Rating of Kafolat reflects high level of solvency. The agency said the company can timely and fully meet its liabilities and requests of customers.

The rating reflects strong market position and recognizability of the company, acceptable financial results, further diversification of portfolio, as well as developed branch network. The rating takes into account weak diversification of underwriting results, which is normal for local insurance market, as well as relatively high expenses, which is connected with record insurance reserves and it has trend to decrease.

Kafolat is one of the largest insurance companies of Uzbekistan with state participation. The company has developed branch network and renders insurance services in all 17 classes of general insurance.

The company collected insurance premiums for 6.3 billion soums in 2008 and its share on collected premiums made up 7.2% and it entered to Top 5 on this figure. Currently, Kafolat controls a quarter of mandatory insurance market and it has wide clientele base and large number of insurance agreements.

The financial results of Kafolat in 2009 evaluated as acceptable. Loss ratio was in good level – 7.5%. Combined ratio for 2008 fell from 103.57% in 2007 to 88.96% in 2009. The growth of aggregate insurance premiums comprised 75.29% in the first half of 2009.

In reinsurance market, Kafolat cooperates with local and foreign companies, which has high rating and reliability level. In 2008, the company directed 276.5 million soums or 4.38% of aggregate insurance premiums. The company directed to 124.5 billion soums to reinsurance or 10.95% of aggregate insurance premiums.

Kafolat state joint stock insurance company was founded in line with the resolution of the Cabinet of Ministers of Uzbekistan No. 144 from 14 March 1997. The company possesses license with Finance Ministry No. 00075 on carrying out activity on general insurance on all classes of voluntary and mandatory insurance. It is one of five largest insurance companies of Uzbekistan on the volume of collected premiums. The company has 15 regional divisions and 107 departments across Uzbekistan.