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- Ratings of IC «Providna» are updated
- Key indicators of income and expenses of PrJSC “Providna” (23510137), th. UAH, p.p., %
- Key balance sheet indicators of PrJSC “Providna” (23510137), th. UAH, p.p., %
10.06.2015 Ratings of IC «Providna» are updated June 10, 2015 RA «Standard-Rating» (Ukraine) has decided to confirm the credit rating/ the financial stability rating of the insurer Private JSC “Insurance company “Providna” – 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. Making decision to confirm the rating, the Agency was based on the results of the analysis of the Company’s financial statements, its special and regular information as an issuer of securities, as well as publicly available information on business activity of the insurer. 1. According to the results of the first quarter of 2015 IC “PROVIDNA” has managed to collect UAH 198.235 mln of gross premiums that by 30.97% exceeds the premiums volume, collected for the same period of 2014. The Agency draws attention to the Insurer’s capacity to increase gross business volumes in the period difficult for the insurance market that deserves a positive assessment. At the same time, receipts from individuals have grown: from UAH 63.181 mln to UAH 74.341 mln, or by 17.66%. Positions of IC “PROVIDNA” have remained strong in a corporate segment. Thus, in January of 2015 the Company has won the tender for providing insurance services of JSC “OTP Bank”. IC “PROVIDNA” has conducted with JSC “OTP Bank” a contract of voluntary complex insurance: medical insurance, accident insurance and medical cost insurance of travelers outside Ukraine. This Contract insures 965 employees of the bank and members of their families. General insurance sum on the insurance contract amounts to about UAH 554,875 mln. Table 1 Key indicators of income and expenses of PrJSC “Providna” (23510137), th. UAH, p.p., %
2. Insurance payments, sent to the reinsurers, for the first three months of 2015 compared to the same period of 2014 have grown by 63.27% up to the level UAH 28.337 mln. As a result, the coefficient of dependence on the reinsurers has grown from 11.47% up to 14.29%, or by 2.82 p.p. Net and earned insurance premiums have demonstrated a growth. Thus, net premiums have increased by 26.78% up to UAH 169.898 mln, and earned insurance premiums have grown by 5.20% up to the level UAH 139.876 mln.
Income indicators of the Insurer according to the results of the first quarter of 2015 have demonstrated a considerable growth. Financial result for the analyzed period has amounted to UAH 139.058 mln that is in 2.57 times more than the result of the first quarter of 2014. Net profit volume for the three months of 2015 compared to the same period of 2014 has increased in 2,85 times and has amounted to UAH 105.242 mln. Therefore, profitability indicators have also demonstrated a significant increase in its values. 4. Balance sheet indicators of IC “PROVIDNA” in the period from 31.12.2014 to 31.03.2015 have shown an upward dynamics. Assets have grown by 25.49% up to UAH 878.972 mln, shareholders’ equity – by 32.42% up to UAH 429.717, and gross liabilities have increased by 19.5% up to the level UAH 449.255 mln. Liquid assets of the insurer in the given period have grown from UAH 346.816 mln up to UAH 445.629 mln, or by 28.49%. As a result of the faster growth rates of shareholders’ equity and cash over gross liabilities, as of 31.03.2015 the Company has possessed high levels of capitalization (95.65%) and liquidity (99.19%). Table 2
Key balance sheet indicators of PrJSC “Providna” (23510137), th. UAH, p.p., %
Therefore, RA “Standard-Rating” notes the following factors, which have influenced the rating confirmation of IC “PROVIDNA” at the level uaAA+:
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