RUSSIA: FITCH removed VSK from the Rating Watch Negative

25 January 2019 — Marina MAGNAVAL
The international rating agency FITCH removed the financial stability rating of VSK from the list of Rating Watch Negative (RWN), where it was placed in July 2018, as well as confirmed the company's rating at BB-, outlook negative, as reported by ASN.

According to the agency's press-release, the risk of the insurer's non-compliance with regulatory requirements in connection with Urban Group was eliminated, due to that it was decided to remove the insurer from RWN. VSK believes that the loss, related to Urban Group, is no match for the targeted level of consolidated net profit of RUB 8.8 billion in 2018.

VSK is one of the TOP-10 insurers of the market. For 9 months of 2018 in terms of GWP the company took the 7th place in the market ranking with its market share of about 14%. As of 30.09.2018 the insurer's assets amounted to RUB 102 billion, equity - RUB 23 billion and charter capital - RUB 3.7 billion.

*for approximate calculation

1 EUR = 76.2294 RUB (September 30th, 2018)

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