OREANDA-NEWS. August 03, 2012. Fitch Ratings has upgraded AMANAT Insurance (Kazakhstan)'s (AMANAT) Insurer Financial Strength (IFS) rating to 'B' from 'B-' and National IFS rating to 'BB(kaz)' from 'B+(kaz)' . The Outlooks are Stable, reported the press-centre of KASE.

Fitch also notes the relative improvement in the combined ratio, which, as assessed by Fitch, stood at 104.3% at end-5M12 versus 113.7% in 2011. This decrease has been driven by an improved loss ratio, which more than offset the deterioration in the expense ratio. This improvement could indicate that the adverse experience in 2011 was one-off in nature, although Fitch believes that additional evidence is needed before a definitive conclusion can be reached in this respect.

According to Chairperson of Insurance Company Amanat Insurance Zaure Seitova, the rating upgrade proves the company financial sustainability and strengthening of its positions on the insurance market of Kazakhstan.

Zaure Seitova also reminded that Fitch has already revised the company outlook to "Stable" from "Negative" and the company ratings upgrade has been expected.

The ratings could be upgraded if the new management team proves its credibility and effectively enhances AMANAT's franchise through profitable growth.