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PRESS-RELEASE: The rating of PrJSC «Insurance group «U.B.I.» is confirmed at the level uaA


12/12/2012

December 12, 2012 at the meeting of the rating committee of RA «Expert-Rating» it was decided to confirm the financial stability rating of Private JSC «IG «U.B.I.» at the level uaA according to the national scale. Confirming the rating of the insurer, the Agency was guided by the activity results of the 9 months of 2012.

Table 1

Key performance indicators of PrJSC «Insurance group «U.B.I.»

Indicators

9 months of 2012 (01.10.2012)

9 months of 2011 (01.10.2011)

Change

Growth rate, %

Total assets, th. UAH

50556

45263

5293

11,69%

Shareholders’ equity, th. UAH

34527

34926

-399

-1,14%

Gross liabilities, th. UAH

16029

10337

5692

55,06%

Shareholders’ equity/Liabilities ratio (the capital adequacy ratio), %

215,40%

337,87%

-122,47 p.p.

-

Cash and cash equivalents, th. UAH

8201

6124

2077

33,92%

Cash and cash equivalents/ Liabilities ratio, %

51,16%

59,24%

-8,08 p.p.

-

Total gross premiums, th. UAH

17879,5

11892,1

5987,4

50,35%

Proportion of insurance premiums, belonged to the reinsurers, th. UAH

6334,3

5549,9

784,4

14,13%

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

35,43%

46,67%

-11,24 p.p.

-

Insurance indemnities and reimbursements, th. UAH

2036,3

575,2

1461,1

254,02%

Insurance indemnities/Gross premiums ratio for the period, %

11,39%

4,84%

6,55 p.p.

-

Financial result from operating activities, th. UAH

1311

1300

11

0,85%

ROS, %

7,33%

10,93%

-3,60 p.p.

-

Net profit (loss), th. UAH

229

658

-429

-65,20%

ROE, %

0,66%

1,88%

-1,22 p.p.

-

Source: data of PrJSC «Insurance group «U.B.I.», calculations by RA «Expert-Rating»

1. Assets of the Company have increased from UAH 45,263 mln up to UAH 50,556 mln, or by 11,69% in the period from 01.10.2011 to 01.10.2012. Shareholders’ equity has remained almost unchanged and has amounted to UAH 34,527 mln on 01.10.2012. The increase in gross liabilities has amounted to 55,06% in the last 12 months and its volume has amounted to UAH 16,029 mln as of 01.10.2012. Despite the growth of the insurer’s liabilities, IG «U.B.I.» remains a strongly overcapitalized company, as indicated by the ratio of shareholders’ equity to liabilities (215,40%).

2. As of 01.10.2012 cash at the Company’s accounts has amounted to UAH 8,201 mln. But, due to the priority growth rates of liabilities over liquid assets the ratio of cash to liabilities has decreased by 8,08 p.p. in the period from 01.10.2011 to 01.10.2012. Therefore, the level of the insurer’s liquidity has amounted to 51,16% on 01.10.2012.

3. Insurance group «U.B.I.» has collected UAH 17,88 mln of gross premiums in the 9 months of 2012 that is by 50,35% more than the indicator of the same period of 2011. Insurance indemnities have amounted to UAH 2,036 mln in the first three quarters of 2012 that is in 3,5 times more than the indicator of 2011. But this considerable increase in indemnities hasn’t negatively affected the financial result of the insurer.  

4. According to the results of the 9 months of 2012 the financial result from operating activities of the Company has amounted to UAH 1,311 mln, exceeding the same indicator of the 9 months of last year by 0,85%. Due to a significant growth of the insurer’s costs, net profit has amounted to UAH 229 th. in the first three quarters. Indicators ROS and ROE have amounted to 7,33% and 0,66%, respectively, according to the results of the Company’s activity in the 9 months of 2012.

 

Analytical service of RA «Expert-Rating»

Confirmation of Private JSC «IG «U.B.I.» (english version) - 12.12.2012

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