Standard-Rating Стандарт-Рейтинг Standard-Rating Стандарт-Рейтинг Standard-Rating

ТОВ „Стандарт-Рейтинг” (Украина) 01032, Україна, м. Київ, вул. Либідська 1-А, тел./факс +38 (044) 451-63-77 http://www.standard-rating.com/		Standard-Rating (Ukraine) LLC 01032, Ukraine, Kyiv, Lybidskaia St. 1-A, tel./ fax +38 (044) 451-63-77 http://www.standard-rating.com/
Standard-Rating Стандарт-Рейтинг Standard-Rating Стандарт-Рейтинг Standard-Rating Стандарт-Рейтинг Standard-Rating

14 March of 2012

PRESS-RELEASE
Rating of JSC IC «BUSIN» is confirmed at the level uaAA+
RA «Standard-Rating» (Ukraine) confirms the financial stability rating of the insurer JSC Insurance company «Busin» at the level uaAA+ according to the national scale. The insurer with rating uaAA+ is characterized by a very high financial stability comparing to other Ukrainian insurers. The level of stability remains susceptible to adverse commercial, financial and economic conditions.
The rating of JSC IC «Busin» has been confirmed on the basis of the analysis of the company’s results in 2011 (see table).
Table

Key indicators of JSC IC «Busin» in 2011, th. UAH, p.p., %

#	Indicators	2011 (31.12.11)	2010 (31.12.10)	Change	Growth rate, %
1	Total gross premiums, including	78730,6	73316,9	5413,7	7,38%
2	from insurants-individuals	1308,8	1175,3	133,5	11,36%
3	from reinsurers	16243,7	14656,6	1587,1	10,83%
4	Proportion of individuals in gross premiums	1,66%	1,60%	0,06 p.p.	-
5	Proportion of reinsurers in gross premiums	20,63%	19,99%	0,64 p.p.	-
6	Insurance payments sent to reinsurers	48607,1	38222,6	10384,5	27,17%
7	Coefficient of dependence on the reinsurers	61,74%	52,13%	9,61 p.p.	-
8	Net premiums	30123,5	35094,3	-4970,8	-14,16%
9	Premium earned	28583,3	27993	590,3	2,11%
10	Financial result from operating activity	19984,7	18074,3	1910,4	10,57%
11	ROS	25,38%	24,65%	0,73 p.p.	-
12	Insurance indemnities and compensations	1512,8	2805,7	-1292,9	-46,08%
13	Loss ratio	1,92%	3,83%	-1,91 p.p.	-
14	Shareholders’ equity	55120,2	45896,6	9223,6	20,10%
15	Liabilities	37491,7	37482	9,7	0,03%
16	Shareholders’ equity/Liabilities ratio	147,02%	122,45%	24,57 p.p.	-
17	Liquid assets	39366	31597,4	7768,6	24,59%
18	Liquid assets/Liabilities ratio	105,00%	84,30%	20,70 p.p.	-
19	Net profit	19222,8	17374,6	1848,2	10,64%
20	ROE	34,87%	37,86%	-2,98 p.p.	-

1. JSC IC «Busin» has gathered UAH 78,73 mln of gross premiums for the 12 months of 2011 that is by 7,38% more than for the same period of 2010. Proportion of population in gross business of the insurer still hasn’t exceeded 2%. The company remains to be dependent on the aviation insurance market. Nevertheless it is exactly the dependence on this segment of the insurance market provides the insurer with a stable growth of gross business and a considerable market share in a relatively narrow market segment.