On September 18, 2020, S&P Global Ratings affirmed its 'BBB' long-term insurer financial strength and issuer credit ratings on Russia-based Sogaz Insurance. The outlook is stable, the rating agency informed.
Sogaz, a leading property/casualty (P/C) insurance company in Russia, continues to benefit from sound underwriting performance and a solid market share, although it is constrained by the challenging operating environment in Russia.
S&P forecasts that the group will continue to gradually restore its capital position (according to the rating agency's risk-based model) after acquisition of VTB Insurance, through solid retained earnings and a defined dividend policy.
The stable outlook reflects S&P's that Sogaz will sustain its business position and gradually strengthen its capital and earnings over the next two years.
SOGAZ Insurance Group based in 1993 and among Russia's leading federal-scale insurance companies in Russia. The group offers more than 100 insurance programs to private and corporate clients engaged in different industries.
