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PRESS RELEASE: RА Expert-rating has confirmed financial stability rating of PrJSC Ukrainian Transport Insurance Company at the level uaA


18/09/2012

On September, 18th, 2012 the rating committee of RA Expert-Rating made the decision on confirmation of the rating of Private Joint-Stock company Ukrainian Transport Insurance Company (USREOU code 22945712) at the level uaA. When taking decision on the confirmation of insurer rating at high level, the Agency was based on the results of work of the Company in H1 2012.

Table 1

H1 2012 indicators of PrJSC Ukrainian Transport Insurance Company, UAH th., p.p., %

Indicators

H І 2012  (30.06.2012)

H 2 2011 (30.06.2011)

Change

Growth rate, %

Total assets, UAH th.

219198,4

194351,7

24846,7

12,78%

Shareholders’ equity, UAH th.

161828,2

157143,4

4684,8

2,98%

Total liabilities, UAH th.

57370,2

37208,3

20161,9

54,19%

Shareholders’ equity/liabilities, %

282,08%

422,33%

-140,26 p.p.

-

Cash and cash equivalents, UAH th.

54349

41492

12857

30,99%

Cash/liabilities, %

94,73%

111,51%

-16,78 p.p.

-

Total gross premiums, UAH th.

31516,8

18069,8

13447

74,42%

Share of gross premiums belonging to reinsurers, UAH th.

3678

4659

-981

-21,06%

Premiums belonging to reinsurers/gross premiums, %

11,67%

25,78%

-14,11 p.p.

-

Insurance payouts and indemnities, UAH th.

7208,8

4792,7

2416,1

50,41%

Payouts/gross premiums for the period, %

22,87%

26,52%

-3,65 p.p.

-

Financial result from operations, UAH th.

3337,3

1909,5

1427,8

74,77%

ROS, %

10,59%

10,57%

0,02 p.p.

-

Net profit (loss), UAH th.

1446,6

210,4

1236,2

587,55%

ROE, %

0,89%

0,13%

0,76 p.p.

-

Source: Company data, calculations by RA Expert Rating

1. As of 30.06.2012 the assets of the insurer made up UAH 219,198 million, that is on UAH 24,847 million or on 12,78 % more than as of 30.06.2011. At the same time, shareholders’ equity of the Company for the reporting date of 2012 was UAH 161,828 million, and total liabilities - UAH 57,370 million. Owing to advancing rates of liabilities growth over the rates of increase of shareholders’ equity, the level of shareholders’ equity coverage of liabilities of the insurer has decreased, but the Company still remains strongly overcapitalized. So, the ratio shareholders equity/liabilities of the insurer as of 30.06.2012 was 282,08 %.

2. From 30.06.2011 to 30.06.2012 Company cash increased from UAH 41,492 million to UAH 54,349 million, i.e. on 30,99 %. Despite growth of liquid funds, liquidity rate decreased on 16,78 p.p. due to an essential growth of total liabilities. But at the same time, the ratio cash/liabilities of the insurer as of 30.06.2012 was 94,73 % that provides high level of Company liquidity.

3. The volume of total business of IC UTICO in H1 2012 made up UAH 31,517, that considerably exceeds (on 74,42 %) the indicator of H1 2011. However, for the same period insurance payments increased from UAH 4,793 million to UAH 7,209 million, or on 50,41 %. Despite considerable growth of insurance payouts, the ratio payouts/gross premiums in H1 2012 decreased by 3,65 p.p.: from 26,52 % to 22,87 %.

4. Following the results of H1 2012 the growth of financial result from operational activity of the insurer made up 74,77 %, thus, the given indicator has constituted UAH 3,337 million for the specified period. The net profit of Private Joint-Stock Company UTICO for H1 of the current year increased in 6,88 times compared with the same indicator of 2011. ROS for the analyzed period has constituted 10,59 %, and ROE - 0,89 %.

By results of Company activity analysis the Agency notes high indicators of capitalization, liquidity and profitableness of the insurer that confirms high enough rating of financial stability and good level of reliability of IC UTICO 

Analytical service of RA Expert-Rating

Confirmation of Private Joint-Stock company Ukrainian Transport Insurance Company (english version) - 18.09.2012

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