Expert RA confirmed the financial strength rating of VSK - Life Line insurance company: level ruA+

The rating agency Expert RA confirmed that the financial strength rating of the insurance company VSK - Life Line LLC remains at the level of ruA+, and that the rating outlook is stable.

VSK - Life Line LLC is a life insurer engaged in compulsory state personal insurance, as well as implementing programs for accumulative and investment life insurance. The insurer has a unique competitive advantage in certain segments of the OGLS, which were highlighted by the agency as a supporting factor. The insurance company belongs to the top size class and ranks 17th in terms of premiums among life insurers for 2021, according to the Bank of Russia.

Its assets are characterized by high quality and the diversification thereof is assessed as high. The agency notes that the diversification and stability of the insurance portfolio as per types of insurance are not outstanding. One of the main focuses of the insurer is mandatory state personal insurance, the share of which in its insurance portfolio was 41.4% for the last 9 months of 2022. Endowment life insurance with a one-time contribution accounted for 23.9% of premiums collected, with regular contributions at 23.1%, and investment life insurance at 8.5%.

At the end of these last 9 months of 2022, the share of the largest sales channel other than direct sales - other legal entities - was 17.6% of contributions, which the agency sees as positive. The agency also notes the low dependence of the insurer on the main intermediaries.

The company demonstrates a high regulatory ratio of equity to liabilities, which has a positive impact on the rating. Among the positive factors, the high level of the specified insurance liquidity-net index stands out. The absence of off-balance sheet and estimated liabilities among the liabilities of the company, the low ratio of accounts payable and other liabilities to equity liabilities and of borrowed funds to the capital of the insurer are highlighted as positive.

According to Expert RA, as of September 30, 2022, the assets of VSK-Life Line amounted to 32.5 billion rubles, equity to 4.2 billion rubles, and authorized capital to 450 million rubles. For the last 9 months of 2022, the company collected 4 billion rubles of insurance premiums. LLC VSK-Life Line is a member of VSK Group.