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

17.12.2019
Rating agency IBI-Rating informs on affirming of the credit rating of PJSIC «INGO UKRAINE» at uaAA grade, with a «stable» outlook.

PJSIC «INGO UKRAINE» has been operating in the insurance market for over 25 years, providing of insurance services by 28 types (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 Yaroslavskyi. Over the past several years, PJSIC «INGO UKRAINE» demonstrates a high rate of development, as evidenced by the company's position among more than 200 participants of the Ukrainian insurance market (non-life). So, according the first half of 2019 the Insurer took the 1st place in terms of equity, 5th place in terms of assets, 6th place in terms of insurance payments made, as well 7th place - by the size of insurance reserves and in terms of the amount of raised insurance premiums.

In January-September 2019 PJSC «INGO UKRAINE» gross premiums received exceeded UAH 1.1 billion, which is in 32% more than in the same period of the previous year and is almost equal to the result for the whole previous year. There was a significant increase of the revenues for such types of insurance as health insurance, auto-hull insurance, compulsory civil liability insurance for vehicle owners, property insurance, fire risks etc. The Rating agency notes the high quality of outgoing reinsurance operations: over 60% 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 «INGO UKRAINE» show positive dynamics with a tendency to increase quarterly and for the results of 9 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 22 million as of January-September 2019). The increase of earned premiums and the receipt of significant income from financial activities against the background of a partial decrease in the level of insurance payments contributed to the net profit for the 9 months of 2019 in the amount of UAH 5.2 million.

The affirmed credit rating grade of the PJSIC «INGO UKRAINE» 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 9 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