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IBI-Rating has affirmed the credit rating of Joint Stock Insurance Company «OMEGA» at uaBBB+ grade

13.04.2017
Rating agency IBI-Rating informs on affirming of the credit rating of the Joint Stock Insurance Company «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 2016, JSIC «OMEGA» attracted insurance premiums for a total amount of UAH 98.7m, which is almost by 1.5 times higher than the result of 2015. The main direction of proceeds of premiums is car insurance (MTPL and CASCO). By results of the previous year, JSIC «OMEGA» made insurance payments in the total amount of UAH 29.4m (versus UAH 19.6m for 2015).

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 at the beginning of 2017, 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, 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