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