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

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, contributing to stable dynamics of generating of insurance premiums, despite the sensitivity of of the Insurer to certain financial risks because of the situation in the financial market of Ukraine and the unstable situation in the country, in general. High solvency indicators, high quality and sufficient diversification of assets, which represent insurance reserves, should also be noted. Rating agency IBI-Rating also notes a significant proportion of the reserve of the claimed but unpaid losses, as well as the absence of debt burden, high value of the combined indicator of loss should be noted, as well as 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 confidence in financial institutions.

The volume of authorized capital of PJSIC «INGO Ukraine» during January-September 2017 remained unchanged and amounted to UAH 305.54 million. In turn, in the period under review, 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.

Over the past several years, PJSIC «INGO Ukraine» demonstrates a high rate of development, as evidenced by the company's position among more than 260 participants of the Ukrainian insurance market (non-life). So, according to the results of the I half-year of 2017, the Insurer took the third place in terms of equity and and the second place - in terms of assets.

According to the results of 9 months of 2017, PJSIC «INGO Ukraine» received insurance premiums for the amount of UAH 771.4 million, which exceeded the corresponding indicator for the same period in 2016 by 17.1%. In turn, according to the results of January-September of 2017, the Insurer made insurance payments amounting to UAH 341.7 million (against 255.2 million UAH according to the results of January-September 2016). The net profit of the Insurance Company in the first 9 months of 2017 was amount to UAH 8.7 million.

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 2014-2016 and 9 month 2017, 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
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