Fitch Ratings is one of the Big Three credit rating agencies.

Fitch believes that Gross's investment portfolio has better credit quality and is more diversified compared with other rated Uzbek insurers. Gross predominantly invests in fixed-income instruments in the form of bank deposits, which are mainly placed in state-owned and large private banks in Uzbekistan.

Fitch also assesses Gross's business profile as “favorable” compared to other Uzbek insurers. This assessment is driven by its favourable business diversification and competitive positioning and moderate risk profile.

According to the rating agency, in line with the market trend of motor insurance growth, there has been a shift in this direction in Gross's portfolio, with ground vehicle insurance accounting for a significant portion of Gross's total insurance premiums in 2023. Importantly, in addition to personal liability insurance and comprehensive insurance for personal vehicles, this category also includes insurance for company vehicles and special vehicles. Fitch believes that Gross has a prudent and sophisticated underwriting approach in motor lines.

Fitch also emphasizes that Gross is a significant player in Uzbekistan's domestic insurance market, ranking as the fourth largest company. Fitch expects Gross's solvency margin to continue to improve in the coming years, driven by profit reinvestment.

Annually, starting from 2022, Fitch Ratings has assigned Gross a financial strength rating of B+ with a “Stable” outlook.