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

11.12.2018
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.

PJSIC «INGO UKRAINE» has been operating in the insurance market for over 24 years, providing services in 28 types of insurance (18 types of voluntary and 10 types of compulsory insurance). In February 2017, according to the order of The National Commission for State Regulation of Financial Services Markets, the non-bank financial group «INGO» was registered - the financial group includes PJSIC «INGO UKRAINE» and PJSIC «INGO UKRAINE LIFE». Over the past several years, PJSIC «INGO Ukraine» demonstrates a high rate of development, as evidenced by the company's position among more than 250 participants of the Ukrainian insurance market (non-life). So, according the first half of 2018 the Insurer took the 3rd place in terms of equity, 4th place in terms of assets, insurance reserves and insurance payments made, as well as 7th position in terms of the amount of insurance premiums raised.

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.

In January-September 2018, the volume of gross insurance premiums received amounted to UAH 876.8 million, which by 13.7% 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 million. The volume of insurance payments made for the corresponding period amounted to UAH 378.8 million. The Rating agency notes the high quality of outgoing reinsurance operations: over 75% of reinsurance payments are made by foreign insurance companies, most of which have a high credit rating assigned by international rating agencies. The result of the main activity of PJSIC «INGO UKRAINE» in January-September 2018 was positive and amounted to UAH 3.6 million. In turn, the company's net profit for the specified period amounted to UAH 23.5 million. (UAH 27.5 million - previous year).

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, the instability of the operating environment, the variability of the regulatory field, and the sensitivity of the company's revenue base to changes in the real sector.

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 9 months 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