Tashkent, Uzbekistan (UzDaily.uz) — Fitch Ratings revised the outlook on Uzbekistan-based insurer Gross Insurance’s financial strength rating to Positive from Stable on 23 October 2026, while affirming the rating at B+, the agency said.
The outlook revision reflects an improved assessment of the company’s capital position. Fitch also upgraded its assessment of Uzbekistan’s insurance industry profile and operating environment.
At the end of 2025, Gross’s capital position was assessed as “weak” under Fitch’s Prism Global model. The agency expects this assessment to improve to “moderately weak” in 2026, supported by lower investment risk exposure amid a better operating environment and the company’s strong ability to generate capital.
However, the insurer’s regulatory solvency margin has historically been limited, standing at 121% at the end of the first half of 2026 and 131% at the end of 2025.
Fitch attributed its improved assessment of Uzbekistan’s insurance sector to the country’s stronger sovereign and macroeconomic position. Investment and asset risks have declined as the banking sector, where insurers place most of their funds, has become more resilient. The agency also cited stronger regulation and greater transparency across the industry.
Gross is one of Uzbekistan’s leading insurers, with a 6% share of the market by premiums in the first half of 2026. Fitch noted the company’s good diversification across insurance lines and balanced participation in inward reinsurance. However, its business remains smaller than that of international peers, with premiums totalling around US$70 million in 2025.
Most of Gross’s investment portfolio is held in liquid assets at local banks rated in the “BB” and “B” categories. The share of investments in equities and bonds, including those involving affiliated entities, has been gradually declining. As a result, the ratio of risky assets to capital fell to 16% at the end of 2025, compared with 30% a year earlier and 56% at the end of 2023.
The company’s return on equity rose to 36% in 2025 from 32% in 2024, largely driven by investment income. Underwriting performance remained more limited, with the combined ratio improving to 96% from 98% in 2024. Fitch attributed this to high acquisition and operating expenses.
Gross’s premium retention ratio remained stable at 72% in 2025, compared with 70% a year earlier. The company uses treaty reinsurance, including excess-of-loss protection from highly rated European reinsurers. However, counterparty risk remains high because of concentration among certain domestic reinsurers. Gross does not have dedicated catastrophe risk coverage.
Fitch said the rating could be upgraded if the company’s capital assessment under the Prism model remained sustainably at or above the “moderately weak” level. An upgrade would also require the solvency margin to remain above minimum requirements and the company to maintain a strong market position.
The rating could be downgraded if Gross’s business profile weakened, including through a loss of market share. Capital deterioration caused by weak results amid aggressive growth would also be a negative factor.
