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IBI-Rating has affirmed the financial strength rating of «DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC at uaА–ifr grade, keeping the «negative» outlook
12.09.2018
Rating agency IBI-Rating informs on affirming the financial strength rating of «DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC at uaА–ifr grade, with a «negative» outlook. The rating is saved in the Checklist.
«DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC has been operating in the insurance market since 1994 and is the legal successor of «IC «DNIPRINMED» PrJSC. The shareholders of the insurance company are 11 individuals - residents of Ukraine, none of which exceeds 10% of the authorized capital. The insurance company is a member of the Motor (Transport) Insurance Bureau of Ukraine and carries out its activities on the basis of 24 licenses, namely, 8 compulsory types and 16 voluntary types of insurance.
According to the results of the first half of 2018, the «DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC was attracted insurance premiums for the total amount of almost UAH 40.5 million which is in 45% inferior to the indicator of the same period of the previous year and is due to a reduction in revenues for most types of insurance, the services of which is provided by the company. Medical and auto insurance were the priority insurance types for the company during by analyzed period. Insurance payments for January-June this year amounted to 17.2 million UAH, of which almost 2/3 accounted for compensation under contracts of health insurance. The main activity of the insurer is kept profitable; the net financial result is also positive, however insignificant - net profit of the company for the results of the first half of this year amounted to UAH 50 thousand.
The affirming of the financial strength rating of «DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC is due to the sufficient share of highly liquid assets in the categories of assets represented by insurance reserves; decrease of sensitivity from operations with securities; sufficient indicators of capitalization and solvency; acceptable diversification of the insurance portfolio. In turn, the Rating agency notes low diversification of operations on initial reinsurance; reduction of equity due to revaluation of financial instruments and write-off of bad debts; 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 «DOM STRAHOVANIE» INSURANCE COMPANY» PrJSC have been used, including: annual financial statements for 2014-2017 years and first half of 2018, ther necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Financial department
For additional information please contact:
Press office of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
«DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC has been operating in the insurance market since 1994 and is the legal successor of «IC «DNIPRINMED» PrJSC. The shareholders of the insurance company are 11 individuals - residents of Ukraine, none of which exceeds 10% of the authorized capital. The insurance company is a member of the Motor (Transport) Insurance Bureau of Ukraine and carries out its activities on the basis of 24 licenses, namely, 8 compulsory types and 16 voluntary types of insurance.
According to the results of the first half of 2018, the «DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC was attracted insurance premiums for the total amount of almost UAH 40.5 million which is in 45% inferior to the indicator of the same period of the previous year and is due to a reduction in revenues for most types of insurance, the services of which is provided by the company. Medical and auto insurance were the priority insurance types for the company during by analyzed period. Insurance payments for January-June this year amounted to 17.2 million UAH, of which almost 2/3 accounted for compensation under contracts of health insurance. The main activity of the insurer is kept profitable; the net financial result is also positive, however insignificant - net profit of the company for the results of the first half of this year amounted to UAH 50 thousand.
The affirming of the financial strength rating of «DOM STRAHOVANIE «INSURANCE COMPANY» PrJSC is due to the sufficient share of highly liquid assets in the categories of assets represented by insurance reserves; decrease of sensitivity from operations with securities; sufficient indicators of capitalization and solvency; acceptable diversification of the insurance portfolio. In turn, the Rating agency notes low diversification of operations on initial reinsurance; reduction of equity due to revaluation of financial instruments and write-off of bad debts; 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 «DOM STRAHOVANIE» INSURANCE COMPANY» PrJSC have been used, including: annual financial statements for 2014-2017 years and first half of 2018, ther necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Financial department
For additional information please contact:
Press office of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua