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

05.03.2020
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 shareholders of the company are 4 private persons, residents of Ukraine. The insurer carries out its activities based on 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 of 2019, «IC «RARITET» PrJSC attracted insurance payments totaling in the amount of UAH 64.2 million, which is almost equal to 2018. Insurance of the medical services is а priority direction for the company. Most of premiums company gets from individuals-insurers (more than 90% of gross premiums). According to the results of the previous year, the insurer made insurance payments totaling in amount UAH 35.4 million, which is 13.7% less than the amount of compensation for 2018. Moreover, almost all payments attributable to health insurance claims.

Unlike the previous years, the main activity of the insurer in 2019 was profitable - the result from the main activity for this period amounted to almost UAH 9 million. The net profit of «IC «RARITET» PrJSC for 2019 amounted to UAH 7.4 million.

The affirmed rating grade of the insurer is due to sufficient diversification of the assets, which represent insurance reserves, improving performance indicators, high capitalization, and solvency ratios - as at the 01.01.2020, the actual solvency margin exceeded the regulatory norm almost than in 5 times. However, the pressure on the rating is exerted by the concentration of insurance portfolio by type of insurance, 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 2017-2019, 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