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The financial stability rating of the insurer UJSIC “ASKA” has been confirmed at the level uaAА


15/11/2011

Key conclusions of the activity analysis of UJSIC “ASKA” for the 9 months of 2011:

1. Shareholders' equity/ Total liabilities ratio of UJSIC “ASKA” has decreased from 330,42 to 272,49% for the period from 01.10.2010 to 01.10.2011. Nevertheless, the company remained recapitalized, maintaining the greater amount of shareholders’ equity than it was needed for meeting their liabilities. Furthermore, Cash and cash equivalents/ Total liabilities ratio has grown by 14,91 p.p. from 74,28 to 89,19% for the period from 01.10.2010 to 01.10.2011. As of 01.10.2011 cash on the company’s accounts has been equal to UAH 93,340 m that has covered almost 90% of the insurer’s liabilities. The volume of cash on the company’s accounts has increased by 37% for the last 12 months.

2. UJSIC “ASKA” has increased its gross premiums almost by 23% for the 9 months of 2011. The company has collected UAH 267 m of gross premiums for the 9 months of 2011 that has enabled it to enter the group of the largest companies of classic segment. At the same time, insurance benefits have grown only by 3,88% for the period from 01.10.2010 to 01.10.2011, and Insurance benefits and reimbursements/ Gross premiums ratio has reduced from 41,97% (as of 01.10.2010) to 35,48% (as of 01.10.2011).

3. The activity of the insurer has remained loss-making for the 9 months of 2011: net loss of the company has remained at the previous level and constitutes UAH 19,8 m according to the 9 months of 2011. At the same time the company has succeeded to reduce loss from operating activities from UAH 17,5 m to UAH 15,8 m (by 9,65%). ROE has constituted -6,94%. According to RA “Expert-Rating” current unprofitable activity of the insurer against the redundant capitalization, high liquidity and significant growth of gross premiums, doesn’t make considerable impact on the financial stability of the company.

Analytical department of RA «Expert-Rating»

Press-release in details (english version) - 15.11.2011 

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