The rating agency IBI-Rating has affirmed the financial strength rating of JSC "IC "INGO" at uaAAifr grade with an "evolving" rating outlook.
Experts explain that the affirmed rating grade of "INGO" is due to the company's entry into the number of the largest participants in the insurance market of Ukraine, the balance of the insurance portfolio and the stable dynamics of the volume of earned insurance premiums
Also, the rating agency noted acceptable indicators of capitalization and performance, as well as high quality and sufficient diversification of assets, which represent insurance reserves.
At the same time, IBI-Rating notes a significant amount of reserves for declared but not paid losses (the vast majority of which falls on the share of reinsurers), the instability of the operating environment, the volatility of the regulatory field, as well as the sensitivity of the company's revenue base to changes in the real sector.
The "evolving" outlook is due to the uncertainty about the impact on the financial condition of the insurance company of the expected slowdown in business activity due to the deterioration of the epidemiological situation in the country and the introduction of economic and administrative restrictions on economic entities and the population.
Also, the rating agency IBI-Rating has affirmed the credit rating of INGO Insurance Company at uaAA grade, with an "evolving" rating outlook.
As explained in the agency, this is due to acceptable indicators of capitalization and performance, balance of the insurance portfolio, strong market positions, high solvency indicators, as well as the presence of extensive sales channels, which contributes to the stable dynamics of insurance premiums.
INGO Insurance Company has been operating in the insurance market since 1994. Since 2017, the main shareholder of the company is the Ukrainian business group DCH of Alexander Yaroslavsky.
The company is one of the largest insurance organizations in Ukraine in terms of premiums, own assets and insurance claims.