The rating agency IBI-Rating has affirmed the financial strength of the insurance company JSIC "INGO" at uaAAifr level with "evolving" forecast, as well as the credit rating at uaAA grade with the same forecast. The rating has been kept in the Control List due to the martial law, which has a significant negative impact on the economic situation of the country and its financial stability.
According to IBI-Rating, JSIC "INGO" continues to demonstrate significant growth rates. In 2023, the company ranked third in terms of equity, eighth in terms of insurance reserves, seventh in terms of assets and net premiums, fifth in terms of paid claims and fourth in terms of financial results among about 100 insurance companies in Ukraine. INGO has an extensive regional network providing sales and customer service throughout the country.
In Q1 2024, the company received gross written premiums of UAH 730.6 million, exceeding the same period of previous year by 3%. This growth was made possible by the recovery of insurance market after the difficult conditions of martial law and an effective policy of attracting new customers. The main share of the portfolio is health insurance (26%). Motor insurance accounts for 38.6%, property insurance - 15.3%, health insurance (except medical) - 6.1%, and fire and natural disaster insurance - about 10%.
IBI-Rating has emphasized the high quality of reinsurance operations, noting that about 95% of payments go to foreign insurance companies with high credit ratings. Liquidity indicators indicate the high ability of JSIC "INGO" to pay off its obligations, including those under concluded insurance contracts, promptly and in full. The company consistently receives high ratings from the MTIBU.
The volume of insurance claims for Q1 2024 reached UAH 350.9 million, which is 26% more than in the same period of the last year. The level of net insurance claims increased from 40.8% to 57.2% as of April 1, 2024 due to an increase in the loss ratio of health and motor insurance.
The rating agency has affirmed the rating of INGO Insurance Company due to its stable market position, balanced portfolio, stable premium dynamics, as well as acceptable capitalization and efficiency indicators. However, the agency notes the risks associated with high reserves of reported but not settled claims, instability of the operating environment, regulatory changes and ongoing military operations in Ukraine.
