Neptune UA UG (IFC-51408)

Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Specific Location
Kyiv
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 8, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
USG Insurance Company
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 8.87 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 8.87 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 20, 2025

Disclosed by Bank Dec 11, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, IFC is considering an equity investment for the acquisition of up to 20% of primary shares of PJSC “Insurance Company USG”, the seventh largest non-life insurer in Ukraine as of December 31, 2024.

The most significant expected project-level outcome is increased access to non-life insurance products and services, including for forcibly displaced persons. Beyond the project outcomes, IFC anticipates that its financing will promote greater resilience in the insurance market via demonstration and replication effect.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The operations supported by this investment generally have low to medium environmental and social (E&S) risks. However, they may include a limited number of business activities that pose potential high environmental or social risks or impacts, which can be managed through mitigation measures. The Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC will purchase up to 20% of ordinary shares of the Company.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Project is an equity investment in USG Insurance Company, a Vienna Insurance Group (VIG) subsidiary in Ukraine. The insurance portfolio of the Company includes non-life insurance, such as moto vehicles, property, as well as different types of third-party liabilities.

USG is the seventh largest non-life insurer in Ukraine with EUR68 million insurance service revenue in 2024. The Company has been present on the market since 2000 and since 2008 as part of VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG or the Sponsor). The Company operates an extensive network of more than 80 offices across Ukraine and has over 630 employees, agents, with sales leveraging partnerships with banks, leasing companies and lending brokers. The Company is ultimately wholly owned by VIG, with 7.1% of the shares held directly by VIG and the remaining 92.9% held through ATBIH GmbH, a 100% owned subsidiary of VIG.

VIG is the largest insurance group in Austria and one of the leading insurance groups in the CEE with more than 50 insurance companies in 30 countries. VIG is rated A+/stable by S&P as of July 15, 2024, reflecting the Group’s strong capitalization, profitability, market position and liquidity. VIG’s principal shareholder is the mutual fund Wiener Städtische Versicherungsverein - Vermögensverwaltung with approximately 72% shareholding while approximately 28% shareholding are freely floated on the Vienna, Prague and Budapest Stock Exchanges.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Vienna Insurance Group - VIG Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
Nina Higatzberger-Schwarz
Head of Investor Relations
+43 (0) 50 390 - 21920
nina.higatzberger@vig.com
Schottenring 30 1010 Vienna Austria
www.vig.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works