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IBI-Rating has affirmed the financial strength rating of «SALAMANDRA-UKRAINE INSURANCE COMPANY» PJSC at uaAifr grade

12.04.2016
Rating agency IBI-Rating informs on the affirmation of the financial strength rating of «SALAMANDRA-UKRAINE INSURANCE COMPANY» PJSC at uaAifr grade, with a «stable» outlook.

The affirmed grade of the financial strength rating of «SALAMANDRA-UKRAINE INSURANCE COMPANY» PJSC is due to the increased volume of earned insurance premiums. At the same time, there has been an increase of the share of the reserves of the claimed but not paid out losses in the total insurance reserves. There is the Insurer’s sensitivity to market risk of as a result of a significant amount of securities whose value can fluctuate in the stock market.

During the period under review, growth of the share of highly liquid assets in the asset classes, which represented insurance reserves, was observed. The Rating agency also notes the lack of significant debt burden and considerable growth of value of combined loss ratio of «SALAMANDRA-UKRAINE INSURANCE COMPANY» PJSC.

IBI-Rating currently sees no factors that may lead to upgrading of the financial strength rating of «SALAMANDRA-UKRAINE INSURANCE COMPANY» PJSC in the short term. Downgrading of the financial strength rating is possible in the event of decreased solvency (liquidity) of the Insurance company, increased dependence of the Insurer’s activity on investments in securities of certain issuers, further growth of its operating expenses and of the combined loss ratio, as well as adverse factors of development of the insurance market of Ukraine, which may lead to deterioration of the Company’s activities and its financial indicators.

In order to carry out the analytical research materials obtained from «SALAMANDRA-UKRAINE INSURANCE COMPANY» PJSC were used, including: the annual financial statements for 2013-2015, other necessary internal information, as well as the information from the 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