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/
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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/
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25.09.2013
PRESS-RELEASE
(Translation from Russian)
The rating of «IC «Nasta», ALC is confirmed at the level uaA+
September 25, 2013 RA «Standard-Rating» has decided to confirm the credit rating / the financial stability rating of the insurer “IC “Nasta”, ALC at the level uaA+ according to the national scale.
The insurers with rating uaA+ are characterized by a high financial stability / solvency compared to other Ukrainian insurers. Such a level of stability is susceptible to adverse commercial, financial and economic conditions. When confirming the rating, the Agency has taken into consideration the results of the Insurer’s activity in the H1 of 2013.
1. Gross premiums of IC “Nasta” have amounted to UAH 49,340 mln in the H1 of 2013 that is by 30,68% more, than in the H1 of 2012. Net premiums of the Insurer have grown by 5,03% in the same period, and earned premiums – by 25,16%. Despite a decrease of the level of economic activity in Ukraine IC “Nasta” has shown a very confident increase in business in the H1 of 2013.
2. Net profit of IC “Nasta” has amounted to UAH 0,0479 mln in the H1 of 2013 that is by 98,57% less, than in the H1 of 2012. It is important that the operating result of the Company, like in the first quarter, has shown the opposite trend. Thus, the financial result from operating activity of the Insurer has amounted to UAH 13,545 mln in the H1 of 2013 that is in 4,63 times more, than in the H1 of 2012.
Table 1
Key indicators of income and expenses of “IC “Nasta”, ALC (35893575)
in the H1 of 2013, th. UAH, p.p., %
#
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Indicators
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HI of 2013
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HI of 2012
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Change
|
Growth rate, %
|
1
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Total gross premiums, including
|
49340.4
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37757.5
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11582.9
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30.68%
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2
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from insurants-individuals
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20841.5
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20263.1
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578.4
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2.85%
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3
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from reinsurers
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13852.6
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3381.1
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10471.5
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309.71%
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4
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Proportion of individuals in gross premiums
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42.24%
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53.67%
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-11.43 p.p.
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-
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5
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Proportion of reinsurers in gross premiums
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28.08%
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8.95%
|
19.12 p.p.
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-
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6
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Insurance payments sent to reinsurers
|
10750.1
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1014.7
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9735.4
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959.44%
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7
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Coefficient of dependence on the reinsurers
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21.79%
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2.69%
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19.10 p.p.
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-
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8
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Net premiums
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38590.3
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36742.8
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1847.5
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5.03%
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9
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Premium earned
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42377.2
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33857.2
|
8520
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25.16%
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10
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Financial result from operating activity
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13545.7
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2923,7
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10622
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363.31%
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11
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Insurance indemnities and compensations
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14829.2
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13622.9
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1206.3
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8.85%
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12
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Insurance indemnities/Gross premiums ratio
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30.05%
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36.08%
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-6.03 p.p.
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-
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13
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Net profit
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47,9
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3364,4
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-3316
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-98.57%
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14
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ROE
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0.08%
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5.98%
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-5.90 p.p.
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-
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3. In the period from 01.01.2013 to 01.07.2013 the shareholders’ equity of IC “Nasta” has grown by 5,95%, and liabilities have decreased by 20,20%. As a result of such dynamics the ratio of shareholders’ equity to liabilities has grown by 24,28 p.p. and on 01.07.2013 has already amounted to 98,37%. Such a ratio and its dynamics indicate that the Company still keeps an excessive level of capitalization, and it positively reflects on characteristics of its solvency.
4. In the period from 01.01.2013 to 01.07.2013 the liquid assets of the Insurer have decreased by 21,92%. As of 01.07.2013 at the accounts of the Company there has been UAH 24 mln. Due to such dynamics the level of general liquidity of the Insurer has decreased by 0,9 p.p. since the beginning of the year that is not a considerable decrease.
Table 2
Key balance sheet indicators of “IC “Nasta”, ALC (35893575)
in the H1 of 2013, th. UAH, p.p., %
#
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Indicators
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01.07.2013
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01.01.2013
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Change
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Growth rate, %
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1
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Assets
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119415
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131328
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-11913
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-9.07%
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2
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Shareholders’ equity
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59216
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55891
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3325
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5.95%
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3
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Liabilities
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60199
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75437
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-15238
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-20.20%
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4
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Shareholders’ equity/Liabilities ratio
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98.37%
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74.09%
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24.28 p.p.
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-
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5
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Liquid assets
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24693
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31626
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-6933
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-21.92%
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6
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Proportion of liquid assets in assets of the insurer
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20.68%
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24.08%
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-3.40 p.p.
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-
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7
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Liquid assets/Liabilities ratio
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41.02%
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41.92%
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-0.90 p.p.
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-
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Therefore, the activity of IC “Nasta” has remained profitable in the H1 of 2013, the Company has maintained general liquidity, has continued generating the reserve of equity and has considerably increased business volumes. The above factors have explained a high rating of the Insurer.
RA «Standard-Rating» (Ukraine)
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