RUSSIA: Fitch Ratings improves Financial Strength Rating Outlook of AlfaStrakhovanie from Negative to Stable

18 February 2021 — Marina MAGNAVAL
The international rating agency Fitch Ratings has improved the Financial Strength Rating Outlook of AlfaStrakhovanie from negative to stable. The rating is confirmed at BB +, writes ASN with reference to the agency's release.

According to the agency, the outlook improvement is due to the expectations of Fitch Ratings that, by the end of 2020, the insurer will have good net profit and capitalization, higher than the agency's forecasts.

The affirmation of the rating reflects the higher quality of the insurer's investment portfolio compared to peers. The rating could be upgraded if AlfaStrakhovanie maintains risk-adjusted capitalization at "adequate" level, provided that strong financial performance remains, the release said.

The non-life insurance company AlfaStrakhovanie, a member of the AlfaStrakhovanie group, ranked second in the market in terms of GWP after three quarters of 2020, while the life insurer from the group - AlfaStrakhovanie-Life ranked 8th.

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