UZBEKISTAN: The rating of ASIA INSURANCE upgraded to “B” in accordance with the updated criteria of the S&P capital model; forecast is “stable”

13 February 2024 — Marina MAGNAVAL
On January 25, 2024, the rating agency S&P Global Ratings upgraded the long-term financial stability rating of Asia Insurance Sug’urta Kompaniyasi JSC from “B-” to “B”. The forecast is “stable”.

The report highlights the main positive factors. One of them is long-term experience in conducting operating activities in the general insurance market in the Republic of Uzbekistan and positive net profit. Important criteria were satisfactory capital ratios relative to business volumes, supported by retained earnings, and the presence of an experienced management team.

An analysis of the insurance market and previous results made it possible to improve the company's insurance portfolio, which had a positive impact on overall financial results and a reduction in loss ratios for the main insurance types.

The experts from S&P Global Ratings believe that the company has sufficient liquidity in the form of cash and deposits to fulfill its obligations.

According to 1H2023 market results, the company ranked among the top 20 insurers in Uzbekistan.