Moody's upgrades Uzbekinvest's insurance financial strength rating

Moody's upgrades Uzbekinvest's insurance financial strength rating

Tashkent, Uzbekistan, Nov. 7

By Demir Azizov- Trend:

Moody's Investors Service international rating agency upgraded the insurance financial strength rating (IFSR) of Uzbekinvest national insurance company by one notch to Ba3 from B1, said the website of the agency.

The rating outlook is stable, according to the agency.

The upgrade of Uzbekinvest's IFSR to Ba3 is underpinned by the country's persistently strong economic growth, which continues to be less volatile than in some other Commonwealth of Independent States countries, as the government re-channels a significant portion of its revenues into the economy through various budgetary spending mechanisms.

Moody's still expect official economic growth to average 6.3 percent in 2015-16, supported by large government infrastructure projects and other initiatives.

Other key credit strengths are: the group's strong position in domestic insurance; its ownership by the state and the state guarantee of export-credit risks provides it with a competitive advantage; and good asset quality with almost half of the group's overall capital invested in high quality US denominated fixed income securities.

The stable outlook also reflects the stability of Uzbekistan's macroeconomic environment, which is relatively diversified. The outlook on Uzbekinvest is also consistent with the stable outlook on the Uzbek banking system, to which the company has a significant exposure via its local investments portfolio.

Uzbekinvest, headquartered in Tashkent, Uzbekistan, had total assets of 302 billion soums ($125 million) and total shareholders' equity of 243 billion soums ($100 million) as at December 31, 2014.

Uzbekinvest is 100 percent owned by the Republic of Uzbekistan (83.3 percent via direct shareholding and 16.7 percent through the National Bank of Uzbekistan.

Uzbekinvest was established by the government to assist in the stimulation of foreign investments into the economy and growth of exports through the provision of reliable insurance protection against political, natural and combined risks. Uzbekinvest is also tasked with educating the public of the benefits of insurance and providing capacity in the market.

