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29 October 2019 the rating committee of RA «Standard-Rating» has decided to update the credit rating/the financial stability (reliability) rating of PrJSC «Insurance company «Universalna» (EDRPOU code 20113829) at the level uaАА+ according to the national scale. The Insurer with rating uaАА+ is characterized by a very high financial stability compared to other Ukrainian insurers.
When updating the rating the Agency was guided by the results of the Company’s statements for the 9 months of 2019. For the first three quarters of 2019 the Insurer has collected UAH 687,737 mln. of gross premiums that by 15,17% has exceeded premiums for the same period of 2018. At the same time, payments from individuals have increased by 43,56% up to UAH 244,506 mln. Despite a noticeable increase of premiums from individuals, legal entities have prevailed in the Company’s client portfolio. Besides, according to the performance results in the 9 months of 2019 the greatest share of premiums (38,68%) came from vehicles insurance (except for railway).
Insurance premiums, sent to the reinsurers for the 9 months of 2019 compared to the same period of 2018, have increased by 40,81%: from UAH 103,715 mln. up to UAH 146,04 mln. Net premiums have grown by 9,78% up to UAH 541,697 mln., and earned – by 15,70% up to UAH 509,123 mln. PrJSC «IC «Universalna» has paid its clients UAH 184,061 mln. of insurance indemnities and compensations that by 12,29% has exceeded the indicator for the same period of 2018.
According to the results of the first nine months of 2019, PrJSC «IC «Universalna» has received profit of UAH 5,39 mln. and the Insurer’s balance sheet indicators have demonstrated positive dynamics. Assets have grown by 38,86% up to UAH 1,261 bn., equity has increased by 2,01% up to UAH 273,478 mln.
Having analyzed the performance results of PrJSC «IC «Universalna» for the 9 months of 2019, RA «Standard-Rating» notes the following factors of updating the insurer’s financial stability rating:
The Rating Committee of RA «Standard-Rating» has positively assessed the growth of gross business volume of PrJSC «IC «Universalna» and updated the credit rating of financial stability of Insurance Company «Universalna» at the level uaАА+ according to the national scale.
RA «Standard-Rating» (Ukraine)