The international rating agency S&P Global Ratings has confirmed the ratings of the SOGAZ insurance group at the BBB level, the agency's press release says. The outlook on the ratings is “stable”.
SOGAZ occupies a leading position in the field of property and accident insurance in Russia, the agency experts note. As positive rating factors, they note the strong results of the insurance activities of the company, as well as its stable market share. As a factor limiting the rating, S&P notes the difficult operating environment in Russia.
“We expect the group to gradually recover capital after the acquisition of IC VTB (MCX: VTBR) Insurance” through a strong retained earnings and balanced dividend policy, “- said in a press release.
The “stable” rating outlook reflects our opinion that SOGAZ will maintain its business positions and gradually strengthen its capitalization and profit indicators over the next two years, “S&P experts note.