RUSSIA: VSK's rating improved to BB

6 August 2019 —
Fitch Ratings improved the financial stability rating of VSK from BB- to BB, outlook stable, ASN reports.

Among the positive key rating factors, the agency noted a significant increase in the company's capital, high operating performance and improved diversification in the insurance portfolio. The company operates in both retail and corporate segments.

According to the insurer, the group's capital for Jan-May 2019 grew by 8% y-o-y to RUB 28.6 billion (~EUR 0.39 billion) and assets grew to RUB 139 billion (~EUR 1.92 billion). Profit for the first five months this year amounted to RUB 3.1 billion (~EUR 42.8 million). Based on 1Q2019 results, the company ranked 8th in the market in terms of GWP.

*EUR 1 = RUB 72,4229 (31.05.2019)