AlfaStrakhovanie benefits, in our view, from its leading position in the Russian property and casualty (P/C) insurance market and its good and improving technical performance, although we note the constraints from the still-challenging operating environment in Russia. We believe that AlfaStrakhovanie has capital levels lower than the largest insurance companies in Russia, based on both our risk-based capital model and regulatory solvency ratio. We are assigning our 'BB+' financial strength ratings to AlfaStrakhovanie. The stable outlook indicates our expectation that, in the next 12 months, the company will maintain its strong competitive position in the Russian market thanks to preserved underwriting results and consolidation of its capital position at satisfactory levels via significant earnings retention. On July 15, 2019, S&P
