Expert RA Rating Agency (RAEX) confirmed the strength rating of VTB Insurance at А++ (Exceptionally high strength rating) with the stable outlook for the rating. VTB Insurance is receiving the maximally possible rating from Expert RA since 2011.
The assigned rating is an objective assessment of the financial strength of one of the most dynamically developing insurers on the Russian market. The rating agency outlined low values of the combined loss ratio (68.8% for 9 months of 2014) and the low share of policy administration costs (16.4% in 9 months of 2014) among the positive factors. High reliability and liquidity of the investment portfolio of VTB Insurance obtained an additional positive assessment.
Accident and health insurance and state life and health insurance of servicemen and equivalent individuals in the compulsory state insurance prevail in the insurance portfolio structure of VTB Insurance. The company is an absolute leader on the Russian insurance market in these business areas.
Collected fees of VTB Insurance totaled 29.27 bln rubles ($584.8m) in 9 months of 2014, according to data of the Russia's Central Bank. The company is ranked sixth on the Russian insurance market by the above indicator. The net profit of VTB Insurance amounted to 5.79 bln rubles ($115.6m) in 9 months of 2014 with the growth rate or 137%. The charter capital of VTB Insurance totals 5.5 bln rubles ($110.2m).
VTB Insurance was founded in 2000 and is affiliated with the largest international financial group VTB. VTB Insurance's equity totals 11.5 bln rubles ($154.3m). Branches and sales outlets of the company are operating in more than 90 largest Russian cities. The insurer is ranked among ten largest market participants. The company has the highest strength ratings of Russian and international agencies.