Kazakhstan expects positive dynamics in oil industry
Kazakhstan expects positive dynamics in oil industry
Kazakhstan’s FlyArystan launching direct flights to Georgia
Kazakhstan’s FlyArystan launching direct flights to Georgia
Plan on budget revenues surpassed in Kazakhstan
Plan on budget revenues surpassed in Kazakhstan
Loading Bars
Latest
Number of COVID-2019 cases across globe up by over 567,000 in past day — WHO
Iranian nuclear deal meeting in Vienna rescheduled to April 15
Kazakhstan expects positive dynamics in oil industry
Erdogan reveals stricter COVID-19 measures in Turkey during Ramadan
Iran's annual iron ore concentrate output nears 50mn tons
Deputy Finance Minister: Georgia ranks first in Europe with economic growth rate according to IMF
Southern Gas Corridor increases liquidity in European gas markets
Uzbekistan-India trade grows to record high in 2020
Azerbaijan plans to organize personal account system for auditors
China's 2M2021 import of Azerbaijani products surges in value
Exchange of all data necessary to conduct effective demining is required - OSCE MG
Baku to host international gymnastics competitions again
German gov't approves uniform nationwide COVID-19 response measures
Russia's daily COVID-19 cases record lowest in months
Iran to start 60% enrichment tonight: Nuclear spokesman
Israel to allow vaccinated tourists in starting late May
Biden confirms invitation to Putin to take part in climate summit
Presidents of Azerbaijan, Belarus have informal meeting
IMF unveils forecast on Azerbaijan's oil export for 2021-2022
Azerbaijani FM, Romanian ambassador stress high level of development of bilateral political relations (PHOTO)
Special equipment of Belarus assembled in Azerbaijan may be exported to Turkey
Azerbaijan's Foreign Ministry responds to Armenia's statement on War Trophy Park
President of Belarus pays working visit to Azerbaijan (PHOTO)
Moscow, Tehran attach great importance to North-South Corridor – Russian FM
Azerbaijani president gives weighty answer to Armenia’s disinformation campaign - Official (VIDEO)
Belarus reveals plans for oil purchases from Azerbaijan
Kazakhstan’s FlyArystan launching direct flights to Georgia
Iran's Energy Exchange announces products to be on sale on April 14
International Bank of Azerbaijan opens tender to buy printed materials
Azerbaijan's Aghdam needs to be fully rebuilt - German historian (VIDEO)
Azerbaijan's PM meets with BP's regional president
Ukraine may take part in restoration of Azerbaijan's liberated lands
Azerbaijani Finance Ministry places short-term bonds on auction
Iron ore concentrate production by major Iranian companies increases
President Ilham Aliyev: Pakistan was among countries that openly supported Azerbaijan from first days of confrontation
Iran’s Bahar Azadi gold coin price again falling
Sudan due to send first delegation to Israel next week
Liabilities of Bank Melli Iran’s Baku branch increase
Armenia obligated under int'l law to provide mine maps to Azerbaijan - Matthew Bryza
Footage from Azerbaijani Jabrayil's Sadi village (VIDEO)
Azerbaijan, Ukraine discuss full resumption of mutual flights
Oil exports via Barents Sea in Lukoil system increased
Hydrometeorology in Azerbaijan needs young experts for technologies - ministry
Azerbaijan shares latest data on mine clearance work carried out on liberated lands
Co-op between Iran, Russia to be effective in activating nuclear deal – Rouhani
2021 demand for OPEC crude to be higher than in 2020
Assets of Iranian Bank Melli's branch in Azerbaijan increase
On Independence Day eve Israel's population over 9.3m
Iran still waiting for S.Korea to provide solution, release its blocked assets
Azerbaijan issues data on number of COVID-19 vaccinated citizens
Azerbaijan confirms 2,457 more COVID-19 cases, 2,002 recoveries
OPEC revises up forecasts for Azerbaijan’s 2021 liquids supply
Rosatom can take part in developing green energy in Azerbaijan - expert
Repairing of last well in Iran's Naft Shahr field launched
Iran in favor of strengthening relations with Russia – President Rouhani
Azerbaijan Railways builds co-op on transiting additional goods
IMF talks forecast of money supply growth in Azerbaijan for 2021-2022
European Hydrogen Backbone’s updated cost revealed
IMF predicts growth for Azerbaijan's oil, non-oil GDP
Cargo movements in Iran’s Qeshm port down
Azerbaijan expects tourism sector to recover by summer
Plan on budget revenues surpassed in Kazakhstan
Scotland to ease some COVID-19 restrictions early
Around 70% of European infrastructure to start transporting hydrogen
U.S. will base 500 additional troops in Germany
Russia documents 8,173 coronavirus cases in past day, lowest figure since September 28
Kazakhstan names value of payments of compulsory vehicle insurance
Iran's mobile phone imports increase
Azerbaijani president signs order on hosting European Football Championship matches in Baku
Kazakhstan drafts pricing rules for exported crude oil, gas condensate
Retail trade indicators decrease in Kazakhstan
Kazakh Gas Refinery opens tender to buy spares
Kazakhstan records decrease in oil output
Belarusian IT company keen to expand its activities in Azerbaijan's transport sector
Iran’s Jam Petrochemical Company announces its production plan
Uzbekistan building modern wastewater treatment facility at Uzbekneftegaz GTL plant
Kazakh Gas Refinery opens tender to buy engines
Russian, Azerbaijani military discuss Iskander-M missile debris in Karabakh region - Russian official
Greece can take slightly more than 1 mcm/d via TAP
President Ilham Aliyev: Liberation of territories will be additional opportunities
President Ilham Aliyev: Armenians did it deliberately in order to erase legacy of Azerbaijani culture in order to erase these territories from our memories
Together with Russian president, we discussed issue about Iskander-M missile – Azerbaijani president
TAP supplies to Greece cause contraction in LNG imports
Kazakhstan attracts investments to develop national parks in Almaty region
European Commission makes statement on TAP
Russia’s Federal Air Transport Agency allows flights from Irkutsk to 3 countries
President Ilham Aliyev: I had a strong feeling during negotiations that Armenia doesn’t want a solution
President Ilham Aliyev: I think we need to be more active in order to try to build bridges
ADB focuses on renewable energy projects in Georgia
US eyes to continue negotiations on direct flights with Georgia
Bank of Georgia discusses revised outlook for country’s economic growth in 2021
Anabechdi company plans to produce textile in Georgia
Georgia to receive significant funds from IMF
Azerbaijan reveals 2M2021 data lending to energy, chemistry, natural resources sector
Georgian E-Space company looks to export its software
Death toll from coronavirus pandemic in Iran exceeds 65,000
Amount of Georgian bonds held by foreign investors up
JSC "Georgian Railway" reveals financial indicators for 2020
Uzbekistan, Russia discussing joint projects on aircraft construction
Iran's propane gas exports shrink
All news