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

31.10.2019
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 by the head office in Kyiv and agency network, which has more than 130 agents in 10 oblasts of Ukraine. According to the results by the first half of 2019, «IC «RARITET» PrJSC attracted insurance payments totaling in amount of UAH 34,7 million, which is almost in 3% more than in the same period of the previous year. Insurance of the medical services is а priority diraction for the company. The most of premiums company get from individuals-insurers (76% of gross premiums). The most of premiums company gets from individuals-insurers (76% of gross premiums). According to the results of January-June 2019, the insurer made insurance payments totaling in amount UAH 20.1 million, which almost corresponds to the same period of the previous year. At the same time, almost part of the payments fall on health insurance claims - 97.6% of all payments.

Unlike in the previous periods, the main activity of the Insurer in the first half of 2019 was profitable - the result from the main activity for this period exceeded UAH 3 million.The net profit of «IC «RARITET» PrJSC for January-June 2019 was amounted UAH 3.2 million.

The affirmed rating grade of the insurer is due to sufficient diversification of the assets, which represent insurance reserves, improving of performance indicators, high capitalization and solvency ratios - as at the 01.07.2019, the actual solvency margin exceeded the regulatory norm almost than in 7 times. However, the pressure on the 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 and the first half of 2019, 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