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The results of the 7th annual (Pi)-rating of stability of Ukrainian insurance companies!


“For Ukrainian insurers 2011 will be a basement for the accumulation of potential for new growth”

April 26, 2011 the 7th annual public (Pi)-rating of stability of insurance companies from RA “Expert-Rating” has been published in the official edition of SFSC “Ukraine Business Review” № 17. 51 insurance companies have taken part in the rating of 2011, which have collected UAH 7,149 bln. of gross premiums for 2010.One year earlier the volume of its business was approximately the same. 5 new companies have joined (pi)-rating and one has left it. The Agency has to recall (pi)-rating of stability of PJSC IS “Kremen”. RA “Expert-Rating” doesn’t support stability (pi)-ratings of companies, which don’t provide the Agency with rating forms on a regular basis.

According to the researches there are five tendencies as follows:

1. Let’s remind that according to the official data of the regulator the volume of gross business of Ukrainian insurers has constituted UAH 23,08 bln., and official statistics also states the growth rate of 12,9%. In our rating we have gathered almost all the large universal and retail companies and haven’t seen significant growth rates of their business, although there have been exceptions. The most dynamic companies in rating have been relatively small insurers. For example, gross premiums of IC “Mir” have increased by 90% for 2010, of “Alliance” – by 88%, of “Status” – by 80%. There have been good growth rates of business in IC “Arma” (+77%), in “Express Insurance” (+65%) and in “Crimean Insurance Company” (+46%). But they have occupied small market share, thus, their success hasn’t been able to break the general zero trend. It has been very difficult to achieve a significant increase of premiums in small companies in the stagnant market.

Full version of press release 

The results of (Pi)-rating of stability of Ukrainian insurance companies on TV-channel UBC


In 2012 the bank crisis or the wave of M&A in bank sector are waiting for Ukraine!

RA “Expert-Rating” has published the results of the 6th annual (Pi)-rating of bank reliability!

“Calm before a storm”

“In the second half of 2012 in Ukraine there may be a new bank crisis or a wave of M&A in the bank sector. Volume of changes won’t be so significant as in 2008-2009, but Ukraine can lose a few more banks. That’s what the analytical department of RA “Expert-Rating” has concluded after having summarized the 6th annual (Pi)-rating of bank reliability following the results of 2010. The surplus of liquidity has caused a significant decrease in operational revenue of many banks. In contrast to 2009 when losses were commonly formed by the deterioration in asset quality, in 2010 most financial institutions went into liquid assets which in the second half of 2010 didn’t provide a sufficient level of profitability in order to cover expenses. The fall in operating revenue of banks seemed to be threatening on the background of unsolved problem of asset quality.


The full and the only original version of (Pi)-rating of banks reliability is published by a team of RA “Expert-Rating” in the leading business edition “Ukraine Business Review” №14 of 04.04.2011.

Full version of rating

Final press-release

The results of bank rating in programme "Financial markets" on TV-channel UBC


Rating of international banks-2010.

The crisis has made rotation among international banks, represented in Ukraine!

On November, 8th 2010 representatives of RA ‘Expert Rating’ following the results of rating research ‘Rating of international banks-2010’.

  Reliability rating is published on a regular basis since September of 2009. The main aim of this rating is to provide the Ukrainian depositors with the maximum reliable guidance system according to the rate of external support provided by foreign bank holdings to its banks in Ukraine.

Complete version in store reports in the magazine "Expert Ukraine"

Publication to the "Economic Izvestiya"

Final press-release of agency



Updated research «IPO from А to Z: Guide of the issuer»- 2010

In October 2010 DAGDA released a study “IPO from A to Z: Guide of the issuer”. This study produced a group of researches in 2007 on a regular basis.
Study “IPO from A to Z: Guide of the issuer” is the most complete research in Ukraine and CIS countries, which is devoted to a wide range of issues relating to the preparation of the issuer for the IPOs.
Color report on 150 A4 pages contains a lots of important and practically relevant information that is necessary as a top manager, and business owners to make smart investment decisions.

