ชื่อล็อคอิน
รหัสผ่าน
ข่าวประจำวัน
ดูดวงออนไลน์
เกมส์
ท่องเที่ยว
รถยนต์
 
เนื้อเพลง
หาเพื่อน
สุขภาพ
ประกาศซื้อขาย
หางาน
ค้นหา


Outlooks On Three Russian Insurers Revised To Positive On Improvement In Investment Quality

หน้าแรก > ข่าวธุรกิจ > Outlooks On Three Russian Insurers Revised To Positive On Improvement In Investment Quality
ผู้โพส : Admin / วันที่โพส : 2018-03-14 11:15:01
คำค้นหา : Standard & Poor's S&P Global Ratings Keyword: S&P


Outlooks On Three Russian Insurers Revised To Positive On Improvement In Investment Quality




          MOSCOW (S&P Global Ratings) March 13, 2018--S&P Global Ratings said today that it has revised its outlooks on Russia-based insurers--OJSC Sogaz, Ingosstrakh Insurance Co., and Insurance Company RESO-GARANTIA--to positive from stable. 
          At the same time, we affirmed our ratings on all three companies (see the ratings list for details). 
          The rating actions follow our upgrade of Russia on Feb. 23, 2018 (see "Russia Ratings Raised To 'BBB-/A-3' On Prudent Policy And Improved Monetary Transmission; Outlook Stable," published on RatingsDirect) and similar rating actions on Russian banks and corporate entities (see "Nine Russian Corporate Entities Upgraded After Sovereign Upgrade; Outlooks Stable," and "Several Positive Actions Taken On Some Russian Banks After Similar Action On Russia; Outlooks Stable," published Feb. 27, 2018). 
          While we consider that the operating environment for Russian insurers will remain challenging this year, mainly due to still-high country risks and uncertainties in the performance of obligatory motor third-party liability (OMTPL) insurance business, we project that the Russian property/casualty (P/C) insurance sector will be profitable overall in 2018, mostly thanks to corporate lines. We now consider that the quality of the largest insurers' investment portfolios is improving. The majority of their investments are sovereign bonds, deposits with large Russian banks, and bonds of large Russian corporate entities that were upgraded recently.
 
          - OJSC Sogaz
          We revised our outlook on Sogaz to positive to reflect its improving average credit quality, which is gradually moving closer to investment-grade level, alongside continued sound underwriting performance and sustainable capitalization. Sogaz continues to outperform the market with a net combined (loss and expense) ratio below 85% in 2017 and a return on equity exceeding 26%. Sogaz is the largest player in the Russian P/C insurance market with a 17.8% market share based on 2017 results. 
          The majority of Sogaz's investments are deposits with large Russian banks and bonds of large Russian corporate entities rated 'BBB-' or higher. 
          Under our criteria for rating issuers above the related sovereign, we consider that Sogaz would survive the stresses associated with a foreign currency default of Russia, should such an event occur. This means that our long-term rating on Sogaz can be higher than our 'BBB-' long-term foreign currency rating on Russia. However, due to the company's substantial exposure to Russia-based assets, we limit the rating at the level of the 'BBB' long-term local currency rating on Russia. 
          The positive outlook indicates that we could raise the rating by one notch in the next 18-24 months if Sogaz's investment quality moves firmly into the 'BBB' category, while Sogaz maintains its strong competitive position and extremely strong capital adequacy. 
          We could revise the outlook to stable if, contrary to our expectations, the trend of improving asset quality stalls, with most of the assets remaining in the speculative-grade category ('BB+' or lower). 

          - Ingosstrakh Insurance Co.
          We revised our outlook on Ingosstrakh to positive to reflect the company's improving average credit quality, which is gradually moving closer to investment-grade level, and very strong capital and earnings supported by sound underwriting performance. 
          As of year-end 2017, a significant amount of Ingosstrakh's invested assets are with Russian banks and corporate entities rated 'BBB-' as well as with several 'A-' rated European banks, which we view as positive for the company's financial risk profile. We also note that Ingosstrakh continued to show sustainable operating performance in 2017.
          The positive outlook indicates that we could raise the ratings, possibly by one notch, in the next 12-18 months if Ingosstrakh's investment quality moves firmly into the 'BBB' category, while the company maintains a disciplined underwriting performance and its current capital levels.
          We could revise the outlook to stable if, contrary to our expectations, the trend of improving asset quality stalls, with most of the assets remaining in the speculative-grade category, or if capital deteriorated to weaker levels, due to high underwriting losses, unexpected generous dividend payouts, or any other capital optimization measures. 

          - Insurance Company RESO-GARANTIA
          We revised our outlook on RESO-GARANTIA to positive to reflect the company's improving average credit quality. We note that the company's investment portfolio is well diversified among international and Russian entities rated 'BBB-' or higher. We note that about 67% of RESO-GARANTIA's invested assets in bonds, cash, and deposits relate to domestic and international entities with average credit quality of 'BBB-' and above, which compares positively with those of local peers. At the same time, we note the company's limited track record of maintaining investment quality at this level. In our view, the expected IPO in 2018 raises concerns about RESO-GARANTIA's capital management policy and can weaken the company's capital adequacy in the event of very generous dividend payouts. The company's underwriting performance remains sound, with the net combined ratio at around 85% as of year-end 2017.
          The positive outlook indicates that we could raise the ratings, possibly by one notch, over the next 12-18 months if RESO-GARANTIA builds a sustainable track record of investment quality in the 'BBB' rating category or higher, while maintaining its strong competitive position and at least the current level of capital adequacy. We consider that, at this point, uncertainty regarding the size of the free float and future capital management policy can become a rating constraint in the short to medium term. 
          We could revise the outlook to stable if RESO-GARANTIA is unable to maintain investment portfolio quality at 'BBB-' or higher, or if we see significant weakening of capital, due for example to worsening underwriting performance or substantial dividend payouts.
 
 
ขอขอบคุณ เนื้อหาจาก ThaiPr.net
แสดงความคิดเห็น
ชื่อผู้โพส
รายละเอียด
อีโมติคอน

 ?ใส่รหัสลับ ใส่ให้ตรงกันครับ