Moody's reaffirms Uzbekinvest company rating
Uzbekistan, Tashkent, Sept. 9 / Trend D. Azizov /
Moody's Investors Services Ltd., the international rating agency, reaffirmed the financial strength rating of the Uzbek National Export- Import Insurance Company UzbekInvest at B1 with a 'stable' forecast in late August, the company's management told Trend today.
Moody's assigned this rating to Uzbekinvest for the first time at the end of 2009 and confirmed it in July 2011, as well as January and September 2012.
Moody's stressed that UzbekInvest's strengths are its high capitalisation level compared to the risks, the founder in the face of the Uzbek government (the Ministry of Finance ), its value as a state export-import insurer, as well as cooperation with AIG, providing UzbekInvest with underwriting and other insurance expertise, the company added.
UzbekInvest is Uzbekistan's largest insurance company. It has been operating since 1994. The company is a state export- import insurance agency and carries out all types of general insurance in the domestic market.
UzbekInvest's main mission is to promote attracting foreign investments in the economy and growth of Uzbek export potential by providing reliable insurance protection from political, natural and combined risks.
The total number of territorial divisions (the company's branches and offices) as of late 2012 amounted to 106, with the number of insurance agents reaching 1.043 million, which is 1.5 times more compared to 2011.
The insurance company's authorised capital hit $60 million. Uzbekinvest's founders are the Uzbek Ministry of Finance (83.3 per cent) and the National Bank for Foreign Economic Affairs (16.7 per cent).
It was reported that Uzbekinvest collected 44.7 billion of insurance premiums in 2012, which is 1.4 times more than in 2011, the payment of insurance claims increased 1.2 times, up to 6.4 billion soums.
The official exchange rate is 2.129.72 soums/$ 1 on Sept. 9.