Moody's Ratings has upgraded the Local Currency (LC) Insurance Financial Strength Rating (IFSR) of Uzbekinvest a.s. to Ba2 from Ba3, while affirming its Foreign Currency (FC) IFSR at Ba3. The outlook has been revised to stable from positive.
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Key Details
Investment Portfolio: The upgrade reflects Uzbekinvest’s large portfolio of high-quality investments held outside Uzbekistan through its UK subsidiary, Uzbekinvest International Insurance Company Ltd (UIIC). Over 40% of financial assets and more than 50% of shareholders’ equity are in U.S.-denominated fixed-income securities rated Baa-Aaa.
Reinsurance Business: Uzbekinvest's international reinsurance segment now accounts for about 50% of total premiums as of 2023, a trend expected to continue over the next 12–18 months.
Financial Performance: Uzbekinvest reported a 75bn soums ($5.9mn) net profit in 2023, compared to 4bn soums ($311,000) in 2022, with a Return on Average Capital (ROC) of 7%. For the first nine months of 2024, the company’s net profit increased by 40% year-on-year to 25bn soums ($2mn).
Domestic Market and Capital Position
Uzbekinvest remains the second-largest property and casualty insurer in Uzbekistan. Its capital base of 1.13 trillion soums ($88mn) at the end of 2023 supports its underwriting operations, with a gross underwriting leverage ratio of 1.01x. Shareholders’ equity consistently accounts for over 40% of total assets.
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