Fitch Ratings has assigned a rating of financial stability to the Gross insurance company.
Gross Insurance Company is one of the largest insurance companies in Uzbekistan, offering modern insurance products to individuals, large and medium-sized businesses, as well as government structures. Fitch Ratings, the world's leading rating agency for analytics and research for international capital markets, has assigned Gross a B+ financial strength rating with a stable outlook.
Fitch reports noted that Gross Insurance company has a favorable business profile compared to other insurance companies in Uzbekistan in the field of general insurance, which is associated with a moderate business risk profile, favorable competitive position and diversification. Given this rating, Fitch evaluates Gross' business profile at the "bb-" level in accordance with its recommendations for assessing the credit factor. Gross collected 344 billion soums of gross written Premiums (GWP) in 2021. According to the agency's report, the company is a major insurer with a market share of 11.5% of total insurance premiums.
Fitch Ratings assesses Gross' financial performance and profit well. The average nominal return on equity (ROE) Gross calculated by the agency for three years was 41%. The result of Gross underwriting was also evaluated positively. Fitch considers the company's investment risk as supporting the current rating level. The consolidated investment portfolio is dominated by fixed income instruments in the form of bank deposits, which are better diversified compared to their counterparts and are mainly placed in state and large private local banks with rating categories "b+" or "bb-". The company intensively uses reinsurance. Gross risks are transferred to reinsurers in Western European markets.
Fitch Ratings is a rating agency that is part of the "big three" with Moody's and Standard & Poors. Historically, Fitch has existed since 1912 as a publishing house, and since 1924 as a rating agency. This rating of the company confirms the timely fulfillment of obligations and determines the level of reliability for potential investors who rely on the Fitch credit rating in their occupation. This means that Gross has gained the opportunity to expand its activities in the global insurance and reinsurance markets. The company will also have more opportunities to support specialized investors aimed at Uzbekistan