A.M. Best Affirms Credit Ratings of Victoria Insurance Company JSC
The ratings reflect Victoria’s balance sheet strength, which
The negative outlook reflects Victoria’s inconsistent business strategy, which is subject to ongoing modification, and the potential impact this could have on the company’s operating results. In 2018, a local retail insurer, Nurpolicy Insurance Company JSC (Nurpolicy), a subsidiary of Nurbank JSC (Nurbank), is expected to merge into Victoria. The two companies have the same principal shareholder. As a result of the merger,
Victoria has a limited business profile as a small non-life insurer operating solely in Kazakhstan’s fragmented and competitive insurance market. As at
The company’s balance sheet strength assessment benefits from risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio. The company has a track record of good internal capital generation, which has resulted in the accumulation of a large capital buffer to absorb potential volatility associated with its high (gross) risk appetite and exposure to risk accumulations. An offsetting rating factor for balance sheet strength is the exposure of the company’s asset base to the high financial system risk in
Operating performance is strong, albeit subject to volatility, principally due to a frequently changing business strategy and fluctuations in investment returns. In 2017, Victoria reported after-tax earnings of
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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Laura Balkarova, +44-20-7626-6264
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