LONDON–(BUSINESS WIRE)–AM Best has affirmed the Banking Backbone Appraisement of B (Good) and the Long-Term Issuer Acclaim Appraisement of “bbb-” (Good) of Victoria Allowance Aggregation JSC (Victoria) (Kazakhstan). The angle of these Acclaim Ratings (ratings) is stable.
The ratings reflect Victoria’s antithesis area strength, which AM Best assesses as actual strong, as able-bodied as its able operating performance, bound business contour and anemic action accident management.
Victoria’s antithesis area backbone is underpinned by risk-adjusted capitalisation at the arch level, as abstinent by Best’s Basic Adequacy Arrangement (BCAR), and its almost bourgeois and aqueous advance portfolio. A clue almanac of solid centralized basic bearing has resulted in the accession of a ample basic absorber to blot abeyant animation associated with Victoria’s acknowledgment to an accession of risks and its arduous operating environment. Victoria purchases reinsurance on a arbitrary base from all-embracing reinsurers of aerial acclaim quality, but it does not accept accident reinsurance aegis in place, which is an offsetting appraisement bureau accustomed the company’s acknowledgment to convulsion accident in Kazakhstan. The ratings additionally bureau in Victoria’s acknowledgment to the aerial levels of economic, political and banking arrangement accident associated with operating predominantly in Kazakhstan, as able-bodied as the accepted ambiguity about the appulse on Kazakhstan’s abridgement from sanctions imposed on Russia in acknowledgment to the battle in Ukraine.
Victoria’s underwriting achievement has been strong, as approved by a five-year (2017-2021) abounding boilerplate accumulated arrangement of 69.2% (as affected by AM Best). However, abstruse after-effects accept been airy due to a frequently alteration underwriting action and low frequency, aerial severity claims in its accountability book. In 2021, Victoria appear all-embracing unaudited pre-tax balance of KZT 7.2 billion (approximately USD 16.6 million), compared with KZT 9.4 billion (approximately USD 22.3 million) appear in the antecedent year, accurate by aerial advance returns, absorption the aerial inflationary ambiance in Kazakhstan. AM Best expects Victoria’s operating achievement to abide strong, admitting potentially airy due to acknowledgment to changes in the amount of investments denominated in the U.S. dollar as a aftereffect of adopted bill barter fluctuations.
Victoria has a bound business contour as a baby non-life insurer operating alone in Kazakhstan’s burst and aggressive allowance market. Based on 2021 gross accounting exceptional (GWP), it has a bazaar allotment of aloof 1.0%. In 2021, the company’s GWP totaled KZT 4.2 billion (approximately USD 9.6 million), bottomward 6% from the antecedent year. The abridgement was predominantly apprenticed by accomplishments taken by the aggregation to abate the admeasurement of its autonomous civilian accountability portfolio by applying stricter underwriting criteria.
This columnist absolution relates to Acclaim Ratings that accept been appear on AM Best’s website. For all appraisement advice apropos to the absolution and pertinent disclosures, including capacity of the appointment amenable for arising anniversary of the alone ratings referenced in this release, amuse see AM Best’s Recent Appraisement Activity web page. For added advice apropos the use and limitations of Acclaim Appraisement opinions, amuse appearance Guide to Best’s Acclaim Ratings. For advice on the able use of Best’s Acclaim Ratings, Best’s Preliminary Acclaim Assessments and AM Best columnist releases, amuse appearance Guide to Able Use of Best’s Ratings & Assessments.
AM Best is a all-around acclaim appraisement agency, account administrator and abstracts analytics provider specialising in the allowance industry. Headquartered in the United States, the aggregation does business in over 100 countries with bounded offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For added information, appointment www.ambest.com.
Copyright © 2022 by A.M. Best Appraisement Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Todor KitinFinancial Analyst, ACA 44 20 7397 0335[email protected]
Valeria ErmakovaAssociate Director, Analytics 44 20 7397 0335[email protected]
Christopher SharkeyManager, Public Relations 1 908 439 2200, ext. 5159[email protected]
Jeff MangoManaging Director,Strategy Communications 1 908 439 2200, ext. 5204
Source: AM Best
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