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IBI-Rating has affirmed the credit rating of PJSIC «INGO UKRAINE» at uaAA grade

20.06.2018
Rating agency IBI-Rating informs on affirming of the credit rating of Private Joint-Stock Insurance Company «INGO Ukraine» at uaAA grade, with a «stable» outlook.

The affirmed rating grade of the Insurer is due to acceptable capital ratios, the balanced insurance portfolio, strong market positions, the available branched sales channels that contributes to the stable dynamics of receipts of insurance payments. High solvency indicators, high quality and sufficient diversification of assets, which represent insurance reserves, should also be noted. In turn, the Rating Agency notes the significant share of the reserve of declared but not paid losses, the high importance of the combined indicator of loss-making, and the preservation of a difficult situation in the economy, which limits the financial capacity of the population and enterprises of the real sector and adversely affects the level of trust in financial institutions.

The volume of authorized capital of PJSIC «INGO Ukraine» during period under review remained unchanged and amounted to UAH 305.54 million. In turn, in the previous year, the ownership structure of PJSIC «INGO Ukraine» changed: in May 2017, one of the largest Ukrainian business groups, Development Construction Holding (DCH) bought 25% of the participation in the capital of the Insurer, and in October increased its share up to 99.99%. The ultimate beneficiary is the citizen of Ukraine - Oleksandr Vladulenovuch Yaroslavsky. After the change in the ownership structure, no occurred significant changes in the company's operations - the Insurance company continues to operate under the INGO Ukraine brand and follows a profitable growth strategy.

Over the past several years, PJSIC «INGO Ukraine» demonstrates a high rate of development, as evidenced by the company's position among more than 271 participants of the Ukrainian insurance market (non-life). So, according to the results of 2017, the Insurer took the third place in terms of equity and made insurance payments, 4th place in terms of the formed insurance reserves, and 2nd place - by the size of assets.

According to the results of previously year, in terms of an amount of received insurance premiums, PJSIC «INGO Ukraine», overcame the mark of UAH 1 billion, which is the highest result in the history of the company's existence. In the first quarter of this year, the volume of gross insurance premiums received amounted to UAH 242.4 million, which by 13.5% exceeded the indicator for the same of previous year and is due to an increase in revenues for such types of insurance as CASCO, MOTPL, property insurance and health insurance. Unlike previous periods, the results of the main activity of PJSIC «INGO Ukraine» in January-March 2018 were positive and amounted to UAH 3.6 million. In turn, the net financial result for the specified period was negative (-) UAH 4 million. According to the results of the previous year, the company worked with a profit of UAH 27.5 mln.

In order to carry out the analytical research the materials provided by PJSIC «INGO Ukraine» have been used, including: financial statements of the Issuer for 2015-2017 and 3 month 2018, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
(at)ibi.com.ua