Ratings of IC «Persha» are updated May 19, 2014 Rating Agency «Standard-Rating» has confirmed the credit rating / the financial stability rating of Private JSC «Insurance company «Persha» 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. The rating of IC “Persha” has been updated on the basis of the analysis of the Company’s activity in 2013 and Q1 of 2014.
1. Gross premiums of IC “Persha” have grown by 21,21% up to UAH 45,621 mln in the Q1 of 2014. Net premiums have grown by 43,47% in the same period, and earned premiums – by 71,30%. The Agency reminds that gross business of the insurer has grown by 15,08% in 2013. Despite a difficult first quarter of 2014 for the Ukrainian economics, IC “Persha” has shown a good level of resistance to crisis phenomena. The Company has managed not only to keep, but also to increase its market share.
2. IC “Persha” has paid UAH 10,185 mln in the Q1 of 2014 that is by 34,12% more, than in the Q1 of 2013. In comparison with the same quarter of 2013 the Company has also increased the level of indemnities by 2,15 p.p. up to 22,33%. The increase in indemnities has become one of the factors, which has affected the profitability of the insurer’s activity.
The financial result of the Company from operating activity hasn’t changed and has amounted to UAH 0,932 mln. Net profit of IC “Persha” in the same period has amounted to UAH 225 th. that is by 56,73% less than in the Q1 of 2013. The decrease in net profit of the Company won’t negatively affect the financial stability of the insurer.
Key indicators of income and expenses of Private JSC «Insurance company «Persha» (31681672), th. UAH, p.p., %
3. Shareholder’s equity of IC “Persha” has grown by 2,07% in the Q1 of 2014, and liabilities have increased by 8,97%. As a result, the ratio of shareholders’ equity to liabilities has decreased by 4,14 p.p. down to 61,2%. The level of the insurer’s capitalization is identified as acceptable.
Against the background of correcting the capitalization in the Q1 of 2014 liquid assets of the Company have grown by 9,12% up to UAH 45,056 mln. The ratio of liquid assets to liabilities of the insurer has grown by 0,07 p.p. up to 53,57%. The Agency appreciates although a small, but still an increase in the level of general liquidity.
Key balance sheet indicators of
Private JSC «Insurance company «Persha» (31681672), th. UAH, p.p., %
Growth rate, %
Shareholders’ equity/Liabilities ratio
Proportion of liquid assets in the insurer’s assets
Liquid assets/Liabilities ratio
Therefore, IC “Persha” has entered the second quarter of 2014 with a noticeable increase in business, an acceptable reserve of liquidity and an optimal level of capitalization. Also important is the fact that in the first quarter (as well as in 2013) the activity of IC “Persha” has remained profitable. The Company has demonstrated a good level of resistance to the crisis conditions of the first quarter of 2014 and has managed not only to maintain but also to increase its market share.