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

03.04.2019
Rating agency IBI-Rating informs on affirming of the long-term 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 and 12 voluntary types of insurance). Insurance services are provided through the head office in Kyiv and an agency network, which has 150 agents in 10 oblasts of Ukraine. According to the results by 2018, «IC «RARITET» PrJSC attracted insurance payments totaling in amount of UAH 69 million, which is almost in 17% more than in the same period of the previous year. Insurance of the medical services is а priority for the company. According to the results by 2018, insurance payments were made for the total amount of UAH 41.1 million, that almost corresponds to the indicator in 2017. The main activity of the insurer in 2018 was loss-making - the loss of the main activity for the first half of 2018 amounted to UAH (-) 0.9 million, the result of activity (before taxation) for the previously year was UAH (-)1.5 million. In turn, the net loss for previously year was amounted to UAH 2.2 million.

The affirmed rating grade of the insurer is due to sufficient diversification of the assets, which represent insurance reserves, high capitalization and solvency ratios - as at the 01.01.2019, the actual solvency margin exceeded the regulatory norm almost than 4-fold. However, the pressure on the credit rating is exerted by: concentration of insurance portfolio by type of insurance; high value of the combined indicator of loss-making; the instability of the operating environment, the variability of the regulatory field, as well as the sensitivity of the company's revenue base to changing the situation in the real sector.

In order to conduct the analytical research the materials provided by «IC «RARITET» PrJSC have been used, including: annual financial statements for 2016-2018, 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