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PRESS RELEASE: The rating of IC MIR confirmed at the level uaAA -


27/09/2012

On September, 27th, 2012 at the session of RA Expert-Rating rating committee decision was taken on confirmation of IC MIR (USREOU code 19209435) rating at the level uaAA - on the national scale. The rating is confirmed based on the analysis of Company work results in H1 2012.

Table 1

Key performance indicators PJSC IC MIR (USREOU 19209435)

Indicators

H I 2012 (30.06.2012)

H I 2011 (30.06.2011)

Change

Growth rate, %

Total assets, UAH th.

104973,2

104576,2

397

0,38%

Shareholders’ equity, UAH th.

93329,8

71864,4

21465,4

29,87%

Total liabilities, UAH th.

11643,4

32711,8

-21068,4

-64,41%

Shareholders’ equity/Insurer liabilities, %

801,57%

219,69%

581,88 p.p.

-

Cash and cash equivalent, UAH th.

9504,5

4271,4

5233,1

122,51%

Cash/Insurer liabilities, %

81,63%

13,06%

68,57 p.p.

-

Total gross premium, UAH th.

13382,6

11601,9

1780,7

15,35%

Reinsurer’s share in gross premium, UAH th.

84,1

1319,8

-1235,7

-93,63%

Reinsurance cover ratio, %

0,63%

11,38%

-10,75 p.p.

-

Payouts and indemnities, UAH th.

749,5

1293,5

-544

-42,06%

Payout ratio for the period, %

5,60%

11,15%

-5,55 p.p.

-

Financial results, UAH th.

15018,8

7080,6

7938,2

112,11%

ROS, %

112,23%

61,03%

51,20 p.p.

-

Net profit (loss), UAH th.

10085,1

6713,3

3371,8

50,23%

ROE, %

10,81%

9,34%

1,46 p.p.

-

Source: Company data, RA Expert Rating calculations

1. As of 30.06.2012 Company assets are UAH 104,973 million, that is on 0,38% higher than the similar indicator of 30.06.2011. Shareholders’ equity during the period from 30.06.2011 to 30.06.2012 grew from UAH 71,864 million to UAH 93,330 million, or by 29,87 %. At the same time, the volume of Company liabilities for the last 12 months has essentially decreased: from UAH 32,712 million (as of 30.06.2011) to UAH 11,643 million (as of 30.06.2012), or on 64,41 %. As a result, the ratio shareholders’ equity/liabilities of the insurer has shown unprecedentedly high level as of reporting date of Q2 2012, namely - 801,57 %.

2. Cash means on Company accounts during the period from 30.06.2011 to 30.06.2012 have grown in 2,23 times, and as of Q3 2012 beginning their volume was UAH 9,505 million. In consequence, the level of insurer liquidity has increased by 68,57 p.p. and as of 30.06.2012 cash assets/liabilities  ratio constituted 81,63 % that exceeds the average value on the insurance market of Ukraine.

3. For H1 2012 PJSC Insurance Company MIR collected UAH 13,383 million, that is on 15,35 % higher than H1 2011 indicator. At the same time, along with fall of insurance payout level in H1 2012 (following the results of first 6 months of 2012 level of payouts was only 5,60 %) the share of reinsurers has essentially decreased, namely – by 93,63 %. Reduction of insurance payouts volume positively influenced the results of IC MIR activity.

4. According to the results of insurer work for H1 2012 the financial result from operations constituted UAH 15,019 million, that more than in 2 times exceeds the same indicator of 2011. Net profit of IC MIR constituted UAH 10,085 million in H1 2012, thereby having exceeded  by 50,23 % the similar H1 2011 indicator. ROS and ROE indicators have shown high values: 112,23 % and 10,81 %, accordingly.

The analysis of PJSC Insurance Company MIR key performance indicators has shown that the Company possesses unprecedentedly large capitalization margin, good level of liquidity and continues to increase return rates and profitability. The given factors substantiate high grade of rating, awarded by the Agency.

 

Analytical service of RA Expert Rating

Confirmation of IC MIR (english version) - 27.09.2012

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