In January-June 2024, PJSC “Insurance Company ‘ARX’ (ARX, Kyiv) collected gross insurance premiums in the amount of UAH 1.955 billion, which is 14.38% more than in the same period a year earlier, according to the website of RA ‘Standard-Rating’ on updating the company’s credit rating/financial strength (reliability) rating at the level of ‘uaAAA’ on the national scale for 6 months. 2024.
It is noted that revenues from individuals increased by 7.93% to UAH 1.145 billion, and from reinsurers – by 2.13 times to UAH 5.789 million. Thus, in the first half of 2024, the share of individuals in the insurer’s gross premiums amounted to 58.58%, and the share of reinsurers – 0.30%.
Insurance payments sent to reinsurers in the first half of 2024 compared to the first half of 2023 increased by 34.43% to UAH 50.028 million, and the ratio of their participation in insurance premiums of IC “ARKS” increased by 0.38 p.p. to 2.56%.
The RA also notes that net written premiums increased by 13.94% to UAH 1.905 billion, and net earned premiums increased by 23.50% to UAH 1.902 billion.
The volume of insurance payments made by the insurer in the first half of 2024 compared to the same period in 2023 increased by 36.83% to UAH 856.077 million, the level of payments increased by 7.19 percentage points to 43.79%.
According to the results of the first six months, the company’s profit from operating activities amounted to UAH 53.192 million, and net profit amounted to UAH 287.453 million.
As of July 1, 2024, the company’s assets increased by 7.10% to UAH 4.750 billion, equity showed an increase of 13.18% to UAH 2.468 billion, liabilities increased by 1.21% to UAH 2.282 billion, cash and cash equivalents increased by 45.15% to UAH 284.967 million.
Thus, as of the beginning of the second half of 2024, 12.49% of the company’s liabilities were covered by cash and cash equivalents. At the same time, as of the reporting date, the insurer made financial investments in the amount of UAH 3.09 billion, which consisted of domestic government bonds and government bonds (90.46% of the investment portfolio) and deposits in banks with investment grade credit ratings (9.54% of the portfolio).
ARKS Insurance Company is part of the international insurance holding Fairfax Financial Holdings Ltd. The company has been a leader in the hull insurance segment of the Ukrainian market for 13 years.
