The 'B+' rating indicates that the rated entity qualifies as an acceptably reliable company. The full or partial default risk is low.

Insurance Stock Company Ingvar has been operating in the market of insurance services since 1993. The company is a niche market player primarily focused on cargo insurance services. In the first half of 2015, Insurance Stock Company Ingvar ranked 216th among approximately 300 actually operating Russian insurance companies in terms of gross premiums earned.

In January-September 2015, Insurance Stock Company Ingvar earned ca. RUB 80 million in insurance premiums and paid about RUB 7 million in net benefits. Therefore, the Company's loss ratio (the ratio of insurance benefits to insurance premiums remained fairly low, which we regard as a positive rating driver. At the same time, the Company's heavy business expenses exceeding 90% of the total amount of premiums earned) and the continuously low percentage of insured events settled (34% in the first half of 2015).

The rating outlook revision reflects the inability to achieve the expected improvements towards the insurance business decentralization and higher diversification.

Insurance Stock Company Ingvar established in March 1993 operates by virtue of license C no. 0425 77 issued by the Bank of Russia on December 23, 2013.

AK&M Rating Agency assigned a credit rating to Insurance Stock Company Ingvar for the first time on February 3, 2015. No more rating actions were taken in relation to the Company until now. All rating action announcements are available on the akmrating.ru website.

This press release was based on the Reliability Rating Methodology for Insurance Companies rev. January 23, 2014

For estimation purposes, we completely rely on the reliability of information provided by the Company. The rationale for AK&M Rating Agency's judgment on the rating may include information acquired from other sources we deem to be reliable; however, the agency does not check the input data exhaustively and disclaims all responsibility for their possible errors.

The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.

AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.

AK&M Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.

AK&M Rating Agency

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www.akmrating.ru

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