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PRESS-RELEASE: The financial stability rating of Private JSC «Insurance company 611» is confirmed at the level uaA-


21/05/2012

PRESS-RELEASE

(Translation from Russian)

The financial stability rating of Private JSC «Insurance company 611» is confirmed at the level uaA-

 

May 21, 2012 RA «Expert-Rating» confirms the financial stability rating of the insurer Private JSC «Insurance company 611» at the level uaA- according to the national scale following the results of the company’s activity in the Q1 of 2012.

Table 1

Key performance indicators of Private JSC «Insurance company 611» following the results of the Q1 of 2012

Indicators

I quarter of 2012 (31.03.2012)

I quarter of 2011 (31.03.2011)

Change

Growth rate, %

Total assets, th. UAH.

31745,1

31297,7

447,4

1,43%

Shareholders’ equity, th. UAH

28705,9

28686

19,9

0,07%

Total liabilities, th. UAH

3039,2

2611,7

427,5

16,37%

Shareholders’ equity/Liabilities ratio, %

944,52%

1098,37%

-153,84 p.p.

-

Cash and cash equivalents, th. UAH

3230,8

3430,1

-199,3

-5,81%

Cash and cash equivalents/ Liabilities ratio, %

106,30%

131,34%

-25,03 p.p.

-

Total gross premiums, th. UAH

1702

1615

87

5,39%

Insurance premiums belonged to the reinsurers, th. UAH

1405,6

905,4

500,2

55,25%

Insurance premiums belonged to the reinsurers/Gross premiums ratio, %

82,59%

56,06%

26,52 p.p.

-

Insurance indemnities and reimbursements, th. UAH

199,8

257,5

-57,7

-22,41%

Loss ratio for the period, %

11,74%

15,94%

-4,21 p.p.

-

Financial result from operating activities, th. UAH

2,1

20,5

-18,4

-89,76%

ROS, %

0,12%

1,27%

-1,15 p.p.

-

Net profit (loss), th. UAH

1,4

8,4

-7

-83,33%

ROE, %

0,00%

0,03%

-0,02 p.p.

-

Source: the Company’s data, calculations by RA «Expert-Rating»

 

Key conclusions of the activity analysis of Private JSC «Insurance company 611» in the Q1 of 2012:

1. Assets of Private JSC «Insurance company 611» have amounted to UAH 31 745,1 th. according to the results of the Q1 of 2012 that is by 1,43% more than the same indicator in the Q1 of 2011. Shareholders’ equity of the insurer has amounted to UAH 28 705,9 th. on 31.03.2012 remaining at the level of the Q1 of 2011. At the same time, total liabilities of the company have increased by 16,37% and have amounted to UAH 3 039,2 th. on 31.03.2012. This is caused, first of all, by the growth of insurance reserves due to the increase in collecting insurance payments. Despite the growth of total liabilities of the insurer, the company remains overcapitalized. This is indicated by the shareholders’ equity/liabilities ratio, which has amounted to 944,52% following the results of the reporting period.

2. Cash on accounts of Private JSC «Insurance company 611» has decreased by 5,81% in the Q1 of 2012 and has amounted to UAH 3 230,8 th. on 31.03.2012. At the same time, the liquidity ratio of the insurer has amounted to 106,3% that provides a high level of the company’s liquidity, sufficient to perform its liabilities to its insurants and lenders.

3. Private JSC «Insurance company 611» has collected UAH 1 702,0 th. of gross premiums in the Q1 of 2012 that is by 5,39% more than in the same period of 2011. According to the data of the insurer’s statements insurance indemnities have amounted to UAH 199,8 th. in the Q1 of 2012 that is by 22,41% less than the same indicator of 2011. The growth in premiums and the decrease in indemnities of Private JSC «Insurance company 611» fully correspond to the market trends of 2011 and the Q1 of 2012.

4. In the Q1 of 2012 Private JSC «Insurance company 611» remains profitable that indicates an effective financial policy of the insurer. According to the results of the Q1 of 2012 the financial result from operating activities has amounted to UAH 2,1 th that is by 89,76% less than the same indicator in the Q1 of 2011. This decrease is related to an increase in operating expenses of the company. As a result, ROS of the insurance company has been decreased from 1,27% down to 0,12%. Private JSC «Insurance company 611» has finished the first quarter of 2012 with net profit of UAH 1,4 th.

As a whole, the Agency positively estimates the results of Private JSC «Insurance company 611» in the first quarter: the activity of the insurer has remained profitable, the company has been sufficiently provided with capital and has maintained redundant liquidity.

 

Analytical service of RA «Expert-Rating»

Confirmation of Private JSC «Insurance company 611» (english version) - 21.05.2012

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