IBI-Rating has affirmed the credit rating of PJSC «NJSIC «ORANTA» at uaВВВ+

Rating agency IBI-Rating informs on affirming of the credit rating of PJSC «NJSIC «ORANTA» at uaВВВ+ grade, with a «developing» outlook.

The affirmed rating grade of the Insurer is due to the available developed network of separate subdivisions in all regions of Ukraine, which to a great extent ensures generation of insurance premiums, sufficient indicators of solvency - as of 01.04.2017, the actual solvency margin exceeded the regulatory reserve by 2.7 times. In turn, IBI-Rating notes a significant amount of losses of previous years, reducing its capitalization level, high value of the combined loss ratio, low value of the efficiency index, as well as persisting difficult situation in the economy limiting the financial capacity of households and enterprises of the real sector.

PJSC «NJSIC «ORANTA» is the legal successor of Ukrgosstrakh, founded on November 25, 1921. In 1993, Ukrgosstrakh was transformed into the Public Joint-Stock Company «National Joint-Stock Insurance Company «Oranta», the founder of which was the State Property Fund of Ukraine. In 2007, the State Property Fund of Ukraine sold to the investor the last shareholding which was in state ownership. As of the beginning of April 2017, the shareholders of PJSC «NJSIC «ORANTA», which have more than 10% of the shares, are JSC «BTA Bank» (Kazakhstan), as well as two companies registered in the Republic of Cyprus.

The Insurer exercises its activity on the basis of 33 licenses - 15 mandatory and 18 voluntary types of insurance. Following the results of 3 months of 2017 PJSC «NJSIC «ORANTA» occupied such positions among more than 250 participants of the insurance market (non-life): assets - 14th place; own capital - 15th place; insurance premiums - 14th place; insurance payments - 12th place; insurance reserves - 11th place. In addition, PJSC «NJSIC «ORANTA» stably ranks first in terms of the volume of insurance premiums for compulsory insurance of civil liability of owners of land vehicles. Net profit of the insurer in the last year amounted to UAH 35.5 mln. In the first quarter of 2017, the insurer worked at a loss of UAH 17.4 mln.

In order to conduct the analytical research the materials provided by PJSC «NJSIC «ORANTA» have been used, including: the annual financial statements for 2014-2016 and 3 months of 2017 , other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Financial Department
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