During 2023, INGO paid Ukrainians 1 billion 172 million UAH of insurance indemnities

14/ 03/ 2024

In 2023, the insurance company INGO indemnified for the losses of its clients in the amount of more than UAH 1 billion 172 million. This is 74% more than during 2022. The indicators of collected premiums also increased by 50%. This is stated in the companys annual report. According to the results of 2023, the company recorded a significant increase in collected insurance premiums. Compared to 2022, INGO increased this indicator by 50%. In total, the premiums amounting to UAH 2 billion 674 million were attracted, of which over UAH 1.9 billion came from legal entities. As INGO noted, in 2023 over 640,000 insurance contracts were issued. The companys specialists received more than 458,000 calls to the contact center. More than 152,000 insured events were settled, for which the indemnities were paid in the amount of UAH 1 billion 172 million. INGO showed optimistic results this year. We paid record insurance indemnities for the company, and most importantly - we chose the right strategy for the whole year, CEO Igor Gordiyenko said. - Adequately formed technical reserves make it possible to fulfill obligations to clients in a timely, continuous and full capacity. Our strategy consists in forming a competent approach to the product line in all areas of business. This includes a number of components: tariff policy, competitiveness and fullness of these products, risk coverage and adjustment of business processes in customer service, he added. INGO improved the indicator of highly liquid assets, the value of which now amounts to UAH 2.7 billion. The actual reserve of solvency increased by 25% and amounts to UAH 1.1 billion, which is UAH 667 million higher than the normative indicator. The companys equity increased by 24%, amounting to UAH 1 billion 191 million. In 2023, INGO launched a number of products for insurance of apartments, houses and cars, which includes coverage of war risks, and are quite flexible in terms of pricing and sums insured. The company actively worked during 2023 to update the insurance coverage of individuals and legal entities, Igor Gordiyenkoclarified. - And we will continue to make maximum efforts to improve them. The current situation, the state of the insurance market, the strategy we have chosen, the team and the technology of the company give us confidence in the future. For legal entities, the company also strengthened insurance coverage by adding coverage of military risks to the programs of voluntary health insurance, property insurance, agricultural insurance, accident insurance, cargo and transport insurance. Also, during 2023, the company introduced two fundamentally new products in health insurance - Dobropolis and Turbota, which are aimed at serving insured persons only in certain medical institutions. The projects are based on the synergy of brands that managed to combine all the advantages of insurance medicine. Namely, the optimal cost of medical services and a professional approach in the organization of medical care from the leaders of medical industry. In the future, the main vector of our development will be aimed at improving services and increasing premiums, Igor Gordiyenko assured. - However, we will definitely approach the issue of sales growth in a balanced manner. It is critical for us to adhere to the principle of profitable growth. After all, this allows the company to fulfill its obligations even in the most difficult periods for the country, he emphasized. * * * For reference: JSC “Insurance Company INGO” has been providing insurance services for people and companies for 30 years. Since 2017, the Ukrainian business group DCH is major shareholder. JSIC INGO is included in the list of the largest insurance companies of Ukraine in terms of the volume of premiums, the amount of own assets and the amounts of insurance indemnities. The company meets NBU’s requirements for transparency of the ownership structure, compliance with standards of solvency, capital adequacy and riskiness of operations, compliance with requirements regarding the business reputation of the insurer, its owners and managers. INGO is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC). On December 8, 2023, the rating agency IBI-Rating confirmed the long-term credit rating of JSIC INGO on the national rating scale at the uaAA level.

In 2023, the insurance company “INGO” indemnified for the losses of its clients in the amount of more than UAH 1 billion 172 million. This is 74% more than during 2022. The indicators of collected premiums also increased by 50%. This is stated in the company’s annual report.

According to the results of 2023, the company recorded a significant increase in collected insurance premiums. Compared to 2022, INGO increased this indicator by 50%. In total, the premiums amounting to UAH 2 billion 674 million were attracted, of which over UAH 1.9 billion came from legal entities.

As INGO noted, in 2023 over 640,000 insurance contracts were issued. The company’s specialists received more than 458,000 calls to the contact center. More than 152,000 insured events were settled, for which the indemnities were paid in the amount of UAH 1 billion 172 million.

“INGO showed optimistic results this year. We paid record insurance indemnities for the company, and most importantly – we chose the right strategy for the whole year”, CEO Igor Gordiyenko said. – “Adequately formed technical reserves make it possible to fulfill obligations to clients in a timely, continuous and full capacity. Our strategy consists in forming a competent approach to the product line in all areas of business. This includes a number of components: tariff policy, competitiveness and fullness of these products, risk coverage and adjustment of business processes in customer service,” he added.

INGO improved the indicator of highly liquid assets, the value of which now amounts to UAH 2.7 billion. The actual reserve of solvency increased by 25% and amounts to UAH 1.1 billion, which is UAH 667 million higher than the normative indicator. The company’s equity increased by 24%, amounting to UAH 1 billion 191 million.

In 2023, INGO launched a number of products for insurance of apartments, houses and cars, which includes coverage of war risks, and are quite flexible in terms of pricing and sums insured.

“The company actively worked during 2023 to update the insurance coverage of individuals and legal entities,” Igor Gordiyenkoclarified. – “And we will continue to make maximum efforts to improve them. The current situation, the state of the insurance market, the strategy we have chosen, the team and the technology of the company give us confidence in the future.”

For legal entities, the company also strengthened insurance coverage by adding coverage of military risks to the programs of voluntary health insurance, property insurance, agricultural insurance, accident insurance, cargo and transport insurance.

Also, during 2023, the company introduced two fundamentally new products in health insurance – Dobropolis and Turbota, which are aimed at serving insured persons only in certain medical institutions. The projects are based on the synergy of brands that managed to combine all the advantages of insurance medicine. Namely, the optimal cost of medical services and a professional approach in the organization of medical care from the leaders of medical industry.

“In the future, the main vector of our development will be aimed at improving services and increasing premiums,” Igor Gordiyenko assured. – “However, we will definitely approach the issue of sales growth in a balanced manner. It is critical for us to adhere to the principle of profitable growth. After all, this allows the company to fulfill its obligations even in the most difficult periods for the country,” he emphasized.

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For reference:

JSC “Insurance Company “INGO” has been providing insurance services for people and companies for 30 years. Since 2017, the Ukrainian business group DCH is major shareholder. JSIC “INGO” is included in the list of the largest insurance companies of Ukraine in terms of the volume of premiums, the amount of own assets and the amounts of insurance indemnities. The company meets NBU’s requirements for transparency of the ownership structure, compliance with standards of solvency, capital adequacy and riskiness of operations, compliance with requirements regarding the business reputation of the insurer, its owners and managers.

“INGO” is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC). On December 8, 2023, the rating agency “IBI-Rating” confirmed the long-term credit rating of JSIC “INGO” on the national rating scale at the uaAA level.