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

28.09.2017
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 private persons, they are residents of Ukraine. The Insurer carries out its activities on the basis of 17 licenses (5 compulsory types and 12 voluntary types of insurance).

By results of 3 months of 2017, «IC «RARITET» PrJSC ranked among the 268 participants of the insurance market (non-life), as follows: by assets – it ranked the 50th; by own capital and gross insurance premiums – 43th; by gross insurance payments – 31th; by insurance reserves - 49th, respectively. Also, «IC «RARITET» PrJSC in the first quarter of this year ranked 15th by the volume of attracted premiums under medical insurance contracts.

By results of I half-year of 2017, «IC «RARITET» PrJSC attracted insurance premiums totaling UAH 28.4m, which almost corresponds to the same period of the previous year. The priority for the Company is medical insurance. By results of I half-year of 2017, insurance payments were made for the total amount of UAH 24.7m, which exceeded the payments made during January-June of the previous year by one third and was caused by the increase of unprofitableness of medical insurance. The main activity of «IC «RARITET» PrJSC in the first half of 2017 was profitable. Net profit for this period amounted to UAH 2.1 m (against the profit of UAH 0.6 m for the first half of last year).

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 the preservation of a difficult situation in the economy, which limits the financial capacity of the population and enterprises of the real sector. In turn, Rating agency IBI-Rating notes high solvency ratios, as at the 01.07.2017, the actual solvency margin exceeded the regulatory norm more than 5-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 and I half-year of 2017, 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