September 2, 2015 at the meeting of the Rating committee of RA «Expert-Rating» it was decided to update the financial stability rating of the insurer Private JSC «Insurance company «BROKBUSINESS» (20344871) at the level uaAA- according to the national scale. Confirming the rating at such level, the Agency was guided by the results of the Company’s activity for the first half of 2015.
«Basic indicators of IC «BROKBUSINESS» activity.
I half of 2015 (30.06.2015)
I half of 2014 (30.06.2014)
Growth rate, %
|Total assets, th. UAH||244 560,0||257 560,0||-13 000,0||-5,05%|
|Shareholders’ equity, th. UAH||161 579,0||166 528,0||-4 949,0||-2,97%|
|Gross liabilities, th. UAH||82 981,0||91 032,0||-8 051,0||-8,84%|
|Shareholders’ equity/Liabilities ratio, %||194,72%||182,93%||11,78п.п.||–|
|Cash and cash equivalents, th. UAH||92 678,0||112 360,0||-19 682,0||-17,52%|
|Cash and cash equivalents/ Liabilities ratio, %||111,69%||123,43%||-11,74п.п.||–|
|Total gross premiums, th. UAH||61 092,7||73 515,0||-12 422,3||-16,90%|
|Proportion of insurance premiums, belonged to the reinsurers, th. UAH||6 354,1||9 538,0||-3 183,9||-33,38%|
|Insurance premiums, belonged to the reinsurers/Gross premiums ratio, %||10,40%||12,97%||-2,57п.п.||–|
|Insurance indemnities and reimbursements, th. UAH||17 267,6||15 393,0||1 874,6||12,18%|
|Insurance indemnities/Gross premiums ratio for the period, %||28,26%||20,94%||7,33п.п.||–|
|Financial result from operating activities, th. UAH||11 402,0||36 261,0||-24 859,0||-68,56%|
|Net profit (loss), th. UAH||9 557,0||39 461,0||-29 904,0||-75,78%|
Source: data of Private JSC «IC «BROKBUSINESS», calculations by RA «Expert-Rating»
- Assets of IC “BROKBUSINESS” at the end of the first half of 2015 have amounted to UAH 244,56 mln. For the period from 30.06.2014 to 30.06.2015 shareholders’ equity of the Insurer has decreased by 2,97% down to UAH 161,58 mln, and gross liabilities have reduced by 8,84% down to UAH 82,98 mln. As a result, the ratio of shareholders’ equity to the Company’s liabilities has grown by 11,78 p.p. up to 194,72%.
- Cash at the Company’s accounts as at the end of the first half of 2015 has amounted to UAH 92,68 mln. The decrease in the balance of liquid assets has slightly reduced the ratio of cash to liabilities of the Insurer, but, despite that, the Company maintains liquidity at a very high level (111,69%).
- For the six months of 2015 the Company has collected UAH 61,09 mln of insurance premiums that is by UAH 12,42 mln lower than the indicator of the first half of 2014. Insurance indemnities and reimbursements in the analyzed period have amounted to UAH 17,27 mln that by 12,18% exceed the indicator of the six months of 2014. As a result, the indemnities’ level of the Company has grown by 7,33 p.p. and has amounted to 28,26%.
- The decrease in business activity and the growth of costs have negatively affected the financial results of the Insurer. Thus, the financial result from operating activity has decreased by 68,56% and has amounted to UAH 11,4 mln. Net profit of the Company for the first half of 2015 has amounted to UAH 9,56 mln. However, the Agency appreciates the fact of profitable activity of the Company in a difficult economic period.
Analysis of IC «BROKBUSINESS» statements for the first half of 2015 has shown a very high level of capitalization and liquidity of the Insurer, the Company’s activity has remained profitable. These factors enable the Agency to confirm the financial stability rating of IC “BROKBUSINESS” at the level uaAA- according to the national scale.» – Said in the rating agency «Expert Rating» report.