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Improvement of rating assessment of Vesco JSIC


18/04/2008

Expert Rating RA has raised stability rating of Vesco JSIC up to the ааа grade (the highest stability level) (uaAAA grade on national scale) which means that Company is most likely to resist influence of negative factors.

The following factors influenced the Expert-Rating’s decision on rating assessment improvement:
1. In middle November 2007 the Vesco JSIC was acquired by AXA international group. AXA IG has acquired 50% out of Vesco JSIC share capital+1share and 50% out of the Ukrainian Insurance Alliance IC +1share. The rest 49% of shares of both insurance companies belong to Ukrsibbank (BNP Paribas financial group). AXA IG is a world leader in the segment of financial protection and assets management. By results of group’s activity in 2007 its invested assets amounted Euro 615bn and amount of assets managed by group companies made Euro 1.281trillion. Thus Vesco JSIC has got both an experienced stockholder and a high level of external maintenance.
2. By results of Company’s 2007 performance the amount of gross premiums has grown by 37.8% which is 7.54% above the 2006 results. The gross premiums growth rate in 2007 passed ahead of the growth rate of classic insurance in Ukraine as a whole, that is, Company in spite of the stockholders change managed to extend its presence on the market. The total amount of gross premiums collected by both Vesco and Ukrainian insurance alliance ICs made UAH 421.537m. which according to experts’ estimations makes 7% of the classic insurance market in Ukraine.
3. The 2007 year company has ended with a UAH5.871m loss which brought to attrition of equity capital by 2.7%. This factor can not be considered to be negative for it can not negatively influence on level of Company’s solvency in near-term outlook.

Confirmation

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