AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Uzbekinvest Export-Import Insurance Company, JSC (Uzbekinvest) (Uzbekistan). The outlook of these Credit Ratings (ratings) is stable.

The Credit Ratings (ratings) reflect Uzbekinvest’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

Uzbekinvest’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects the company’s BCAR scores to remain above the minimum required for the strongest assessment level, with a sufficient buffer to absorb potential shock losses. In addition, the company has a relatively conservative investment allocation strategy, with approximately half of its investments held in bonds and other fixed income securities outside of Uzbekistan, which are predominantly of excellent credit quality. Furthermore, in recent years, the company’s measurement of probable maximum loss has become more sophisticated and supported by a third-party analysis. Going forward, AM Best expects the company to continue to work on its capital management framework and its linkage to strategic decision making, which is currently limited.

The marginal operating performance assessment considers Uzbekinvest’s high combined ratios prior to 2023, with overall underwriting results negatively affected by the company’s high expense base. For 2023, under IFRS 17, Uzbekinvest has reported a net-net combined ratio of 85% (as calculated by AM Best), which reflects improvement in the underwriting results and greater economies of scale, as well as the transitionary effects from the implementation of IFRS 17. However, the sustainability of these improvements is yet to be demonstrated. In 2024, Uzbekinvest’s loss ratio is expected to benefit from the withdrawal of certain loss-making international accounts, while the company’s expense ratio is expected to remain elevated.

Uzbekinvest’s limited business profile assessment reflects its leading market position in the small, albeit growing, Uzbek insurance market and nascent competitive position in its overseas markets. Over the past several years, the company significantly grew its inward reinsurance portfolio, which accounted for more than 60% of gross written premium in 2024. Although most of this business is written outside of Uzbekistan, the company has shrunk its foreign portfolio, recognising the risks of international reinsurance market exposure and has shifted its strategic focus toward reinsuring domestic risks.

Uzbekinvest is majority owned by the State Assets Management Agency of the Republic of Uzbekistan. The company’s relative independence of operations from the state means that no lift or drag is applied to its ratings.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507329750/en/

Todor Kitin, ACA
Senior Financial Analyst
+44 20 7397 0335
todor.kitin@ambest.com

Valeria Ermakova
Associate Director, Analytics
+44 20 7397 0268
valeria.ermakova@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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