BAKU, Azerbaijan, February 16. An international rating agency increased the credit rating of PASHA Insurance OJSC, Trend reports via Pasha Insurance.
"PASHA Insurance, which is constantly striving to develop unique prospects for consumers by introducing innovations and new trends to the international insurance industry, has once again passed the global examination. The rating agency S&P Global Ratings recognized PASHA Insurance's performance. According to the agency's new capital model, PASHA Insurance's capital adequacy ratio surpassed the 99.8 percent confidence level in 2022 and is likely to remain there for the next two years. This includes strong profitability forecasts with premium growth of 10-15 percent in line with the market average for 2024–2025, a return on equity of more than 30 percent, and retention of up to 20–25 percent of net income in equity," the insurance company statement says.
Note that PASHA Insurance's premium collection climbed 37 percent to 293 million manat ($172.2 million) in 2023, while payouts increased 2.1 times to 144 million manat ($84.6 million).
"According to the findings, our organization was able to keep last year's rating indications well. Thus, according to the assessment done in 2024, the international rating agency S&P Global Ratings confirmed PASHA Insurance OJSC's long-term credit rating and financial stability rating at BB, and the rating outlook switched from stable to positive. This statistic is an obvious outcome of PASHA Insurance's corporate governance system that meets international standards and ensures long-term financial stability," the company's information says.
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