The rating actions are based on the strengthened market position and improved profitability of the group. According to the agency "SOGAZ's sound operating performance will support the group's creditworthiness over the medium term, in particular regarding its strategic goals and capital management", S&P believes.
A stable outlook reflects the agency's view "that the group will continue to advance its strategy to sustain its business position and strengthen its capital and earnings position within the next two years". "We expect the insurer will maintain its strong competitive position in the Russian insurance market and keep its conservative investment policy", S&P explained.
SOGAZ insurance group was founded in 1993 and is the largest Russian insurer of the federal level. According to 1Q2019 market result, SOGAZ is leading in terms of GWP and paid claims among 184 insurance companies.
The detailed report of S&P Global Ratings can be found here