Baku, Azerbaijan, Aug. 18
By Fikret Dolukhanov – Trend:
In 2017, the Uzbek SAIPRO information rating agency assigned the Uzbekinvest national export-import insurance company a rating at "uzA ++" (excellent financial reliability), the Uzbek insurance company said in a message.
In 2017, Uzbekinvest was able to maintain a fairly high growth rate of aggregate insurance premiums, which amounted to almost 26 percent. The growth in insurance premiums also contributed to the growth of the company’s insurance liabilities. At the same time, the growth rate of insurance liabilities was lower than the growth rate of insurance premiums and amounted to 23 percent.
In general, the quantitative indicators of the insurance portfolio have improved, and the level of diversification has remained high.
In 2017, the growth rate of insurance payments was higher than the growth rate of insurance premiums and amounted to 35.3 percent. As a result, the level of unprofitability of insurance premiums was 9.4 percent.
In 2017, the company’s assets grew 220 percent. The company is the market leader in terms of assets and equity. The main sources of asset growth in the reporting period included an increase in the company’s own funds and insurance reserves. As a part of the assets, the growth was mainly caused by increasing investments.
Investment activity is the second key direction of the company’s activity after the main insurance activity. In 2017, the value of investments increased by 234 percent and reached 728.4 billion soums. The growth has been observed regarding almost all major investment targets.
In general, stable financial condition of the company, significant reserve for meeting the solvency norms established by the regulator of the insurance market, as well as the leading positions in the market are essential factors ensuring the preservation of the company’s rating assessment.
In the first half of 2018, the Uzbekinvest national export-import insurance company collected insurance premiums worth 112 billion soums, which is three times more than in the same period of 2017.
(7,790.20 soums = 1 USD on Aug. 18)
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