Fitch Ratings has revised AzInsurance OJSC's (AzInsurance) Outlook to Negative from Stable, the agency reported.
At the same time, Fitch has affirmed AzInsurance's Insurer Financial Strength (IFS) Rating at 'B'.
The revision of the Outlook reflects AzInsurance's weak business profile and low resilience to a difficult operating environment in Azerbaijan, deteriorated financial performance in 9M17 and the lack of distinctive competitive advantages. The affirmation of the rating reflects AzInsurance's strong regulatory capital position.
AzInsurance is a medium-sized insurer and is ranked sixth on the Azerbaijani non-life and life insurance markets, with gross written premiums of AZN17 million in 9M17, after adjusting for inwards reinsurance and early policy terminations.