Assigned rating reflects high level of solvency of the insurance company. The ability of the company to fulfill liabilities in time and full volume, as well as meet requirements of clients rated as high, the agency said.

Uzagrosugurta is one of leaders of insurance market of Uzbekistan and main insurer of property and products of agriculture producers. In 2010, number of active agreements increased to over 4.1 million. At the same time, the assets of the company jumped by 22.12% to 30 billion soums.

Developed network of Uzagrosugurta helps it to keep leading position in local insurance market. In 2010, aggregate insurance premiums of the company made up 28.9 billion soums, which is the best result among the Uzbek insurance companies. At the same time, the insurance liabilities of the company hit 7.09 trillion soums. It is worth to mention that Uzagrosugurta’s receipts from mandatory insurance rose by 21.51% and on voluntary insurance decreased by 5.83%. Taking into account this, share of mandatory insurance in structure of insurance premiums reached 51.12%.

In the reporting period, the insurance payouts decreased by 3.91% and made up 4.66 billion soums. At the same time, over half of insurance payouts fell to share of voluntary insurance (56.72%). It is necessary to mention that number of settled claims made up 8,735 (1,672 legal entities and 7,063 individuals), of which insurance payouts paid on 8,632 cases and 103 claims were rejected. In the result, payout coefficient made up 16.19%.

In 2010, the liquidity of Uzagrosugurta strengthened with 64.94% growth of money resources and their equivalents. Investment portfolio of Uzagrosugurta made up 52.91% of assets (50.59% in 2009). At the same time, the volume of long-term investments of the company rose by 55.55% to 61.18% (50.23% in 2009) of total investment portfolio, which says good investment policy of Uzagrosugurta. Aggregate volume of investment portfolio of Uzagrosugurta grew by 27.71% year-on-year in 2010.

Capitalization of Uzagrosugurta rated as adequate in the reporting period. In 2010, the charter capital made up 2.23 billion soums. Reserve capital and targeted receipts rose by 3.63% and 61.81% respectively. At the same time, the volume of undistributed income of the company fell by 64.2% year-on-year. The own capital adequacy of Uzagrosugurta reached 24.63%. Ahbor-Reyting positively rated achievements of the company in improvement of solvency figures.

Market position of Uzagrosugurta was in high level in all directions. Market share of Uzagrosugurta on collected premiums was 16.49% (first place in the market), on payouts – 15.66% (the second place in the market) and on investment portfolio – 5.3% (the second place).

Uzagrosugurta fully fulfilled normative requirements of regulators on solvency margin adequacy, maximum acceptable size of liabilities, separate risks, on aggregate size of liabilities of insurers and on placement of assets of the insurer.