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IBI-Rating has affirmed the credit rating of JSIC «OMEGA» at uaBBB+ grade
02.10.2017
Rating agency IBI-Rating informs on affirming of the credit rating of « JSIC OMEGA» at uaBBB+ grade, with a «developing» outlook.
Private Joint Stock Company Joint Stock Insurance Company «OMEGA» has been working in the insurance market since 1994. The Insurer exercises its activities on the basis of 24 licenses, namely, 7 compulsory types and 17 voluntary types of insurance. The regional network of the company is represented by the main office in Kiev and 44 divisions (directorates, regional branches and district departments) in 18 regions of Ukraine. By results of the first half of 2017, JSIC «OMEGA» attracted insurance premiums for a total amount of UAH 55m, which is a quarter more than the same period of the previous year. The main direction of proceeds of premiums is car insurance (MTPL and CASCO) which is more than ¾ of all receipts. More than 10% of revenues are contributions under health insurance contracts. In turn, according to the results of the first half of 2017 JSIC «OMEGA» carried out insurance payments for the amount of UAH 23.5 m, which almost doubled payments for the same period of last year and was caused by an increase in the loss ratio the main type of insurance for the Company - legal liability owners of land vehicles.
The affirmed credit rating grade of the Insurer is due to its high capitalization ratios and sufficient diversification of the assets, which represent insurance reserves. In turn, Rating agency IBI-Rating draws attention to the significant amount of investments in securities with limited liquidity causing the dependence of the financial result on the fluctuations in the value of securities; unprofitability of its core activities, high value of the combined loss ratio, as well as preservation of the difficult situation in the economy limiting the financial capacity of the population and enterprises of the real sector and adversely affecting the level of confidence in financial institutions. At the same time, the company’s solvency indicators have been maintained at a high level, – as of the end of the first half of the 2017 year, the available solvency margin exceeded the regulatory norm more than 30-fold.
In order to conduct the analytical research the materials provided by JSIC «OMEGA» have been used, including: annual financial statements for 2014-2016 and I half-year 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
Private Joint Stock Company Joint Stock Insurance Company «OMEGA» has been working in the insurance market since 1994. The Insurer exercises its activities on the basis of 24 licenses, namely, 7 compulsory types and 17 voluntary types of insurance. The regional network of the company is represented by the main office in Kiev and 44 divisions (directorates, regional branches and district departments) in 18 regions of Ukraine. By results of the first half of 2017, JSIC «OMEGA» attracted insurance premiums for a total amount of UAH 55m, which is a quarter more than the same period of the previous year. The main direction of proceeds of premiums is car insurance (MTPL and CASCO) which is more than ¾ of all receipts. More than 10% of revenues are contributions under health insurance contracts. In turn, according to the results of the first half of 2017 JSIC «OMEGA» carried out insurance payments for the amount of UAH 23.5 m, which almost doubled payments for the same period of last year and was caused by an increase in the loss ratio the main type of insurance for the Company - legal liability owners of land vehicles.
The affirmed credit rating grade of the Insurer is due to its high capitalization ratios and sufficient diversification of the assets, which represent insurance reserves. In turn, Rating agency IBI-Rating draws attention to the significant amount of investments in securities with limited liquidity causing the dependence of the financial result on the fluctuations in the value of securities; unprofitability of its core activities, high value of the combined loss ratio, as well as preservation of the difficult situation in the economy limiting the financial capacity of the population and enterprises of the real sector and adversely affecting the level of confidence in financial institutions. At the same time, the company’s solvency indicators have been maintained at a high level, – as of the end of the first half of the 2017 year, the available solvency margin exceeded the regulatory norm more than 30-fold.
In order to conduct the analytical research the materials provided by JSIC «OMEGA» have been used, including: annual financial statements for 2014-2016 and I half-year 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