OREANDA-NEWS. December 3, 2010. Fitch Ratings has raised the rating of financial stability for OJSC SOGAZ from BB to BB plus. The company’s financial stability rating by the national scale has also been raised from AA-(rus) to AA(rus). The forecast on both ratings is Stable.

According to the agency’s official announcement, “the ratings reflect the high operational indicators of SOGAZ, the company’s strong market position, and underwriting experience in the key segment of corporate insurance”. In the opinion of Fitch analysts, these factors allowed SOGAZ to stand its ground in the adverse economic situation. The ratings also take into account the strengthening in the capital adequacy of the insurance company, supported by stable profit generation and relatively stable in terms of restoring premium growth.

“The increased rating of SOGAZ will certainly make a positive impression on our clients and partners, since in the insurance business financial stability is the key characteristic of a company reflecting its reliability and ability to fulfill its commitments”, said Vadim Yanov, Chairman of SOGAZ Management Board. “Even amidst the crisis SOGAZ demonstrated growth of premiums and made profit. Based on the results of the nine months of the current year, the company’s premiums have grown by 27% and net profit by 34%, reaching the record RUB5.2 billion. Besides, SOGAZ is among the market leaders in terms of its very good loss ratio”.

Last time Fitch updated its forecast on SOGAZ’s rating in December 2009. In May this year another major international rating agency – Standard&Poor’s – also raised SOGAZ’s rating from BB (forecast Positive) to BB plus  (forecast Stable). Presently, SOGAZ is the only Russian insurer whose financial stability is confirmed simultaneously by two international rating agencies.