More about guide:

The guide is accompained with comments of Deutsche Börse, HKEX, NYSE Euronext, lawyers of leading juridicial companies Baker & McKenzie, Beiten Burkhardt, Vasil Kisil & Partners, and also with the article of the largest international auditor PricewaterhouseCoopers.

Questions about guide purchases «IPO from А to Z: Guide of the issuer»:

+38 (044) 223-44-90, +38 (044) 238-66-52 or send an application in free form on e-mail:

RA "Expert-Rating" clients and the buyers of previous years receive discount of 10%!



Insurers start to exit from crisis. Outcomes of the sixth (pi)-rating of insurance companies stability!

On September, 20th, 2010 the Rating agency ‘Expert-rating’ has published in the magazine ‘Expert Ukraine’ (No. 36 of 20.09.2010) the annual Stability rating of stability of insurance companies. 47 companies which in 2009 collected gross premiums in the amount of UAH 7,1 bn and for the H1 2010 – UAH 3,6 bn took part in the rating. It makes ca. half of Ukrainian market of classical insurance. The agency highlights essential delay of overall business volume recession.

The agency forecasts that main peak of defaults in insurance sector will occur in February - March, 2011. It should be considered that the companies at which the situation leaves much to be desired, avoid to be rated and as a rule do not disclose their financial information. The scenario of defaults in such companies, as a rule, is one and the same: they have been actively dumping in the market in 2007-2008, and in 2009-2010 could not provide growth of premiums collection. As a result they have been constrained either to show losses, or to level the balances with garbage. Up to 50 postponed defaults have been accumulated in the insurance sector and the Agency does not know up to now, whether these companies will be supported by shareholders. Obviously such companies did not participated in (pi) - rating of stability.

See full version of the publication in the magazine ‘Expert Ukraine’

See the publication in the newspaper ‘Economic News’

See the final press release of agency



RA "Expert-Rating" has published the strength rating of building companies in the magazine "Expert Ukraine" (№ 35 от 13.09.2010) The winner is the company "Kievgorstroy"!

Essential results of this rating:

- 50 building companies from 11 cities have taken part in the Agency's rating, which have got proceeds in 2009 of about UAH 10 bln., companies' proceeds have decreased by 8,4% for 2009;
- JSC "Kievgorstroy" has benn recognized as the most reliable building company in Ukraine. According to Agency's, at the beginning of 2010 KGS has been the most powerful building company in the country;
- 50 building companies have been selected from 200, which have provided SSC with the information of its building specialization. The Agency emphasizes a low level of information disclosure in building industry and frequent cases of advertisements at zero proceeds. The Agency recommends the population to perform the operations in the primary market only with large time-tested companies.

Full version of final press-release

Full version of rating research



Results of sovereign rating of the countries!

July, 26th, 2010 the Rating Agency ‘Expert-rating’ has published the next ‘Sovereign credit rating of countries’ (magazine ‘Expert Ukraine’ no 29-30 of July, 16th, 2010).
Based on the public information the Agency performed an analysis of the credit risks connected with investment in the obligations of the governments of 44 European and CIS countries. Annual monitoring of credit status of the states neighboring Ukraine, provides understanding of sovereign debts dynamics in the region. On the other hand, it allows to understand the place of Ukraine in the market of sovereign credits, and also to estimate the credit risks of the region and predict the threat of crisis caused by sovereign default.
In 2010 in view of unstable situation in PIІGS countries (Portugal, Italy, Greece, Spain, Ireland), and also financial troubles in Ukraine and some countries of Central Asia, increased risk of ‘silent default’ in Austria, the sovereign credit rating of the countries became especially actual.

Special attention in 2010 rating has been given to the analysis of currency market of 44 countries covered by the rating.

Full text of the publication




RA ‘Expert-rating’ and the journal ‘Expert Ukraine’ have determined the best managers of the financial sector following the results of 2009

In June-July, 2010, Rating Agency ‘Expert-rating’ together with the journal ‘Expert Ukraine’ have determined the best top-managers of financial sector. Basic outcomes of rating research are published in the ‘Rating of Best Managers of Financial Sector of Ukraine’ (the journal ‘Expert Ukraine’ no. 26 of 05.07.2010).

