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Based on Q1 2020 results, the insurance company “INGO” has increased its amount of earned premiums

05/ 05/ 2020

05.05.2020. Kyiv, Ukraine, Based on Q1 2020, the JSC “Insurance Company “INGO” collected over UAH 410 mln of insurance premiums, which exceeds its indicators by 19% compared to the same period of 2019.

Composition of collection:

  • Motor insurance – over UAH 167 mln.
  • Personal insurance – over UAH 145,3 mln.
  • Comprehensive insurance (property and liability) – over UAH 69,9 mln
  • Specialty lines – over UAH 26,7 mln.
  • Other classes – over UAH 1,1 mln.

The company complies with all regulations and criteria for liquidity, capital adequacy, asset quality and risk exposure of operations. The net asset value as of 31/03/2020 is UAH 668,094 ths. The excess of net assets over amount of authorized capital complies with legislative requirements and is UAH 362,551 ths. The actual solvency margin is UAH 626,087 ths, which exceeds the normative solvency margin by UAH 371,599 ths.

Under its liabilities to clients for 3 months of 2020, “Insurance Company “INGO” paid over UAH 194 mln (+25%) and settled over 46,500 insured events. The made insurance reserves as of 30/03/2020 are over UAH 1,092 mln. The company continues to pay indemnities under normal conditions.

According to CEO Igor Gordienko, taking into consideration the experience of previous crisis periods, the company has developed several scenarios of the crisis bailout plan, according to which the costs will be optimized.   

In general, now the operational efficiency of the company has increased. 75% of employees work remotely, other 25% – in company offices, maintaining the technical infrastructure and procedures of critical importance. The communications with clients, counterparties, partners are maintained remotely. Most divisions of the company work in such a mode. As a result, the internal ‘cashless’ and ‘paperless’ projects have been implemented faster, and for now we have reached the level of cashless transactions and electronic document flow, expected only at the end of the year. 

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For reference:

JSC “Insurance Company “INGO” has over 25 years of work experience on the market. Since 2017 the Ukrainian business group DCH of Oleksandr Yarovslavskyi has become the major shareholder of the company. The company is one of the largest insurance organizations of Ukraine in terms of the amount of premiums, value of its own assets and amounts of paid indemnities. It holds 28 licenses for difference classes of compulsory and voluntary insurance and provides insurance services to corporate and retail clients. INGO is a full member of Motor (Transport) Insurance Bureau of Ukraine (MTIBU), member of the American Chamber of Commerce (ACC), European Business Association (EBA) and International Chamber of Commerce (ICC). On 13/12/2019, the agency “IBI-Rating” affirmed a long-term credit rating of JSIC “INGO” (JSIC “INGO Ukraine”) at uaAA according to the national rating scale, with ‘stable’ forecast. 

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