Business news from Ukraine


27 July , 2016  

KYIV. July 27 (Interfax-Ukraine) – INGO Ukraine insurance company (Kyiv) saw a 16.9% rise in collection of insurance premiums, to UAH 424.2 million, the insurer has said in a press release.

The company said that the share of voluntary car insurance (KASKO) was 31.9% of the total insurance portfolio (UAH 135.5 million), household insurance – 22.8% (UAH 97.1 million), voluntary medical insurance – 14.7% (UAH 62.6 million) and Green Card – 13.9% (UAH 59.4 million).

The company signed 123,000 insurance agreements over the period, including 68,000 agreements with individuals and 54,000 with companies.

The company paid UAH 163.6 million in claims (47.1% down). The level of payments was 38.5% (85.17% in H1 2015).

According to the press release, net profit in H1 2016 was UAH 16.7 million (58.1% down).

Insurance reserves as of June 30, 2016 amounted to UAH 646.1 million. Over 80% of them are covered by liquid assets in the form of cash on current and deposit accounts of the company. The company’s solvency is 4.5 times bigger than it is required. Its assets totaled UAH 1.408 billion.

Net worth reached UAH 581.8 million in H1 2016. Charter capital was UAH 305.5 million.

“Today we are introducing a new operation strategy, the implementation of which would help INGO Ukraine to be among leaders of the insurance market in next five or ten years,” Board Chairman Ihor Hordiyenko said.

INGO Ukraine has been operating since 1994. It has 28 licenses for different types of compulsory and voluntary insurance. It has 25 branches.