Fitch Ratings: Uzagrosugurta JSC confirmed the international rating at the level of "BB-" ("Stable")
Fitch Ratings has confirmed the Financial stability Ratings (IFS) of the insurer "Uzagrosugurta" JSC and its subsidiary Agros Hayot Joint-Stock Insurance Company have a stable outlook at the "BB-" level.
The Fitch Ratings report says that the confirmation of the rating reflects the fact that Uzagrosugurta JSC continues to be owned by the state. In addition, the rating reflects the systemic role of the insurer in the agro-industrial complex of the country.
The independent credit quality of Uzagrosugurty JSC reflects its improved capital position.
In addition, it was mentioned that Uzagrosugurta JSC is 94.6% owned by the state, which is owned by the State Asset Management Agency of the Republic of Uzbekistan, and also that the Government plans to sell 2% of shares through an initial public offering by the end of 2023.
It should be noted that the capital position of "Uzagrosugurta" JSC, estimated using the Fitch model based on prism factors (FBM), improved to "strong" at the end of 2022 from "adequate" at the end of 2021.
The investment activity of Uzagrosugurta JSC is analyzed, which states that the company mainly invests in bank deposits placed in a fairly large number of state-owned local banks, which accounted for 66% of the total invested assets at the end of 2022.
In general, Fitch Ratings believes that the state will retain control over Uzagrosugurta JSC through its controlling stake in the insurer due to its systemic importance in agricultural insurance.
"Uzagrosugurta" JSC
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