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IBI-Rating has affirmed the financial strength rating of «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC at uaAifr grade
11.04.2017
Rating agency IBI-Rating informs on affirming of the financial strength rating of «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC at uaAifr grade, with a «stable» outlook.
«SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC has been operating in the insurance market since March 1995. The Insurer exercises its activities on the basis of 22 licenses, namely, 9 compulsory types and 13 voluntary types of insurance. The regional network is rather developed and is represented by the Head Office in Poltava city, as well as 20 territorial subdivisions (branches, representative offices, points of sale) in 17 regions of Ukraine. During 2016, the Insurer demonstrated a high rate of increase in the insurance portfolio – by results of the last year, insurance premiums were attracted for a total amount of UAH 127.5m, which was more than one and a half times higher than the indicator of 2015. In turn, by results of the last year, the Insurer reimbursed losses for insured events for the amount of UAH 35.3m. The company's net profit for 2016 amounted to UAH 243.6th.
The affirmed financial strength rating is due to growth in the volume of earned insurance premiums, as well as a sufficient proportion of highly liquid assets in the categories of assets, which represent insurance reserves. Solvency ratios were preserved at a high level, – as at the beginning of 2017, the actual solvency margin exceeded the regulatory norm more than 8-fold. In turn, Rating agency notes high share of outgoing reinsurance along with a low diversification of operations by major reinsurers, unprofitability of the company’s core activities and 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.
In order to conduct the analytical research the materials provided by «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC have been used, including: annual financial statements for 2014-2016, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
«SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC has been operating in the insurance market since March 1995. The Insurer exercises its activities on the basis of 22 licenses, namely, 9 compulsory types and 13 voluntary types of insurance. The regional network is rather developed and is represented by the Head Office in Poltava city, as well as 20 territorial subdivisions (branches, representative offices, points of sale) in 17 regions of Ukraine. During 2016, the Insurer demonstrated a high rate of increase in the insurance portfolio – by results of the last year, insurance premiums were attracted for a total amount of UAH 127.5m, which was more than one and a half times higher than the indicator of 2015. In turn, by results of the last year, the Insurer reimbursed losses for insured events for the amount of UAH 35.3m. The company's net profit for 2016 amounted to UAH 243.6th.
The affirmed financial strength rating is due to growth in the volume of earned insurance premiums, as well as a sufficient proportion of highly liquid assets in the categories of assets, which represent insurance reserves. Solvency ratios were preserved at a high level, – as at the beginning of 2017, the actual solvency margin exceeded the regulatory norm more than 8-fold. In turn, Rating agency notes high share of outgoing reinsurance along with a low diversification of operations by major reinsurers, unprofitability of the company’s core activities and 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.
In order to conduct the analytical research the materials provided by «SALAMANDRA-UKRAINE» INSURANCE COMPANY» PrJSC have been used, including: annual financial statements for 2014-2016, 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