The rating was positively influenced by the company's ownership change. Also the agency pointed out the company's market share (6.2% in 2017) as a positive factor.
The Loss ratio is at low level (for 9 months in 2019 it amounted to 19.1%), as well as the combined ratio (58.3% from January to September, 2018). The insurer's financial result for 9 months shows high rates of return on sales (31.7%), return on capital (110.9% y-o-y) and return on invested capital (6.5%).
The insurance portfolio is stable and low lossmaking. As a negative factor the agency emphasized low diversification of the insurance portfolio (during 9 months this year 60.8% of GWP were generated by the major business line - accident and illness insurance. Diversification of the customers' base is low. For the first half of 2018 the share of the 5 biggest customers in the insurer's premiums amounted to 44%, at that the biggest customer accounted for 38% of GWP. At the same time the agency positively considers high reliability of the company's reinsurance protection.
According to the agency, as of 30.09.2018 the insurer's assets amounted to RUB 190 billion, equity - RUB 30 billion, charter capital - RUB 5.5 billion. For 9 months in 2018 the company generated RUB 78 billion of premiums. The growth rate of premiums y-o-y reached 34.4%.
*EUR 1 = RUB 76.2294 (as of 30.09.2018)
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