Moody’s affirms Uzbek company’s rating at B1

Business Materials 3 September 2012 18:43 (UTC +04:00)

Uzbekistan, Tashkent, Sept. 3 / Trend D. Azizov /

Moody's Investors Services international rating agency has affirmed the financial strength rating of the Uzbek national export-import insurance company "Uzbekinvest" at B1C forecast "stable", the agency said today.

For the first time Moody's assigned this rating to "Uzbekinvest" in late 2009, confirmed it in July 2011 and January 2012.

According to the agency, Uzbekinvest's strongest sides are a high capitalization level in relation to insurance risks, the presence of the founder in the face of the government, as well as cooperation with Chartis company, providing the company with underwriting and other expertise.

"Uzbekinvest" is the Uzbek largest insurance company. It has been operating since 1994.
The company is a state export-import insurance company. It carries out all types of general insurance in the domestic market.

The authorized capital of the insurance company is $60 million. The founders of "Uzbekinvest" are the Ministry of Finance (83.3 per cent) and the National Bank for Foreign Economic Affairs (16.7 percent).

In 2011, the company increased the collection of insurance premiums by 38.7 percent - to 31.9 billion soums and reduced the amount of insurance compensation by 1.8 percent - up to 5.263 billion soums.

As of 2011, total assets increased by 10.4 percent - up to 192.878 billion soums, the investments - 10 percent - up to 166.8 billion soums, which amounted to 45.4 percent of total investments of insurers in the republic.

Net insurance reserves increased by 1.3 times - up to 23.362 billion soums. "Uzbekinvest" received net income worth 2.386 billion soums as of 2011, which is 22.7 percent more compared to 2010.

The official exchange rate is 1.921.74 soums/$1 on Sept. 3.