Тов „Стандарт-Рейтинг (Украина)

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PRESS-RELEASE (Translation from Russian) Rating of PrJSC IC «JUPITER VIENNA INSURANCE GROUP» is updated
Key indicators of income and expenses of Private JSC IC «JUPITER VIENNA INSURANCE GROUP» (30434963) in the Q1 of 2014, th. UAH, %, p.p.
Key balance sheet indicators of Private JSC IC «JUPITER VIENNA INSURANCE GROUP» (30434963) in the Q1 of 2014, th. UAH, %, p.p.

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/

26/06/2014

PRESS-RELEASE

(Translation from Russian)
Rating of PrJSC IC «JUPITER VIENNA INSURANCE GROUP» is updated
June 26, 2014 Rating agency «Standard-Rating» has confirmed the financial stability rating/ the credit rating to Private JSC «JUPITER LIFE INSURANCE VIENNA INSURANCE GROUP» at the level uaAA+. The insurer with rating uaAA+ is characterized by a very high financial stability compared to other Ukrainian insurers. Making decision of confirming the rating at such a high level, the Agency was guided by the results of the Insurer’s activity in 2013 and in the Q1 of 2014.
1. IC «JUPITER LIFE INSURANCE VIENNA INSURANCE GROUP» has collected UAH 9,56 mln of insurance premiums in the Q1 of 2014 that is by 33,71% more than in the Q1 of 2013. The Agency also reminds that in 2013 the Company has demonstrated the increase in insurance premiums by 36,18% compared to 2012.
2. The Company has paid UAH 285 th. in the Q1 of 2014 that is by UAH 82 th. less than in the same period of 2013. At the same time, acquisition costs of the insurer have grown by UAH 1,696 mln up to UAH 2,918 mln.

According to the Agency, aninsignificant loss of UAH 105 th. (which amounts to only 0,25% of the shareholders’ equity of the insurer) won’t considerably affect its stability.

The increase in acquisition costs can be considered as an adequate measure, which has provided the increase in insurance premiums under difficult economic conditions. The Agency reminds that the Company has finished the 2013 year with net profit of UAH 1,91 mln.
Table 1

Key indicators of income and expenses of Private JSC IC «JUPITER VIENNA INSURANCE GROUP» (30434963) in the Q1 of 2014, th. UAH, %, p.p.

#	Indicators	QI of 2014	QI of 2013	Change	Growth rate, %
1	Gross insurance premiums	9560	7150	2410	33.71%
2	Insurance indemnities and compensations	285	367	-82	-22.34%
3	Insurance indemnities/Gross premiums ratio	2.98%	5.13%	-2.15 p.p.	-
4	Acquisition costs	2918	1222	1696	138.79%
5	Acquisition costs/Insurance premiums ratio	30.52%	17.09%	13.43 p.p.	-
6	Net profit	-105	553	-658	-
7	ROE	-0.25%	1.32%	-1.57 p.p.	-

3. Shareholders’ equity of the Company has decreased only by 0,25% in the Q1 of 2014, and liabilities have grown by 24,05%. This dynamics has resulted in the fall of the ratio of shareholders’ equity to liabilities by 9,96 p.p. down to 39,79 p.p. Such fall of the ratio is not critical, especially against the background of a high liquidity of the insurer.

4. Liquid assets of IC «JUPITER LIFE INSURANCE VIENNA INSURANCE GROUP» have grown by 22,33% in the Q1 of 2014. On 01.04.2014 at the accounts of the Company there have been UAH 97 mln. However, due to the fact that liabilities have grown faster than liquid assets, the ratio of liquid assets to liabilities of the insurer has decreased by 1,29 p.p. down to 92,11%. Despite a slight decrease, the liquidity level of the insurer has remained very high, significantly exceeding the averages. The Agency reminds that liquid assets of the insurer have grown by 24,68% in 2013.

Table 2

Key balance sheet indicators of Private JSC IC «JUPITER VIENNA INSURANCE GROUP» (30434963) in the Q1 of 2014, th. UAH, %, p.p.

#	Indicators	01/04/2014	01/01/2014	Change	Growth rate, %
1	Assets	146992	126709	20283	16.01%
2	Shareholders’ equity	41838	41943	-105	-0.25%
3	Liabilities	105154	84766	20388	24.05%
4	Shareholders’ equity/Liabilities ratio	39.79%	49.48%	-9.69 p.p.	-
5	Liquid assets	96858	79175	17683	22.33%
6	Proportion of liquid assets in the insurer’s assets	65.89%	62.49%	3.41 p.p.	-
7	Liquid assets/Liabilities ratio	92.11%	93.40%	-1.29 p.p.	-

5. An unprecedented high level of external support of Private JSC IC «JUPITER LIFE INSURANCE VIENNA INSURANCE GROUP» is provided by the insurer’s shareholder – the international insurance group with headquarters in Austria VIENNA INSURANCE GROUP Wiener Stadtische Versicherung AG. VIENNA INSURANCE GROUP Wiener Stadtische Versicherung AG (VIG) is represented by 50 companies in 24 countries of the world and is the leader of the insurance market of Central and Eastern Europe.

According to the results of the Q1 of 2014 VIG has demonstrated a number of positive trends compared to the same period of 2013:

Nominally gross written premiums have grown by 1% up to EUR 2,731 bn; if we take off the impact of changes in exchange rates, then in fact premiums have grown by 2,9%;
Net earned premiums have grown by 0,6% up to EUR 2,213 bn;
Combined ratio has decreased by 0,5 p.p. from 96,9% down to 96,4%;
Assets of VIG have grown by 1,1% up to EUR 42,423 bn in the first quarter, and shareholders’ equity has increased by 3,7% up to EUR 5,207 bn in the same period.

Therefore, Private JSC IC «JUPITER LIFE INSURANCE VIENNA INSURANCE GROUP» has entered the second quarter of 2014 with a noticeable increase in insurance premiums, a great reserve of liquidity and an acceptable reserve of equity. The Company’s activity has been unprofitable in the first quarter, however the amount of loss is insignificant and it is of technical character.

RA «Standard-Rating» (Ukraine)

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