BAKU, Azerbaijan, March 31. US Moody's Investors Service credit ratings agency has assigned B2 local currency and foreign currency insurance financial strength ratings to Uzbek Alfa Invest insurer group,Trend reports via the agency.
The B2 rating on Alfa Invest reflects the group's good position in the growing Uzbek insurance market, a diversified product mix, strong capitalization relative to the underwriting risk assumed and good historic performance. These strengths are offset by the group's operations in a single and small market, and exposure to non-investment grade financial assets.
In particular, Alfa Invest's excessive equity concentration to a single privately owned commercial Uzbek bank further amplifies investment, earnings and capital risks.
Alfa Invest has been ranked among the top 10 largest insurer in Uzbekistan with a market share of around 5-7 percent in recent years. The group's good position in its domestic insurance market is supported by its nationwide presence and a rapidly growing general insurance market.
The rating outlook on Alfa Invest is stable. This reflects Moody's expectation that Alfa Invest will maintain its strong level of capital as it continues to grow the premium base.
Alfa Invest, founded in 2003, is an insurance company providing retail and commercial property and casualty insurance, life insurance and reinsurance products in Uzbekistan.
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