ТОВ „Стандарт-Рейтинг” (Украина)
04071, Україна, м. Київ,
вул. Введенська 4,
тел. +38 /044/ 383-59-64
факс +38 /044/ 383-27-50
http://www.standard-rating.com/
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Standard-Rating (Ukraine) LLC
04071, Ukraine, Kyiv,
Vvedenska St. 4,
tel. +38 /044/ 383-59-64
fax +38 /044/ 383-27-50
http://www.standard-rating.com/
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29/09/2015
Ratings of JSC "PROSTO-insurance" are updated
September 29, 2015 RA «Standard-Rating» has decided to confirm the credit rating/ the financial stability rating of the insurer JSC “PROSTO-insurance” at the level uaAА according to the national scale. The insurer with rating uaAА is characterized by a very high financial stability/solvency compared to other Ukrainian insurers. The rating of JSC “PROSTO-insurance” has been confirmed on the basis of the analysis of results of the Company’s activity for the first half of 2015.
1. For the first half of 2015 IC “PROSTO-insurance” has collected UAH 89.361 mln of gross premiums that is by 8.26% lower than premiums, collected for the same period of 2014. Receipts from individuals have also decreased: from UAH 71.064 mln down to UAH 59.325 mln, or by 16.52%. Reduction of gross business volumes, according to the Agency, isn’t significant and is explained by the deterioration of the situation in the market of classic insurance.
The Agency notes that since the middle of June of 2015, IC “PROSTO-insurance” has renewed the remote settlement of insurance cases occurred with cars of brands: Nissan, Citroen, Suzuki, Mazda, Ford and Renault. The owners of these brands of cars when the insured event under the contracts hull insurance with the option “STS of the Insurer (certified)” or “STS of the Policyholder” can turn to the partner of JSC “PROSTO-insurance” – STS “AutoAlliance”, where will be presented a full complex of services on settlement of losses, including collecting all the necessary documents for payment and repairing
2. Insurance payments, sent to the reinsurers, for the analyzed period have grown by 74.36% up to UAH 9.788 mln. As a result, the ratio of dependence on the reinsurance companies has grown from 5.76% up to 10.95%, or by 5.19 p.p.
Table 1
Key indicators of income and expenses of
JSC "Prosto-insurance" (24745673), th. UAH, p.p., %
#
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Indicators
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HI of 2015
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HI of 2014
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Change
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Growth rate, %
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1
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Total gross premiums, including
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89361
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97406.4
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-8045.4
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-8.26%
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2
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from insurants-individuals
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59324.6
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71063.6
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-11739
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-16.52%
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3
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from reinsurers
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3778.1
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3168.5
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609.6
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19.24%
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4
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Proportion of individuals in gross premiums
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66.39%
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72.96%
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-6.57 p.p.
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-
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5
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Proportion of reinsurers in gross premiums
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4.23%
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3.25%
|
0.98 p.p.
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-
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6
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Insurance payments sent to reinsurers
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9787.9
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5613.7
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4174.2
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74.36%
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7
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Coefficient of dependence on the reinsurers
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10.95%
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5.76%
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5.19 p.p.
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-
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8
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Net premiums
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79573.1
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91792.7
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-12219.6
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-13.31%
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9
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Premium earned
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55423.4
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97262.4
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-41839
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-43.02%
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10
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Financial result from operating activity
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-15507
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-7834
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-7673
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-
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11
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Insurance indemnities and compensations
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36111
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47740.1
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-11629.1
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-24.36%
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12
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Insurance indemnities/Gross premiums ratio
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40.41%
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49.01%
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-8.60 p.p.
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-
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13
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Net profit
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26855
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16690
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10165
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60.90%
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14
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ROE
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16.24%
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14.10%
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2.14 p.p.
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-
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3. For the first six months of 2015 IC “PROSTO-insurance” has performed indemnities on insurance events for the amount of UAH 36.111 mln that is by 24.36% less than the indemnities volume performed for the same period of 2014. Consequently, the indemnities’ level has decreased from 49.01% down to 40.41%, or by 8.60 p.p. This indicator corresponds to an acceptable level of indemnities.
4. According to the results of the first half of 2015 the Company has demonstrated profitable activity. Thus, net profit of IC “PROSTO-insurance” for the first six months of 2015 has amounted to UAH 26.855 mln that is by 60.90% higher than profit received for the same period of 2014.
5. In the period from 01.01.2015 to 01.07.2015 balance sheet indicators of the Company have demonstrated an upward dynamics:
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Assets have grown by 23.58% up to UAH 307.793 mln;
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Shareholders’ equity has increased by 19.39% up to UAH 165.334 mln;
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Liabilities have grown from UAH 110.591 mln up to UAH 142.459 mln, or by 28.82%;
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Cash has increased by 20.48% up to UAH 166.667 mln.
As at the end of the second quarter of 2015 IC “PROSTO-insurance” has possessed excessive levels of capitalization (116.06%) and liquidity (116.99%).
Table 2
Key balance sheet indicators of
JSC "PROSTO-insurance" (24745673), th. UAH, p.p., %
#
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Indicators
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01.07.2015
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01.01.2015
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Change
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Growth rate, %
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1
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Assets
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307793
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249070
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58723
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23.58%
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2
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Shareholders’ equity
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165334
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138479
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26855
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19.39%
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3
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Liabilities
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142459
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110591
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31868
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28.82%
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4
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Shareholders’ equity/Liabilities ratio
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116.06%
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125.22%
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-9.16 p.p.
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-
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5
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Liquid assets
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166667
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138340
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28327
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20.48%
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6
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Proportion of liquid assets in assets of the insurer
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54.15%
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55.54%
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-1.39 p.p.
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-
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7
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Liquid assets/Liabilities ratio
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116.99%
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125.09%
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-8.10 p.p.
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-
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Therefore, IC “PROSTO-insurance” has entered the third quarter of 2015 with excessive levels of capitalization and liquidity, considerable increase in net profit against the background of the decrease in business activity indicators. The above factors have enabled to confirm the financial stability rating at the level uaAA.
RA «Standard-Rating» (Ukraine)
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