In January-March 2024, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 543.5 million of insurance payments, which is 41.54% more than in the same period a year earlier, according to the message of the rating agency “Standard Rating” on the confirmation of the financial strength rating/credit rating of the insurer at the level of “uaAA+” for the specified period.
As reported on the RA website, during the period under review, the insurer’s revenues from individuals increased by 45.71% to UAH 376.64 million, and from reinsurers – by 27.81% to UAH 0.579 million. At the end of the quarter, the share of individuals in the company’s gross premiums amounted to 69.30%, and the share of reinsurers – 0.11%.
Insurance payments sent to reinsurers in the first quarter of 2024 increased by 46.48% to UAH 182.286 million compared to the same period in 2023, while the participation ratio of reinsurance companies in insurance premiums increased by 1.13 percentage points to 33.54%.
Net written premiums increased by 39.16% to UAH 361.221 million, while earned premiums increased by 47.24% to UAH 451.132 million.
Insurance claims and reimbursements increased by 63.25% to UAH 217.704 million. Thus, the claims ratio increased by 5.33 percentage points to 40.06%.
The insurer’s net profit for the first quarter of 2024 amounted to UAH 18.094 million.
At the same time, assets increased by 3.97% to UAH 1.853 billion, equity increased by 3.09% to UAH 462.559 million, liabilities increased by 4.27% to UAH 1.391 billion, cash and cash equivalent decreased by 37.72% to UAH 31.166 million.
The RA notes that as of April 1, 2024, the insurer made financial investments in the amount of UAH 930.821 million, consisting of government bonds (78.15% of the investment portfolio), as well as deposits in banks with a high credit rating (21.85% of the portfolio).
PrJSC “IC “Knyazha Vienna Insurance Group” is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.
