UKRAINE: GWP of INGO in 2023 increased by 50%, and paid claims by 74%

19 March 2024 — Marina MAGNAVAL
In 2023, INGO, which is among the top 10 insurers based on the 3Q results, paid out over UAH 1.172 billion (~EUR 27.82 million) to its clients, which is 74% more y-o-y. At the same time, the company's GWP increased by 50%, Forinsurer writes with reference to the insurer's annual report.

At the end of 2023, GWP collected by INGO amounted to UAH 2.674 billion (~EUR 63.48 million), of which more than UAH 1.9 billion were received from legal entities.

“INGO saw optimistic results this year. Paid claims were record for the company, and most importantly, we chose the right strategy for the whole year”, noted Igor Gordienko, Chairman of the Board of INGO.

The company has improved its highly liquid assets, the value of which now amounts to UAH 2.7 billion. The actual solvency margin increased by 25% to UAH 1.1 billion, which is UAH 667 million higher than the regulatory limit. Equity capital increased by 24%, reaching UAH 1.191 billion.

“It is critically important for us to adhere to the principle of profitable growth. This is what allows the company to fulfill its obligations even in difficult periods for the country”, emphasized Igor Gordienko.

*EUR 1 = UAH 42.12 (31.12.2023)