S&P Global Ratings has upgraded the financial strength rating and the issuer's credit rating of ROSGOSSTRAKH to BB with stable outlook. Earlier the rating was BB-, as the oldest insurer in Russia informed.

The agency noted that the ratings of ROSGOSSTRAKH (RGS) were upgraded due to the resilience in the challenging operating environment caused by the COVID-19 pandemic. "We note that RGS' performance has continued to withstand the economic and financial shocks of the COVID-19 pandemic. We also note RGS has coped with decreased oil prices and capital market volatility, similar to higher rated peers. RGS continues to improve its capitalization through profit retention with continued premium growth and good return on equity", the agency said in its press release.

According to 1H2020 results, GWP of RGS increased by 11.7% y-o-y and the company ranks 6^th in the overall market ranking. The agency expects that "RGS will continue to show strong capital through profit retention over the next 12 months, with business growth continuing in 2021".

Gennady GALPERIN, CEO of ROSGOSSTRAKH, emphasized that the company "has entered its anniversary year and intends to celebrate its centenary as one of the engines of transformation in the Russian insurance market", he said.