RUSSIA: INGOSSTRAKH's rating confirmed at ruAAA, stable outlook

The national rating agency Expert RA confirmed the financial rating of INGOSSTRAKH at ruAAA, stable outlook. According to the Bank of Russia, in terms of GWP for 9 months of 2018 the insurer ranked 6th in the market.

INGOSSTRAKH is an all-lines insurer. Its insurance portfolio is highly diversified by types of insurance. The biggest part in the insurer's portfolio is generated by Motor Hull, which accounted for 30.1% of the company's GWP for 9 months in 2018. As one of the positive rating factors the agency pointed out that in 2017 the company's market share amounted to 6.2%. As of the end of September 2018 the insurer's assets amounted to RUB 159.3 billion, equity - RUB 68.3 billion, charter capital - RUB 18.4 billion, and GWP reached RUB 65.4 billion (almost 3% more y-o-y).

Positive effect on rating also comes from high quality of the company's assets as well as their high diversification. The agency positively estimated high rates of return on equity (16.8% y-o-y for January-September 2018) and return on sales - 12.6%. Besides, Expert RA noted absence of concentration on the largest sales channel - for January-September 2018 the agent network accounted for 32.1% of the insurer's GWP, while the total fee amount was still at a rather low level of 13.8%, ASN reports.

*1 EUR = 76.2294 RUB (September 30th, 2018)

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