For the first time in Ukraine the managers of financial sector companies have been evaluated not by results of illusive inquiries, decisions of jury or expert panels, but by indicators of work of the companies (banks). After the top manager of bank Nadra was declared in official retrieval, after the problems of Ukrprombank and Prominvestbank, confidence to journal ratings and PR-actions with appointment of ‘people of the year’ in the financial branch has considerably decreased. Under such conditions an acute need appeared in the market to change benchmark systems at determination of the ‘best of the best’ and to build the ideology directed on the recognition not due to a subjective judgment, but based on concrete market achievements of the companies (banks).

RA ‘Expert-rating’ has constructed an ideology of rating which by means of simple and conclusive indicators has allowed to determine the most influential, productive and effective managers in:

- Banking sector;
- Sector of general types of insurance;
- Life insurance sector;
- Sector of assets management companies.

Complete text of the concluding press release

Complete text of the publication in the journal "Expert Ukraine"



Outcomes of transparency rating in the insurance sector for 2009

Disclosing of financial and corporate information by the Ukrainian insurers is at unsatisfactory level!

In May-June, 2010, RA ‘Expert-rating’ performed special rating research aimed on revealing transparency level of the companies in the insurance sector. Following the results of the research the analytic service of the Agency has drawn following conclusions:
-The level of disclosing of the financial and corporate information by the Ukrainian insurance companies is extremely unsatisfactory, there is not sufficient amount of public information for taking economic decisions;
- Insurers not only do not use the routine and the especial information of their company in the system of sales, but sometimes hide their real shareholders, ‘forget’ to execute demands of regulators on disclosing information or do execute them formally;
- 90% of large insurers in Ukraine, when attracting clients, stake on low qualification of the client, focus on verbal advertising and low-standard PR. As a result, the competitiveness in the insurance sector is reduced to the size of advertising budgets. There is no public system of reference in the country which could help in a rational choice of insurer;
- Ignoring norms of business ethics and using financial ignorance of the population, and also poor awareness of corporate clients, TOP-managers of 99 % of assurance companies in Ukraine has completely cut off for themselves the access to equity market, as a capital source. In long-term prospective it will lead to serious cataclysms and to prevalence of foreign players in the Ukrainian market.

Detailed press release

Results of the rating of transparency of the insurers


April, 19th, 2010

The "Expert-Rating" RA has published rating research on a number of pension products!

On April, 19th, 2010 the "Expert-Rating" rating agency has published credit rating of life insurance companies, rating researches on National Pension Fund and on banking products for pensioners.

Pres realize (rus)

In detail (rus)


February, 22nd, 2010

‘Gasiform result’

RA ‘Expert Rating’ has published research on pricing by Russian gas monopolist ‘Gazprom’. The full version of the research is published in the magazine ‘Expert Ukraine’ # 7 (247) of February, 22nd, 2010: ‘The stability of gas empire of Gazprom is based on one postulate – the Russian gas costs as much as European consumers are ready to pay for it. That is five and more times above cost...’

In detail (rus)


December, 14th, 2009

Tons of gold against the crisis!

On December, 14th, 2009 RA ‘Expert Rating’ has published a research on global reserves of gold and on its role in the future of the world monetary system.
The policy of leading central banks of the world has inflated a price bubble in the gold market. It will burst as soon as the economic will start to exit the crisis.

In detail (rus)


October 12th, 2009

‘The study of corporate links has shown that the default is endangering most of all the private banks dissociated from the unified European system’

The Rating Agency ‘Expert Rating’ published a research evaluating the level of external support of the foreign banks working in Ukraine. The research allowed to reveal close ties between some international financial groups which position their branches in Ukraine as each other’s competitors. The knowledge of share capital structure of the foreign banks working in Ukraine will be useful not only to domestic financial regulators, but also to the establishment of these banks, to the insurers and large FIGs. It will allow to understand better the rationales of the activities of banks with foreign participation in Ukraine.

