Uzbekinvest becomes first Uzbek company to get Ba3/BB- rating from Moody’s
BAKU, Azerbaijan, Dec. 10
By Fakhri Vakilov - Trend:
The international rating agency Moody’s Investors Service has officially announced an increase in the financial stability rating of Uzbekinvest national insurance company from B1 to Ba3 with a stable outlook, Trend reports citing the company.
Thus, Uzbekinvest became the first company in the banking and financial sector of Uzbekistan to be assigned the Ba3 International Financial Sustainability Rating by Moody’s International Rating Agency.
“The rating of financial stability of the Uzbekinvest insurance company has been upgraded to Ba3, the forecast is Stable. The rating is supported by the group's strong position in the national insurance market of Uzbekistan and its high capitalization in relation to insurance risks. Raising the rating to Ba3 reflects the strengthening of company management,” the Moody’s Investors Service said in an official press release.
Raising the Moody’s international rating to Ba3, which indicates a high level of creditworthiness and low risk of Uzbekinvest, creates conditions for its active entry into international reinsurance markets and the expansion of insurance support for Uzbek exporters and foreign companies investing in Uzbekistan.
Based on the results of activities for 11 months of 2019, Uzbekinvest strengthened its position as a leading company in the domestic insurance market. A gross insurance premium collection of $28.5 million was secured, with an increase of 176 percent over the same period last year. Of these, collection in the segment of corporate clients amounted to $24.1 million (an increase of 175 percent), in the segment of individuals $4.4 million (an increase of 2.1 times).
Furthermore, the company's customer base grew by 151 percent and amounted to 509,200 legal entities and individuals.
National exporters of goods and services were provided with insurance coverage in the amount of $866 million, while for the whole of 2018 this indicator amounted to $9 million.
The company's investment portfolio in the specified period increased by 115 percent and amounted to $93.4 million compared to the same period in 2018. Of these, $33.9 million were placed in commercial banks in the form of cash deposits, and $57.9 million were invested in shares of large commercial structures.
For 11 months of 2019, 10,684 insurance claims were considered and insurance claims were paid in the amount of $2.1 million, including $66,900 paid to national exporters.
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