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IBI-Rating has affirmed the credit rating of «UPSK» PrJSC at uaAA grade

04.10.2016
Rating agency IBI-Rating informs on affirming of the credit rating of «UPSK» PrJSC at uaAA grade, with a «stable» outlook.

The affirmed rating grade of the Insurer is due to its acceptable capitalization and solvency ratios, high quality and sufficient diversification of the assets, which represent insurance reserves. Rating agency IBI-Rating draws attention to the significant share of the reserve of losses claimed but unpaid, unprofitability of core activities of the Insurer, high value of the ratio of operating expenses to premiums earned, as well as the Insurer’s vulnerability to certain financial risks due to the market conditions and unstable situation in the country. In turn, the Rating agency notes that the Insurer does not have any debt burden, but has a broad client base and well-developed sales channels, which contributes to stable dynamics of insurance premiums.

IBI-Rating currently sees no factors that may lead to changes in the credit rating grade of «UPSK» PrJSC in the short term. Downgrading of the credit rating is possible in the event of deterioration of solvency (liquidity) of the insurance Company, increased dependence of the Insurer on investments in securities of certain issuers, increased combined loss ratio, as well as negative factors of development of the insurance market of Ukraine, which may lead to deterioration of the Company activities and its financial performance.

In order to conduct the analytical research the materials provided by «UPSK» PrJSC , have been used, including: annual financial statements for 2013-2015 and 6 months of 2016 , other 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