Print
IBI-Rating has affirmed the credit rating of “INSURANCE COMPANY “SALAMANDRA-UKRAINE” PJSC at uaBBB grade
20.10.2015IBI-Rating informs on affirming of the credit rating of “INSURANCE COMPANY “SALAMANDRA-UKRAINE” PJSC at uaBBB grade with a “stable” rating outlook.
The affirmed rating grade of the Insurer is due to its high levels of performance indicators, as well as the acceptable structure of assets and liabilities. However, the insurance portfolio preserves the concentration by major insurers. There is sensitivity of the insurer to market risk due to the significant volume of securities whose value may fluctuate in the stock market. Also, the Rating agency notes the lack of debt burden, profitable operations and low value of the combined loss ratio.
A positive impact on the credit rating may have the following: an increase in the authorized capital of the insurance company, reduced concentration of the insurance portfolio, increased specific weight of highly liquid assets in the categories of the assets that represent insurance reserves. A negative impact on the credit rating may have the following: reduced solvency (liquidity) of the insurance company, increased dependence of the company’s operations on investments in securities of certain issuers, as well as negative factors of development of the Ukrainian insurance market, which could lead to a deterioration of the company and its financial performance.
In order to carry out the analytical research the materials provided by “INSURANCE COMPANY “SALAMANDRA-UKRAINE” PJSC were used, including the annual financial statements for 2012-2014 and the Ist half of 2015, target performance indicators for the IInd half of 2015, other necessary internal information as well as the information from public sources, which the Rating agency considers reliable.
Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
The affirmed rating grade of the Insurer is due to its high levels of performance indicators, as well as the acceptable structure of assets and liabilities. However, the insurance portfolio preserves the concentration by major insurers. There is sensitivity of the insurer to market risk due to the significant volume of securities whose value may fluctuate in the stock market. Also, the Rating agency notes the lack of debt burden, profitable operations and low value of the combined loss ratio.
A positive impact on the credit rating may have the following: an increase in the authorized capital of the insurance company, reduced concentration of the insurance portfolio, increased specific weight of highly liquid assets in the categories of the assets that represent insurance reserves. A negative impact on the credit rating may have the following: reduced solvency (liquidity) of the insurance company, increased dependence of the company’s operations on investments in securities of certain issuers, as well as negative factors of development of the Ukrainian insurance market, which could lead to a deterioration of the company and its financial performance.
In order to carry out the analytical research the materials provided by “INSURANCE COMPANY “SALAMANDRA-UKRAINE” PJSC were used, including the annual financial statements for 2012-2014 and the Ist half of 2015, target performance indicators for the IInd half of 2015, other necessary internal information as well as the information from public sources, which the Rating agency considers reliable.
Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua