INGO Insurance Company (Kyiv) in January-June 2020 collected more than UAH 766 million of insurance premiums, which is 2.3% more than in the same period a year earlier, according to a press release from the insurer.
It is noted that premiums for motor insurance amounted to more than UAH 341 million, personal insurance more than UAH 237 million, complex insurance (property and liability) more than UAH 155 million, special lines almost UAH 30 million, other types more than UAH 2.7 million.
The company reports on the continued high dynamics of annual growth in demand for health insurance. The current situation with COVID-19 has only increased the importance of health protection, so insurance premiums and voluntary medical insurance payments are steadily increasing even in the conditions of a “quarantine” economy. Monthly sales are growing by 20-25% compared to previous months, and up to 40% compared from 2019.
The decline in demand in the corporate segment of motor insurance from INGO began at the end of March and reached its peak in April (minus 45% compared to the same period in 2019). At the same time, in May and June the deferred demand worked and the indicators for KASKO recovered to the level of 2019. There was no reduction in business activities in the OSAGO segment.
Sales of Green Card insurance contracts and insurance of people traveling abroad have dropped significantly.
The company notes that due to changes in legislation on alternative energy, the volume of construction of new solar and wind plants has significantly decreased. The development of the industry, which was the driver of growth in property insurance in 2019, actually stopped. At the same time, there is a noticeable increase in infrastructure construction (roads, bridges).
INGO Ukraine insurance company (Kyiv) collected more than UAH 410 million of insurance premiums in January-March 2020, which is 19% higher than in the same period in 2019.
The insurer said in its press release that transport insurance accounts for more than UAH 167 million, life and personal health insurance is more than UAH 145.3 million, package insurance (property and liability) is more than UAH 69.9 million, special types (carriers liability insurance, shipping and forwarding agents, airlines, ship owners, full comprehensive insurance of aircraft and sea vessels, etc.) are more than UAH 26.7 million, other types are more than UAH 1.1 million.
According to the company, more than UAH 194 million (25% more) was paid to customers, more than 46,500 insurance accidents were settled in the first three months of 2020.
Formed actuarial reserve of INGO insurer as of March 30, 2020 amounted to more than UAH 1.092 billion, the value of net assets was UAH 668,094.
The indicator of positive net assets over the charter capital meets the requirements of the law and amounts to UAH 362.551 million. The actual solvency margin is UAH 626.087 million, which exceeds the standard inventory by UAH 371.599 million.
Chairman of the Supervisory Board Ihor Hordienko said that taking into account the experience of previous crisis periods, the company developed several scenarios of the crisis bailout plan, in accordance with which costs will be optimized.
In general, today the operational efficiency of the insurance company has increased. Some 75% of employees work remotely, some 25% works in offices, supporting the technical infrastructure and critical regulations. Communication with customers, contractors, and partners is remote. In the same mode, the work of most subdivisions is carried out. As a result, internal cashless and paperless projects have accelerated and have already reached the level of cashless transactions and electronic document flow, which was expected at the end of 2020.
JSC INGO Insurance Company has more than 25 years of experience in the market. Since 2017, the main shareholder of the company has been the Ukrainian business group DCH belonged to Oleksandr Yaroslavsky.
INGO Ukraine insurance company (Kyiv) will operate under the name Joint-Stock Company INGO Insurance Company from April 2020, the insurer said in a press release.
Due to the change of name, the company’s logo and corporate identity are changing as well.
The company has been providing insurance coverage to its customers under the same brand for more than a decade and a half. The new name and visualization of the logo is an important stage in the implementation of the digital transformation strategy, as well as a reflection of the changes taking place in the company and the environment. The Latin transliteration of the company name INGO is emphasized by the fact that the company has been carrying out trans-border insurance and reinsurance operations for a long time, provides insurance services to its customers in any part of the world and is an active member of international guarantee coverage systems.
“The renewed logo is an element of our transformational strategy that is functional simplification, operational efficiency and the provision of high-tech insurance products and services. Thus, it is one of its important stages, which involves the creation of new products and services, as well as the development of a modern operating platform,” chairman of the company’s board Ihor Hordiyenko said.
The company said that the transition to the use of a new corporate style, including changing the signs of the company’s representative offices in the regions, will occur gradually. The announced changes will in no way affect the fulfillment of the current and future obligations of the company, as well as the concluded insurance and partnership agreements. The composition of shareholders, location, identification code of a legal entity, bank details also remain unchanged.
JSC INGO Insurance Company has more than 25 years of experience in the market. Since 2017, the main shareholder of the company has been the Ukrainian business group DCH of Oleksandr Yaroslavsky.
The company is one of the largest insurance organizations in Ukraine in terms of premiums, net worth volumes and insurance claims. It has 28 licenses for various types of compulsory and voluntary insurances, provides insurance services to corporate and retail clients.
The shareholders of INGO Ukraine insurance company (Kyiv) at a meeting on April 26 made a decision to pay dividends in the amount of UAH 26.148 million, according to the official information of the insurer. Money is paid directly to non-resident shareholders in U.S. dollars at the NBU rate on the day of payment, to residents in the national currency. Payment is made in the amount of UAH 85.58 per share.
INGO Ukraine has more than 20 years of experience in the market. It has 28 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail customers. The INGO Ukraine team is more than 500 employees in 25 branches operating in all regions of Ukraine.
The IBI-Rating agency confirmed the company’s long-term credit rating at the level of uaAA for 2017, the forecast is “stable” on the national scale.
The main shareholder of the company since 2017 has been the Ukrainian business group DevelopmentConstruction Holding (DCH) with a 99.99% share.
