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/

23/09/2013



PRESS-RELEASE

(Translation from Russian)
The rating of IC «NOVA» is updated
September 23, 2013 RA «Standard-Rating» has decided to confirm the financial stability rating/ the credit rating of the insurer Private JSC “Insurance company “NOVA” at the level uaA+ according to the national scale. The insurer with rating uaA+ is characterized by a high financial stability compared to other Ukrainian insurers. The level of stability is susceptible to adverse commercial, financial and economic conditions. When confirming the insurer’s rating, the Agency has been based on the analysis results of the Company’s indicators in the H1 of 2013.
1. In the H1 of 2013 IC “NOVA” has collected UAH 22,742 mln of gross premiums that is by UAH 3,005 mln or by 11,67% less, than in the H1 of 2012. Net premiums have decreased by 24,98% in the same period, and earned premiums – by 56,28%. It is this way the insurer has reacted to the downward of economic activity in Ukraine, which could be observed in the H1 of 2013.

At the same time, due to a number of measures, made by the management of the insurer, a significant decrease in business volumes hasn’t affected the amounts of operating and net profit, and thus, the negative impact of the decrease in business to the financial state of the Company has been leveled.



The financial result of operating activity has amounted to UAH 1,121 mln in the H1 of 2013 against a loss of UAH 1,897 mln in the same period of last year. The Company has earned net profit of UAH 0,611 mln in the H1 of 2013 against UAH 0,921 mln in the same period of 2012.
Table 1

Key indicators of income and expenses of

Private JSC «IC «NOVA» (31241449) in the H1 of 2013, th. UAH, p.p., %

#

Indicators

HI of 2013

HI of 2012

Change

Growth rate, %

1

Total gross premiums, including

22742.4

25747.6

-3005.2

-11.67%

2

from insurants-individuals

5070.7

6893.3

-1822.6

-26.44%

3

from reinsurers

2576.8

3617.6

-1040.8

-28.77%

4

Proportion of individuals in gross premiums

22.30%

26.77%

-4.47 p.p.

-

5

Proportion of reinsurers in gross premiums

11.33%

14.05%

-2.72 p.p.

-

6

Insurance payments sent to reinsurers

9893.3

8620.1

1273.2

14.77%

7

Coefficient of dependence on the reinsurers

43.50%

33.48%

10.02 p.p.

-

8

Net premiums

12849.1

17127.5

-4278.4

-24.98%

9

Premium earned

11009.8

25184.1

-14174.3

-56.28%

10

Financial result from operating activity

1121

1897

-776

-40.91%

11

Insurance indemnities and compensations

4744.8

12993.8

-8249

-63.48%

12

Insurance indemnities/Gross premiums ratio

20.86%

50.47%

-29.61 p.p.

-

13

Net profit

611

921

-310

-33.66%

2. Since the beginning of 2013 the shareholders’ equity of IC “NOVA” has grown by 28,11%, and liabilities have decreased by 6,52%. As a result of such dynamics the ratio of shareholders’ equity to liabilities of the insurer has grown by 97,47 p.p. up to 260,59%. That is, as of 01.07.2013 the shareholders’ equity of IC “NOVA” has exceeded assets in 2,6 times. The Agency characterizes the level of the Company’s capitalization as excessive.


The liquid assets of IC “NOVA” have decreased by 32,45% in the first 6 months of 2013, and the ratio of liquid assets to liabilities has decreased by 22,55 p.p. down to 58,75%. In the Agency’s opinion, the insurer has reduced an excess of liquidity by bringing the level of total liquidity to the level close to optimal.
Table 2

Key balance sheet indicators of Private JSC «IC «NOVA» (31241449)

in the H1 of 2013, th. UAH, p.p., %


#

Indicators

01.07.2013

01.01.2013

Change

Growth rate, %

1

Assets

113452

88561

24891

28.11%

2

Shareholders’ equity

81989

54903

27086

49.33%

3

Liabilities

31463

33658

-2195

-6.52%

4

Shareholders’ equity/Liabilities ratio

260.59%

163.12%

97.47 p.p.

-

5

Liquid assets

18485

27365

-8880

-32.45%

6

Proportion of liquid assets in assets of the insurer

16.29%

30.90%

-14.61 p.p.

-

7

Liquid assets/Liabilities ratio

58.75%

81.30%

-22.55 p.p.

-

Therefore, IC “NOVA” has entered the H2 of 2013 with the decrease in business volumes, the decrease in net profit, but with a growing level of capitalization, as well as with correction of total liquidity to the optimal level. In the Agency’s opinion, the Company has continued optimizing its business-processes, and the decrease in profitability of operations and business volumes has been a reaction of the Insurer to the downward of business activity in the H1 of 2013.



RA «Standard-Rating» (Ukraine)





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