UZBEKISTAN: Fitch Rates Agros Hayot at B+, Outlook Stable

20 May 2021 — Marina MAGNAVAL
Fitch Ratings assigned Agros Hayot an Insurer Financial Strength (IFS) Rating of 'B+'. The Outlook is Stable, according to the agency's website.

At the end of 2020, Agros Hayot ranked third in terms of GWP in the life insurance market of Uzbekistan and has now become the first life insurance company in Uzbekistan to be assigned an international rating of B+.

The company demonstrates an ability to maintain its strong position in attracting foreign investment, a strong client base and a well-chosen development strategy, Agros Hayot noted.

Agros Hayot was founded in 2016 by Uzagrosugurta Joint-Stock Company (IFS Rating: BB-). According to Fitch, Agros Hayot is adequately capitalised, with a solvency margin of 1.2x at end-2020 (unchanged from 2019). Fitch believes that "Agros Hayot's standalone profile is weak, reflecting a weak risk-adjusted capital position, the insurer's very limited claims statistics, a fairly new IT system, still-developing actuarial expertise and simplistic regulatory reserving methodology".

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