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SAIPRO confirms IC "ALSKOM"'s rating at "UzA+"

Botschaft Usbekistan, June 18, 2017

Information-Rating Agency SAIPRO on the results of operations of the insurance company "ALSKOM" in 2016 confirmed its rating at "UzA+" (Very high financial reliability).

According to the Agency, in 2016, the Company maintained stable trends of insurance indicators. The rate of growth of insurance indicators correspond to the average market growth rate, which is important in the retention of market position. During the period under review the volume of insurance premiums of the Company increased 21.6% to 39.1 billion soums. The Company's portfolio maintained its level of stability and diversification. Quantitative indicators of the portfolio also increased, while maintaining quality indicators at the same level.

Insurance payments demonstrated the highest growth rate among main insurance indicators. By the end of 2016, the Company made payments in the amount of 4.7 billion soums, which exceeds the previous year by 43.6%. Outpacing growth rate of insurance payments led to the increase in the level of unprofitability of insurance premiums (the ratio of insurance payouts to insurance premiums) by 1.84 percentage points, which comprised 12.0%.

In general, quantitative and qualitative indicators related to the insurance payments are within acceptable levels and does not negatively impact a comprehensive assessment of the Company's activities.

The company has a wide and active network of regional offices, which provides for additional advantages in the fierce competition in the market. The success of the activities of the regional units is that it generates more than 60.0% of revenues. In general, changes in the performance indicators of regional divisions are evaluated as positive, while the rising trend of regional divisions in total income is considered as a factor positively influencing the assessment of the activities of the Company.

The growth of insurance premiums, as well as raising own funds allowed the Company to significantly increase the size of assets. At the year-end, the Company's total assets increased 25.0% having reached 54.7 billion soums. Analysis of the composition of assets shows that in 2016, the Company paid special attention to increasing the size of liquid assets, which has greatly improved the liquidity of assets.

In the composition of the liabilities of the company the main source of growth are the insurance reserves. Overall, the changes in the structure of sources of assets have a positive impact on liquidity indicators, level of redundancy, use of financial capacity the assessment of financial stability of the company.


Original-Inhalt von Botschaft Usbekistan und übermittelt von Botschaft Usbekistan