IBI-Rating has affirmed the financial stability rating of «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC at uaAifr grade

Rating agency IBI-Rating informs on affirming of the financial stability rating of «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC at uaAifr grade, with a «stable» outlook.

The affirmed grade of the financial stability rating of «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC is due to the increased volume of earned insurance premiums. At the same time, the Rating agency notes an increased proportion of outgoing reinsurance along with low diversification of operations by reinsurers, as well as the Insurer’s sensitivity to the market risk as a result of a significant amount of securities, whose value may fluctuate in the stock market. During the period under review, there is observed a sufficient proportion of highly liquid assets in the categories of assets, which represent insurance reserves. Also, the Rating agency takes into account the absence of debt burden and high value of the combined loss ratio.

IBI-Rating currently sees no factors that may lead to upgrading of the financial stability rating of «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC in the short term. Downgrading of the credit rating is possible in the event of delicne in solvency (liquidity) of the insurance Company, increased dependence of the Insurer’s activity on investments in securities of certain issuers, further increase in operating expenses, increased combined loss ratio, as well as an impact of negative factors of development of the insurance market of Ukraine, which may lead to deterioration of the Company activities and its financial performance.

In order to conduct the analytical research the materials provided by «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC have been used, including: annual financial statements for 2013-2015 and 6 months of 2016 , other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Financial Department.

For additional information please contact:
Press office of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua