"Expert RA" confirmed the rating of the MNPF "BIG"

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AK&M 26 January 2022 17:01

The rating agency "Expert RA" on January 26, 2022 confirmed the rating of financial reliability of MNPF "BOLSHOY" at the level of giAA. The rating forecast is stable. The "under surveillance" status has been removed. This is stated in the agency's message.

The BOLSHOY Pension Fund carries out activities in the field of compulsory pension insurance and non-state pension provision. According to the data of the Bank of Russia as of 30.09.2021, the fund ranks 11th in terms of assets in the pension market, 8th in terms of liabilities for OPS and 19th in terms of liabilities for NGOs. The financial potential of the key end owner is highlighted as a rating support factor. The total volume of the fund's assets as of 30.09.2021 amounted to 58.1 billion rubles and is estimated, according to the agency's methodology, as low.

The positive dynamics of the volume of obligations under compulsory pension insurance contracts has a positive impact on the rating level. For the period from 30.09.2020 to 30.09.2021, the volume of obligations under OPS increased by 7.6%. At the same time, the volume of NGO commitments decreased by 0.3% over the same period. The size of the average OPS account (105.9 thousand rubles as of 30.09.2021) is at the level of the average market value (106.4 thousand rubles) and is among the constraining factors. Pressure on the rating is exerted by the low size of the average NGO bill: 66.7 thousand rubles as of 30.09.2021 with the agency's benchmark of 256.9 thousand rubles. The fund's client base is highly diversified: as of 30.09.2021, NGO liabilities to the largest client amounted to 1.8% of assets.

The fund's assets are characterized by high credit quality and high liquidity. The rating is positively influenced by the high diversification of pension reserve assets.

Among the factors that have a positive impact on the rating level, the agency highlights a low share of investments in related structures in both pension savings assets (2.2% as of 30.09.2021) and pension reserves assets (3.8% as of 30.09.2021). Pressure on the rating is exerted by the high share of related parties in assets related to equity (as of 30.09.2021, the share of assets attributable to counterparties associated with the fund was 62.1%). 

Among the positive factors, the agency considers a high stock of capital.

The accumulated return on pension savings minus remuneration to the Management Company, the specialized depository and the fund for the last 3 years (from 30.09.2018 to 30.09.2021) amounted to 19.7%. The same indicator for pension reserves for the same period was 19.2%, which has a positive effect on the rating. The reliability of trust management of pension reserves and pension savings is assessed as high. The management companies with which the fund cooperates have the highest ratings of reliability and quality of services from Expert RA. At the same time, there is a low diversification of assets by management companies, which puts pressure on the rating assessment.

The high degree of information transparency of the fund has a positive effect on the rating. The short-term strategy of the fund provides for the completion of the process of joining JSC "NPF Evolution".

According to Expert RA, as of 30.09.2021, the fund's equity amounted to 4.9 billion rubles, the volume of obligations under OPS – 47.1 billion rubles, obligations under NGOs - 6.1 billion rubles.