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PRESS-RELEASE: The financial stability rating of UJSIC «ASKA» has been confirmed at the level uaAА


27/02/2012

PRESS-RELEASE

(Translation from Russian)

 

The financial stability rating of UJSIC «ASKA» has been confirmed at the level uaAА

February 27, 2012, RA «Expert-Rating» confirms a financial stability rating of the insurer UJSIC «ASKA» at the level uaAА according to the national scale. When confirming the insurer’s rating, the Agency was based on the analysis of the Company’s activity for 2011.

Table 1

Key performance indicators of UJSIC «ASKA»

Indicators

2011

(31.12.2011)

2010

(31.12.2010)

Change

Growth rate, %

Total assets, th. UAH

452 689

380 409

72 280

19,00%

Shareholders’ equity, th. UAH

284 665

294 959

-10 294

-3,49%

Gross liabilities, th. UAH

168 024

85 450

82 574

96,63%

Shareholders’ equity/Gross liabilities ratio, %

169,42%

345,18%

-175,76 p.p.

Cash and cash equivalents, th. UAH

135 855

72 432

63 423

87,56%

Cash and cash equivalents/ Gross liabilities ratio, %

80,85%

84,77%

-3,91 p.p.

Total gross premiums, th. UAH

419 964

290 775

129 189

44,43%

Insurance premiums belonged to the reinsurers, th. UAH

145 462

128 232

17 230

13,44%

Insurance premiums belonged to the reinsurers/Gross premiums, %

34,64%

44,10%

-9,46 p.p.

Insurance indemnities and reimbursements, th. UAH

149 407

120 094

29 313

24,41%

Insurance indemnities/Gross premiums ratio for the period, %

35,58%

41,30%

-5,73 p.p.

Financial result from operating activities, th. UAH

-21 808

-26 617

4 808

-18,06%

ROS, %

-5,19%

-9,15%

3,96 p.p.

Net profit (loss), th. UAH

-19 835

-28 628

8 793

-30,71%

ROE, %

-6,97%

-9,71%

2,74 p.p.

Source: Data of UJSIC «ASKA», calculations by RA «Expert-Rating»

Key conclusions on the analysis of the activity of UJSIC «ASKA» for 2011:

1. Assets of UJSIC «ASKA» have grown by 19,00% for 2011 and on 31.12.2011 they have amounted to UAH 452,689 mln. Gross liabilities of the Company have increased from UAH 85,45 mln. up to UAH 168,024 mln. for the period from 31.12.2010 to 31.12.2011. At the same time, shareholders’ equity of the insurer has decreased by 3,49% and on 31.12.2011 it has constituted UAH 284,665 mln. The Shareholders’ equity/Liabilities ratio has declined from 345,18% (on 31.12.2010) up to 169,42% (on 31.12.2011). Therefore, when decreasing the indicator of capitalization, the insurer sought to bring its balance indicator to an optimal structure. Cash on accounts of the insurance company has demonstrated a significant rise over last 12 months, its growth rate has constituted 87,56% over the year. As of 31.12.2011 the bank accounts of the company accumulated UAH 135,855 mln., which covered almost 81% of the insurer’s liabilities.

2. The growth in gross business of UJSIC «ASKA» has constituted 44,43% for 2011 in comparison to 2010. The Company has collected UAH 419,964 mln. over the last 12 months, while gross business of 2010 has constituted UAH 290,775 mln. In its turn, insurance indemnities have constituted UAH 149,407 mln. for the 2011 that is by 24,41% more than the same indicator of 2010. Thus, the Insurance indemnities/Gross premiums ratio has reduced by 5,73 p.p., from 41,3% up to 35,58% for 2011 in comparison with 2010. The reduction of this ratio has had a positive impact on the operating profitability of the insurer.

3. The insurer has succeeded to decrease its loss by 30,71% over the 12 months of 2011 in comparison to 2010. Total loss has constituted UAH 19,835 mln. following the Company’s activity of 2011. Despite the indicators ROS and ROE remain negative, they have demonstrated improvement in 2011. In the Agency’s opinion, the unprofitable activity of the Company in 2011, in view of its high capitalization, significant growth in gross premiums and liquid assets, doesn’t have a negative impact on the financial stability of UJSIC «ASKA».

 

Analytical service of RA «Expert-Rating»

Full confirmation of UJSIC «ASKA» (english version) - 27.02.2012

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