indices of solvency at adequate level at the expense of capitalization of earnings.
2. On results of Q1 2008 performance company realized an operating profit at the rate of UAH 116 m. that is the insurer’s operating activities stay profitable. At the same time Company incurred a loss at the rate of UAH 4.2 m. The loss was caused by the assets overvalue and in Expert rating opinion its amount is not significant for Dniproinmed JSIC. It should be recalled that on results of company’s activity in 2007 the amount of net profit totaled to UAH 30.8m. The attention should be paid to the fact that in Q1 2006 Company had incurred a loss at the rate of UAH 1.869 m. but on result of 2006 it had got UAH 4.745 m. of net profit. This example underlines the fact that losses in Q1 are not tendency for Dniproinmed and does not provide insight into Company’s REO during the year.

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