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

26.03.2018
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 9 months of 2017, «IC «RARITET» PrJSC ranked among more than 260 participants of the insurance market (non-life), as follows: by assets – it ranked the 50th; by own capital – 44th; by gross insurance premiums – 43th; by insurance payments – 34th; by insurance reserves - 52th, respectively. Also, «IC «RARITET» PrJSC by January-September of 2017, ranked 13th by the volume of attracted premiums under medical insurance contracts.

By results of 2017 year, «IC «RARITET» PrJSC attracted insurance premiums totaling in the amount of UAH 59.1m, which exceeded the indicator in 2016 by 3.4%. The priority type of insurance for the Company is medical. According to the results of the previous year, insurance payments were made for the total amount of UAH 45m, which almost exceeded the quarterly payments which were made during 2016 due to the structure of the insurance portfolio and the prevalence of health insurance in it. The dynamics of insurance payments earned in terms of quarters is relatively stable, the main activity is kept profitable, however, in the analyzed period, the significant effect on the financial result was made by the expenses related to the write-off of the balance of financial investments in securities - the net financial result for the 2017 year was negative and amount (-) 15.6 UAH m.

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, reduction of equity due to losses from securities transactions, 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 01.01.2018, the actual solvency margin exceeded the regulatory norm almost than 4-fold.

In order to conduct the analytical research the materials provided by «IC «RARITET» PrJSC have been used, including: annual financial statements for 2015-2017, 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