Among positive factors, the agency noted the high financial performance of the insurer, the adequacy and balance of its reserves. The rating action was driven by the current solvency margin's excess over the standard (142% as of December 31, 2018), profitability of sales (38.1% in 2018), equity (99.4%) and invested capital (6.2%), a low combined net loss ratio (61.3% in 2018), with high reliability of the owner and the key partner bank - SBERBANK of Russia, the high quality of the insurer's assets, high reinsurance protection and geographical diversification (the share of the largest region in GWP amounted to 31% in 2018).
The rating action was limited by a high number of refusals in claim payment under contracts for insurance of other property of individuals (37.8%), financial risk insurance (24.4%) and voluntary health insurance (1.2%), as well as by the fact that the company's portfolio is dominated by insurance of other property of individuals (84.6% of GWP in 2018), with dominance of credit organizations as the main sales channel (87.9%).
As of December 1st, 2018, the company's assets amounted to RUB 16.3 billion, equity was RUB 4.7 billion, charter capital stood at RUB 0.5 billion and 2018 GWP reached RUB 15.7 billion, according to Expert RA.
*EUR 1 = RUB 79.4605 (as of 30.12.2018)