Print

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

24.06.2019
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 25 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». The ultimate beneficiary is the citizen of Ukraine - Oleksandr Vladulenovuch Yaroslavsky. Over the past several years, PJSIC «INGO Ukraine» demonstrates a high rate of development, as evidenced by the company's position among more than 230 participants of the Ukrainian insurance market (non-life). So, according the Q1 of 2019 the Insurer took the 2rd place in terms of equity, 5th place in terms of assets and insurance payments made, 7th place - by the size of insurance reserves, as well as 6th position in terms of the amount of insurance premiums raised.

According to the results of 2018, in terms of the amount of insurance premiums received,PJSIC «INGO UKRAINE» overcame the mark of UAH 1.2 billion, which is the highest result in the history of the company's existence. The volume of gross insurance premiums received during January-March of this year amounted to UAH 343.5 million, which is by 42% more than in the same period of previous year and is due to an increase in revenues for such types of insurance as health insurance, CASCO, MOTPL, property insurance, fire risks etc. The Rating agency notes the high quality of outgoing reinsurance operations: over 55% of reinsurance payments are made by foreign insurance companies, most of which have a high credit rating determined by international rating agencies. Insurance payments earned by PJSC ASK «INGO Ukraine» show positive dynamics with a tendency to increase quarterly and for the results of 3 months in 2019 form about 75% of all insurer's income. An increase in the portfolio of investments in government securities contributes to the growth of bond yields (almost UAH 35 million in 2018 and Q1of 2019). Significant increase in deductions in reserves in the first quarter of the current year caused a negative value of the result of the main activity, as well as a loss of UAH 10.7 million. In turn, in 2018 PJSC ASK «INGO Ukraine» worked with a net profit of almost UAH 25 million.

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 2016-2018 and 3 month 2019, 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