Fitch Ratings: JSC “Uzagrosugurta” received “BB-” rating for the third year in a row
In countries with developed market economies, insurance is a strategic sector of the economy. It is insurance that can protect the state and its citizens, industry and the social sphere from many risks.
Uzinsurance (JSC "Uzagrosugurta"), one of the leading participants in the country's insurance market, is carrying out structural changes to further increase efficiency in order to ensure competitiveness not only in the domestic but also in the international market.
As a result, for the third year in a row, the company received a “BB-” Stable rating from the international rating agency “Fitch”. This was reported on the official website of the company.
Fitch reports that JSC "Uzagrosugurta" is adequately capitalized with a Solvency-I regulatory solvency margin of 2.07x at end-2020 and 1.68x at end-2019.
The report also cites the company's lucrative, non-life underwriting with a combined ratio of 96% in 2020, up 105% in 2019, thanks to notable cuts in administrative costs.
This reputable international agency evaluates companies operating in the financial sector, mainly with securities, various assets and deposit portfolios.
Fitch specialists have many years of experience and knowledge of the internal economic mechanisms of many countries, which are used in the analysis of capital markets. Their analytical reports and forecasts are traditionally reliable and transparent.
This rating indicator means timely fulfillment of obligations, determines the level of reliability for potential investors. This is an important indicator for further strengthening the confidence of foreign investors and the local population in insurance services.
Many investors around the world rely on the Fitch credit rating for their activities. This creates the opportunity for Uzinsurance to expand its activities in the world insurance and reinsurance markets. It will also expand the company's ability to support local exporters and investors wishing to invest in Uzbekistan, providing their risks with insurance coverage.
Press service of "Uzinsurance"