Credit rating of the Insurance Company «Universalna» was raised to the rate «uaA-» with ‘steady’ prognosis.2007-07-05
Independent rating agency «Credit-Rating» raised the credit rating of «Universalna». According to the results of the analysis undertaken on all essential aspects of business activity and financial position of the OJSC «Insurance Company «Universalna», the long-term credit rating of its liabilities was raised to the rate «uaA-» with ‘steady’ prognosis.
The borrower’s rating «uaA» represents high capability of the borrower to clear the liabilities considering circumstances of Ukrainian financial market.
Steady prognosis indicates absence of prerequisites for rating changes within the year.
While carrying out the rating analysis, the agency «Credit-Rating» used the consolidated financial report for the 1st quarter of 2007 as well as internal information provided by the OJSC «Insurance Company «Universalna» within the frame of the rating process, including that received from cooperation of the rating agency specialists and authorized insurance company representatives. Information on all essential aspects of the insurance company activities was analyzed.
Factors which keep the credit rating level of the company «Universalna»:
- Increase in joint stock capital by 1.67 times, to UAH 100 million, 40% of which was publicly placed.
- Development of the bank distribution channel for insurance products by the insurance company «Universalna»: insurance payments received with the help of banks amounted to UAH 11 million by the end of the 1st quarter in 2007 or 22% of all payments received. The figure for the same period in 2006 amounted to UAH 4 million.
- The portion of payments from TOP-10 insurers of the 1st quarter in 2007 amounts only to 3.86% of gross payments received by «Universalna» and that indicates its low level if dependence from the key clients.
|Credit rating history of OJSC IC «Universalna»|
|Credit rating rate||uaBBB||uaBBB||uaBBB||uaA-|