Тов „Стандарт-Рейтинг (Украина)



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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/





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/

01/09/2014



PRESS-RELEASE

(Translation from Russian)
The ratings of PJSC «IC «MIR» are updated
September 01, 2014 Rating agency «Standard-Rating» has updated the credit rating/ the financial stability rating of the insurer PJSC “Insurance company “Mir” at the level uaAА- according to the national scale. The insurer with rating uaAА- is characterized by a very high financial stability compared to other Ukrainian insurers. The rating of PJSC “Insurance company “Mir” (IC “Mir”) has been updated on the basis of the analysis of the Company’s activity in the H1 of 2014.
1. In the first half gross premiums have decreased by 32,95% (in the first quarter – by 42,49%), net premiums – by 48,31% (in the first quarter – by 25,72%). The above statistics shows that in the Q2 of 2014 IC “MIR” has managed to decline the decrease rates of gross premiums, but net and earned premiums began to fall more rapid. In the Agency’s opinion, in such a way the Company reacts to the deterioration of business climate. Despite a fall of business volumes the Company’s management has managed to reduce the impact of this factor on indicators of the insurer’s stability to the minimum.
2. Despite a noticeable decrease of business volumes of the Company, the financial result from operating activity of IC “Mir” has decreased by 15,82%, and net profit has decreased only by 11,31% compared to the same period of 2013. IC “Mir” has finished the H1 of 2014 with net profit of UAH 7,933 mln (net profit has amounted to UAH 4,999 mln in the first quarter). The Agency gives a positive assessment to the fact that in difficult economic period the Company’s activity has been profitable in the first and second quarters of 2014.

Table 1


Key indicators of income and expenses of

PJSC “Insurance company “Mir” (19209435), th. UAH, p.p., %

#

Indicators

HI of 2014

HI of 2013

Change

Growth rate, %

1

Total gross premiums, including

8461,4

12619,1

-4157,7

-32,95%

2

from insurants-individuals

937,8

2354,7

-1416,9

-60,17%

3

from reinsurers

3294

2323,2

970,8

41,79%

4

Proportion of individuals in gross premiums

11,08%

18,66%

-7,58 p.p.

-

5

Proportion of reinsurers in gross premiums

38,93%

18,41%

20,52 p.p.

-

6

Insurance payments sent to reinsurers

2221,8

524,5

1697,3

323,60%

7

Coefficient of dependence on the reinsurers

26,26%

4,16%

22,10 p.p.

-

8

Net premiums

6239,6

12094,6

-5855

-48,41%

9

Premium earned

8413,4

12423,6

-4010,2

-32,28%

10

Financial result from operating activity

7969

9467

-1498

-15,82%

11

Insurance indemnities and compensations

152,8

2272,2

-2119,4

-93,28%

12

Insurance indemnities/Gross premiums ratio

1,81%

18,01%

-16,20 p.p.

-

13

Net profit

7933

8945

-1012

-11,31%

3. Since the beginning of the year the shareholders’ equity of IC “Mir” has grown by 6,75%, and liabilities – by 62,51%. Due to such dynamics the ratio of shareholders’ equity to liabilities of Ukraine has reduced by 233,9 p.p. Despite a very great reduction of the ratio on 01/07/2014 the shareholders’ equity of the insurer has exceeded its liabilities in 45 times. Therefore, at the beginning of the second half IC “Mir” has maintained a significant reserve of shareholders’ equity.

In the period from 01/01/2014 to 01/07/2014 liquid assets of the insurer have decreased by UAH 2,02 mln down to UAH 8,02 mln, as a result of that the Company’s liquidity has considerably reduced: from 58,18%down to 28,59%. The liquidity level of IC “Mir” on 01/07/2014 has been noticeably lower than the average of the market, but possessing a significant reserve of shareholders’ equity and a decrease in business volumes, which in prospect will result in a decrease in liabilities, such level of liquidity can be considered acceptable.

Table 2


Key balance sheet indicators of PJSC “Insurance company “Mir” (19209435), th. UAH, p.p., %

#

Indicators

01.07.2014

01.01.2014

Change

Growth rate, %

1

Assets

153580

134863

18717

13,88%

2

Shareholders’ equity

125543

117610

7933

6,75%

3

Liabilities

28037

17253

10784

62,51%

4

Shareholders’ equity/Liabilities ratio

447,78%

681,68%

-233,9 p.p.

-

5

Liquid assets

8016

10037

-2021

-20,14%

6

Proportion of liquid assets in assets of the insurer

5,22%

7,44%

-2,22 p.p.

-

7

Liquid assets/Liabilities ratio

28,59%

58,18%

-29,58 p.p.

-

Therefore, IC “Mir” has entered the second half of 2014 with a noticeably falling volume of business, but with a growing profitability of operations, as well as with a great reserve of shareholders’ equity, but with a weak level of liquidity. Study of the insurer’s statements in 2009-2011 has shown that the Company has already successfully experienced similar periods in the past. Therefore, despite a decrease in liquidity, the Agency refrains from any rating actions, considering that the insurer’s management will normalize the liquidity after the decrease in business volumes will start reflecting in dynamics of the Company’s liabilities.


RA «Standard-Rating» (Ukraine)





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