S&P Global Ratings improved the long-term financial strength rating and the credit rating of INGOSSTRAKH to BBB from the previous rating at BBB- with a stable outlook on the ratings, ASN reports.

It is noted that in 2020 and in the first half of 2021, the company had good operating performance, despite the difficult economic environment in the real estate and accident insurance in Russia. According to the rating agency's forecasts, INGOSSTRAKH will continue to occupy a leading position in the motor insurance and corporate segments in Russia and will also maintain good capitalization in the next two years.

"We expect the company's financial risk profile to continue to improve on the back of high capital buffers supported by profitability and a non-dividend policy", S&P analysts said.

In the first half of 2021, net profit of the INGOSSTRAKH Group based on IFRS amounted to RUB 5.2 billion (~EUR 60.10 million*), which is 24.5% less y-o-y. However, at the same time, GWP from insurance, coinsurance and reinsurance operations increased by 21%, to RUB 72.4 billion, and paid claims saw a similar growth reaching RUB 33.9 billion, Finmarket wrote.

* at the following exchange rate:

1 EUR = 86.5118 RUB (01.07.2021)