In terms of GWP in 2018, the company placed 4th in the total market ranking. The insurer's market share was 6.9%, which has a positive effect on its rating. The growth rate reached 39.6% in 2018.
Given that diversification of the company's portfolio remains high, MTPL generated 34.4% in GWP last year (+10.1% y-o-y). The agency considers MTPL growth in the company's portfolio as a risk factor. The insurer's client base is also highly diversified (the 5 largest customers provided 3.2% of GWP). Expert RA considers the absence of concentration positive on one sales channel (the share of GWP from the largest sales channel, the agent network, amounted to 16.8% in 2018).
The quality and high diversification of the company's assets, as well as high return on equity (66.5%) and high return on investments (5.6%) have a positive effect on the rating. At the same time, the low profitability of sales (12.9%), high net loss ratio (53.7%) and combined net loss ratio (94.2%) are constraining rating factors.
According to Expert RA, at the end of 2018, the insurer's assets amounted to RUB 114.7 billion, equity was RUB 22.9 billion and charter capital RUB 7.5 billion.
*EUR 1 = RUB 79.4605 (31.12.2018)