More details on the research


September 28th, 2009

Defaults of banks with foreign capital are possible in Ukraine!

In September, 2009 Rating Agency ‘Expert Rating’ performed the study on the stability of the foreign banks working in Ukraine. The study has no analogues, and was the very first one in the history of Ukraine. The study was motivated by the absence in the market of accurate system of reference points which could be used by small companies and the population when assessing the level of external support which parent bank holdings can provide to their affiliated banks. The study produced (Pi)-rating of foreign banks.

The rating included 27 banks, 9 of which obtained high stability rating.

Publication in the journal Expert

Press Release with the main results


July 24th, 2009


Defaults on the tips of the tongues and in the heads Ukraine still remains the country with high probability of a sovereign default.

Authors: Vitaly Shapran, Deputy Director, RA Expert Rating;

Andrey Blinov, acting editor-in-chief, scientific editor of the journal ‘Expert Ukraine’.

Printed version of the rating


December 19th, 2008

On December, 19th, 2008 the SECOND extended and reviewed analytical research ‘IPO from A to Z: Issuer Manual – 2009’ has been released.

Rating agency Expert Rating completed realization of the SECOND extended and reviewed release of the analytical book ‘IPO from A to Z: Issuer Manual – 2009’. The purpose of the project is to provide maximum of information to potential IPO participants on the possibilities of IPO in different trading floors of the world.

IPO guide (rus)


January 1th, 2007

Competition within a Fast-Growing Market: the Ukrainian Case

Competition in the banking sector remains weak. This has allowed financial institutions to thrive by using a diverse set of strategies in their struggle to secure market share.
Practically everyone is talking about the recent intensification of competition in the
Ukrainian banking market. Several major foreign banking groups with centuries of
experience and broad access to long-term and fairly inexpensive credit have entered
the Ukrainian market. Just five years ago, analysts forecasted two scenarios for the development of Ukraine's banking sector: due to intensified competition, they predicted, small domestic banks would either merge or move into foreign ownership. Yet, this prediction did not materialise...

Magazine version ENG

June 6th, 2006

Expansion of foreign banks into Ukraine research 

Expert Ukraine magazine has published Not everyone is here yet article by Vladimir Dukhnenko head of RC and Vitaliy Shapran Chief financial analyst. The article gives a systems analysis of acquisition of Ukrainian banks by foreigners and emphasizes competitive struggle among the largest bank holdings in Ukrainian market. Article is accompanied by commentaries by Victor Marchenko coordinator of EBRD in Ukrainian financial sector and Vitaliy Lomakovitch Chairman of the board of BM Bank. Basic results of the research are published in issue #25(75), June 25, 2006. 

Magazine version ENG

Magazine version RUS


May 25th, 2006

Incubator of business celebrities 

Expert Ukraine magazine has published Incubator of business celebrities article by Iskander Khisamov Editor-in-chief of Expert Ukraine magazine, Andrei Blinov science editor of Expert Ukraine magazine, Vladimir Dukhnenko head of RC and Vitaliy Shapran Chief financial analyst of RC. The article gives an analysis of IPO's market development in Ukraine. Article is accompanied by commentaries by Serhiy Lesyk Chief Analyst of Millenium Capital investment company and Oleg Sheiko Chairman of supervisory board of Troika Dialog Ukraine investment company. 

April 24th, 2006

M&A research in Ukrainian bank system

 The Expert Ukraine magazine has published a Mass change of proprietors article by Vladimir Dukhnenko head of RC and Vitaliy Shapran Chief financial analyst. The article gives a systems analysis of acquisition of Ukrainian banks by foreigners in 2004-2005 years. Article is accompanied by commentaries by Ruslan Gritsenko representative of the NBU, Irene Zarya President of the PFTS, Igor Yushko Chairman of the Supervisory council of Ukrsotsbank. Basic results of the research are published in issue #16(67), April 24, 2006. 

Magazine version RUS
English translation order Adip Khisamov