AM Best Affirms Credit Ratings of Uzbekinvest Export-Import Insurance Company, JSC

LONDON--(BUSINESS WIRE)--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 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 volatility associated with the company’s underwriting exposures. In addition, Uzbekinvest has a relatively conservative investment allocation strategy, with most of its investments held in cash and deposits, which provides a good level of liquidity, as well as in fixed income securities, predominantly of excellent credit quality. Going forward, AM Best expects the company to enhance its capital management framework.

The marginal operating performance assessment considers Uzbekinvest’s high combined ratios with overall underwriting results negatively affected by the company’s high expense base. In 2024, the company reported a return of equity of 6.9%, as calculated by AM Best, as its earnings have been supported by solid investment income, reflecting the high-interest rate environment. Although Uzbekinvest is expected to report positive operating results in 2025, the company’s technical performance remains subject to uncertainty due to the company’s limited expertise in underwriting international risks.

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 half of net written premium in 2024 and 2025. 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.

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