November 15, 2012 RA «Expert-Rating» has decided to confirm the financial stability rating of Private JSC «Ukrainian security insurance company» at the level uaA+ (a high level of financial stability) according to the national scale. Confirming the rating, the Agency was guided by the results of the insurer’s activity in the 9 months of 2012.

Table

Key performance indicators of PrJSC «USIC» in the 9 months of 2012

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

1. As of 01.10.2012 assets of the insurer have amounted to UAH 60,056 mln that is by 25,85% more than the indicator on 01.10.2011. Shareholders’ equity has grown by 12,98% in the period from 01.10.2011 to 01.10.2012 and has amounted to UAH 30,792 mln at the reporting date of the third quarter of 2012, while liabilities of the company have increased by 42,98% and have amounted to UAH 29,264 mln on 01.10.2012. As a result, as of 01.10.2012 IC «USIC» has possessed an excess level of capitalization, as indicated by the ratio of shareholders’ equity to liabilities – 105,22%.

2. Cash at the accounts of the insurer has grown from UAH 10,757 mln up to UAH 13,688 mln, or by 27,25% in the period from 01.10.2011 to 01.10.2012. Due to the priority growth rates of liabilities over the growth of liquid assets of the company, the ratio of cash to liabilities has decreased by 5,78 p.p. and has amounted to 46,77% as of 01.10.2012. Therefore, the insurer’s liquidity is at the level lower than the average of the market. 

3. JSC «USIC» has collected UAH 69,813 mln of gross premiums in the 9 months of 2012 that is by 25,36% more than the same indicator of the 9 months of 2011. Insurance indemnities have amounted to UAH 9,579 mln in the three quarters of current year that is in 2,37 times more than the indemnities of the same period of 2011. A significant increase in indemnities of the company hasn’t negatively affected the financial result of the insurer in the 9 months of 2012.

4. The financial result from operating activity of the insurer has amounted to UAH 5,07 mln according to the results of the three quarters of 2012 that is by 164,67% more than the indicator of the same period of 2011. Net profit of JSC «USIC» has amounted to UAH 3,521 mln in the 9 months of 2012 that exceeds net profit of the same period of last year in 20,65 times. Thus, indicators ROS and ROE have also increased in the 9 months of 2012, compared to the same period of 2011 and have amounted to 7,26% and 11,43%, respectively.

According to the results of the insurer’s reports the Agency notes a considerable growth of profitability indicators, an excess level of capitalization and an increase in gross business that strengthens the market positions of JSC «Ukrainian security insurance company».

Analytical service of RA «Expert-Rating»

Confirmation of of Private JSC «Ukrainian security insurance company» (english version) - 15.11.2012