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Global Credit Research - 21 Jul 2010
London, 21 July 2010 -- Moody's has today affirmed its Baa1 and Aaa.ru insurance financial
strength ratings for OAO Rosno with a stable outlook. The ratings
reflect the support provided to Rosno by 100% owner Allianz SE
(rated Aa3 for financial strength and senior debt). The rating
also reflects the company's good position in the Russian P&C market,
its high degree of business diversification and a well-developed
distribution network. This is offset by an asset allocation strategy
which resulted in significant losses in 2008, high expense ratio
and dependence on the rapidly evolving Russian P&C market for profitability.
Rosno is an operating entity writing non-life insurance,
as well as a holding company owning stakes in a number of subsidiaries,
including ROSNO-Center (a reinsurer), Medexpress, ROSNO
MS, Allianz ROSNO Asset Management and Allianz Ukraine, among
others. The Group's business consists mainly of motor insurance
(34% of gross written premium in 2009), voluntary medical
insurance (27%) and property insurance (21%).
Rosno showed significant operating performance improvement in 2009 when
it recorded a net profit of Roubles 745 million, up from a net loss
of Roubles 2,305 million in 2008. Rosno benefited from a
de-risked investment portfolio following the sale of its equity
investments in 2008, and from improvements to the insurance underwriting
result as Rosno took steps to improve premium rates and remove unprofitable
business. The removal of unprofitable business also saw premium
income decline to Roubles 22,865 million from Roubles 24,689
million in 2008, although the income fall was also partly due to
a contraction of the market as a whole. Moody's expects premium
levels to recover in 2010 and onwards as the economic environment in Russia
improves. In Moody's view capitalisation is low by international
standards, but is high in comparison to Russian peers.
The ratings on Rosno also incorporate a significant level of support from
Allianz SE. Allianz demonstrated this support in 2008 and 2009
through significant capital injections to support the company during the
economic downturn and to fund future growth. Allianz also provides
significant reinsurance protection to Rosno and technical expertise.
The rating carries a stable outlook however an upwards rating action is
possible if there are substantial improvements in the stand-alone
credit fundamentals, primarily underwriting performance and capitalisation
or sustained improvements in the Russian insurance operating environment.
Conversely, negative rating action may occur from reductions in
the support assumptions from Allianz, or through a deteriorating
economic environment in Russia, evidenced by negative rating actions
on the Russian Government.
The last rating action on Rosno was on 30th March 2007 when the rating
was upgraded to Baa1
The following ratings were affirmed with a stable outlook
Insurer Financial Strength Baa1
National Scale IFSR Aaa.ru
The principal methodology used in rating the issuer covered by this press
release is "Moody's Global Rating Methodology for Property and Casualty
Insurers", published in May 2010 which can be found at www.moodys.com
in the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found in the
Rating Methodologies sub-directory on Moody's website.
OAO Rosno, headquartered in Moscow, Russia had total assets
of Roubles 40,630 million as at 31st December 2009 (US$1,342
million) and gross written premium of Roubles 22,865 million (US$
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's affirms Baa1 and Aaa.ru Insurer Financial Strength ratings on ROSNO with a stable outlook
No Related Data.
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