S&P boosts Ingosstrakh Insurance

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Ingosstrakh Insurance Co. to BB+ from BB and its Russia national-scale rating to AA+(ru) from AA(ru).

The outlook is stable.

S&P said that the upgrade reflects Ingosstrakh's considerable improvement in the investment profile and positive track record by Ingosstrakh's management team.

The ratings also reflect Ingosstrakh's progressive strengthening of its competitive advantages in Russia through intensive growth of its personal lines portfolio and sustained good operating performance, the agency said, noting that these strengths are offset, however, by the still-marginal quality of the investment portfolio by international standards, untested financial flexibility and high industry and country risks.

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