Today, Uzbekinvest is the only company in the banking and financial sector of Uzbekistan that has a financial strength rating of Ba2 by Moody's.
In its press release, the agency notes Uzbekinvest's strong position in the insurance market; presence of a high-quality investment portfolio managed by financial institutions with an Aaa rating; a high level of capital in relation to insurance risks; increased geographic and business diversification due to the company's increased attention to the international reinsurance market.
The upgrade of the international rating to Ba2 indicates a high level of the company’s creditworthiness, which creates conditions for its active entry into international reinsurance markets, expansion of insurance support for Uzbek exporters, as well as foreign companies investing in Uzbekistan.
It is noted that for the first 9 months of 2024, the company’s gross reinsurance premiums amounted to USD 35.6 million. National exporters of goods and services were provided with insurance coverage in the amount of USD 2.2 billion, which is 41% of non-resource exports of the Republic of Uzbekistan.
The rating upgrade is a result of the dynamic development and growth of the company's business over the past 7 years. GWP has increased almost 12 times since 2017. Insurance premiums in the corporate segment for the period under review increased by 11.6 times, and in the retail insurance segment - more than 15 times.
Also, in April 2024, A.M. Best confirmed the financial stability rating of Uzbekinvest at BB with a stable outlook, the insurer added.
214 views
