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PRESS RELEASE RA Expert Rating confirms the credit rating of Private JSC “Insurance company 611” at the level uaA


12/09/2011

PRESS RELEASE
RA Expert Rating confirms the credit rating of Private JSC “Insurance company 611” at
the level uaA

September, 12th, 2011 RA Expert Rating confirms sustainability rating of PJSC “Insurance Company 611” according to the national scale at the level uaA- following the results of Q2 2011. The level uaA- indicates a very high probability of that the company will resist the influence of adverse factors in the future. (see table)

According to the results of the 1 half of 2011 the following tendencies may be identified in the development of PJSC “Insurance Company 611”:
1. The volume of total assets has decreased by 4,71% or UAH 1547,3 th. in Q2 of 2011 in comparison to the same period of 2010. Shareholders’ equity of the Company has reduced by 2,57% (UAH 755,9 th.) and at the end of Q2 of 2011 has constituted UAH 28,69 mln. Since the Company’s equity has decreased as well as its assets in the Q2 of 2011, the capital adequacy ratio has increased by 2,02 p.p. – from 89,71% to 91,73% in comparison to the same period of 2010. But in the same period this ratio indicates an excess level of the Company capitalization.
2. The volume of gross premiums collected by IC “611” in the 1 half of 2011 has increased in comparison to the same period of 2010 and at the end of the analyzed period has constituted UAH 3722,6 th., that exceeds the same indicator by 12,62% in the 1 half of 2010. Along with the volume rise of gross premiums the volume of total paid out indemnities has shown a considerable growth – 43,73% or UAH 259,2 th. The actual reserve of the Company solvency considerably exceeds legal calculated reserve of this indicator that demonstrates the reliability of IC “611”.
3. PJSC “Insurance company 611” has finished the 1 half of 2011 with the profit of UAH 9,4 th. In Agency’s opinion, the reduction in the volume of the Company net profit has resulted from the increase of total paid out indemnities in the 1 half of 2011 in comparison to the same period of 2010. The level of the Company liquidity remains high. At the end of Q2 of 2011 the volume of funds in the accounts of the Company has equaled to UAH 2,6 mln., and the level of meeting total obligations by cash has constituted 102%.

Analytical service of RA ‘Expert-Rating’

Rating confirmation of PJSC “Insurance Company 611” (full version)

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