Insurance Company Amanat Insurance (Kazakhstan) informed Fitch Ratings upgrades its ratings
23.07.12 17:24
/KASE, July 23, 12/ - Insurance Company Amanat Insurance (Almaty), shares
of which are officially listed on Kazakhstan Stock Exchange (KASE), provided
to KASE the following press release:
quotation
Fitch Ratings has upgraded AMANAT Insurance (Kazakhstan)'s (AMANAT)Insurer
Financial Strength (IFS) rating to 'B' from 'B-' and National IFS rating
to 'BB(kaz)' from 'B+(kaz)' . The Outlooks are Stable.
Fitch also notes the relative improvement in the combined ratio, which, as
assessed by Fitch, stood at 104.3% at end-5M12 versus 113.7% in 2011. This
decrease has been driven by an improved loss ratio, which more than offset
the deterioration in the expense ratio. This improvement could indicate that
the adverse experience in 2011 was one-off in nature, although Fitch believes
that additional evidence is needed before a definitive conclusion can be reached
in this respect.
According to Chairperson of Insurance Company Amanat Insurance Zaure Seitova,
the rating upgrade proves the company financial sustainability and strengthening
of its positions on the insurance market of Kazakhstan.
Zaure Seitova also reminded that Fitch has already revised the company outlook
to "Stable" from "Negative" and the company ratings upgrade has been expected.
The ratings could be upgraded if the new management team proves its
credibility and effectively enhances AMANAT's franchise through profitable
growth. Conversely, failure to enhance AMANAT's operating profile would be
viewed negatively.
ends
[2012-07-23]