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IBI-Rating has affirmed the credit rating of «IC «RARITET» PrJSC at uaA grade

05.04.2017
Rating agency IBI-Rating informs on affirming of the credit rating of «IC «RARITET» PrJSC at uaA grade, with a «stable» outlook.

«IC «RARITET» PrJSC
has been operating in the insurance market since 1999. The company's shareholders are 4 natural persons, they are residents of Ukraine. The Insurer exercises its activity on the basis of 17 licenses (5 compulsory types and 12 voluntary types of insurance).

By results of 9 months 2016, «IC «RARITET» PrJSC ranked among the 280 participants of the insurance market (non-life), as follows: by assets – it ranked the 54th; by own capital – 48th; by gross insurance premiums – 45th; by gross insurance payments – 33rd; by insurance reserves - 55th, respectively. By results of 2016, «IC «RARITET» PrJSC attracted insurance premiums totaling UAH 57.2m, which by 17% exceeded the result of 2015 and is due to the increase in premiums of the insurer’s priority type of insurance, i.e. – health insurance. By results of the last year, insurance payments were made for the total amount of UAH 36.5m. Last year the core activity of «IC «RARITET» PrJSC was unprofitable; in turn, due to the negative value of income tax and increasing result from financial transactions, the net financial result for 2016 was positive amounting to UAH 15thousand.

The affirmed rating grade of the Insurer is due to sufficient diversification of the assets, which represent insurance reserves, and also high capitalization ratios. Along with this, the company's activities are inherent in the concentration of the insurance portfolio by types of insurance, low diversification of placed deposits by banking institutions, a considerable of investments in securities with limited liquidity, as well as unprofitable core activity and high value of the combined loss ratio. In turn, Rating agency IBI-Rating notes high solvency ratios, as at the beginning of 2017, the actual solvency margin exceeded the regulatory norm more than 6-fold.

In order to conduct the analytical research the materials provided by «IC «RARITET» PrJSC have been used, including: annual financial statements for 2014-2016, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Finance department

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