AlfaStrakhovanie continues to benefit from one of the leading positions in the Russian P/C insurance market and has sound operating performance. In our view, the company strengthened its liquidity position over the past year thanks to better credit quality assets' allocation, building sufficient cushion to meet its policyholders' obligations. We are therefore affirming our 'BB+' financial strength ratings on AlfaStrakhovanie. The stable outlook indicates our expectation that, in the next 12 months, the company will maintain its strong competitive position and show signs of further capital improvements. On July 21, 2020, S&P Global Ratings affirmed its 'BB+' long-term insurer financial strength rating on Russia-based property and casualty (P/C) insurer AlfaStrakhovanie. The outlook is stable. The affirmation reflects our view of
