S&P Affirmed The Rating Of SOGAZ At 'BBB'; Outlook Stable
The international rating agency S&P Global Ratings (S&P) confirmed the long — term Issuer and financial stability ratings of SOGAZ insurance company at the level of "BBB," the outlook is stable, the Agency said in a release.
"The ratings on Sogaz reflect its leading positions in the Russian P/C insurance market, with solid margins underlying a sound operating performance, a diversified premium base of corporate and retail clients, and a solid risk profile," the agency explains the rating action.
The stable outlook reflects the Agency's expectations that SOGAZ will maintain its position and improve its capital and earnings over the next two years.
S&P notes that SOGAZ's rating is rated one notch higher than Russia's sovereign rating, as the company, according to the Agency's estimates, can withstand the potential impact of a Russian default.
SOGAZ group was founded in 1993. It consists of JSC SOGAZ, LLC SK VTB Insurance, JSC VTB life Insurance, LLC VTB MS, LLC MMC SOGAZ, LLC SK SOGAZ-Life, JSC insurance company SOGAZ-Med, LLC SOGAZ-Medservice, Sogaz a. d. o.Novi Sad.