Alfastrakhovanie's earnings have been much better than we had expected earlier this year, led by business growth, solid underwriting, and investment performance amid the COVID-19 pandemic. This allowed Alfastrakhovanie to strengthen its capital cushion both under regulatory requirements and our capital model. We are affirming our 'BB+' long-term financial strength rating on Alfastrakhovanie. The positive outlook reflects our expectation that in the next 12 months Alfastrakhovanie will maintain its solid competitive position and improve its capital adequacy to the 'BBB' level. On Dec. 22, 2020, S&P Global Ratings revised its outlook on Russian insurer Alfastrakhovanie to positive from stable. At the same time, we affirmed our 'BB+' long-term insurer financial strength rating on the company. The outlook revision stems from
