On March, 15th, 2011 the Rating Agency ‘Expert Rating’ has confirmed stability rating of JSC Insurance Company 611 (Kiev, USREOU code 34241389) at the level uaA- on the national scale. Rating level uaA - means high probability of that the company will resist under the influence of adverse factors in the future.

By results of 2010 following tendencies can be seen in the development of JSC ‘Insurance company
611’:
1. Total volume of Company’s business dropped by 13,5 %. Gross premiums of JSC ‘Insurance
company 611’ have been decreasing slightly slower than overall indicators in the market of classical insurance in Ukraine. Despite that, Company share in the market still remained insignificant. Decrease in gross premiums has led to decline in liabilities of the Company, and shareholder equity adequacy has grown as consequence. On the beginning of 2011 equity/assets ratio was nearly 90 %. Redundant volume of capital influenced positively on solvency level of JSC ‘Insurance company 611’.
2. Amount of indemnities following the results of 2010 remained almost invariable, having decreased by
only 1 percentage point. For the Ukrainian market the level of indemnities of 20,16 % can be considered as low one. The Agency reminds that in the portfolio of JSC ‘Insurance company 611’ property risks prevailed, on which indemnities level traditionally remains one of the lowest in the market. Total volume of Company indemnities in 2010 decreased on 17,61 %, but namely due to gross premiums decrease by 13,51 % the level of 2010 indemnities did not differ too much from 2009 results. The Agency positively estimates the fact that in 2010, - the year of depression for the insurance market, JSC ‘Insurance company 611’ managed to keep disbursement ratio at the level of 2009.
3. JSC ‘Insurance company 611’ managed to stay with net profit of UAH 34,5 th. in the end of 2010. The year 2009 brought 12 m of net profit to the Company. Such considerable difference is caused by the specifics of 2009, namely this year the Company got equity income of UAH 14 m. In 2010 the Company has to rely on its operational indicators. The Agency estimates as positive the fact that JSC ‘Insurance company 611’ finished at no loss in the year 2010. Against good liquidity and redundant capital adequacy it positively influenced the solvency of the Company.

Analytical service of RA Expert-Rating

Press release