In January-June 2024, Universalna Insurance Company (Kyiv) collected a little more than UAH 1 billion in net insurance premiums, which is 20.6% more than in the same period in 2023, gross premiums showed an increase of 22.2% to UAH 1.2 billion, according to the website of the Standard Rating agency.
The agency has updated the credit rating/financial strength (reliability) rating of Universalna Insurance Company at uaAAA on the national scale based on the analysis of its performance for the specified period.
According to the published data, revenues from individuals increased by 23.69% to UAH 533.021 million, and from reinsurers – by 8.91 times (by UAH 6.627 million) to UAH 7.465 million.
Despite a significant increase in premiums from individuals, legal entities prevailed in the company’s client portfolio in the first half of 2024.
Insurance payments sent to reinsurers in the first half of 2024 increased by 67.43% compared to the same period in 2023 to UAH 55.1 million, the reinsurer participation ratio in insurance premiums increased by 1.24 percentage points to 4.59%.
The volume of insurance claims paid by the company increased by 46.36% to UAH 422.204 million, while the claims ratio increased by 5.82 percentage points to 35.18%.
In the first six months of 2024, compared to the same period in 2023, the insurer’s operating profit increased by 3.16 times to UAH 120.391 million, and net profit by 2.06 times to UAH 126.707 million.
As of July 1, 2024, the company’s assets increased by 14.16% to UAH 1.680 billion, equity increased by 17.11% to UAH 867.087 million, liabilities increased by 11.17% to UAH 812.56 million, cash and cash equivalents increased by 54.41% to UAH 266.432 million.
As of the said date, the insurer’s equity exceeded its liabilities by 6.71%. The current financial investment portfolio of UAH 1.121 billion consisted of bank deposits (UAH 748.698 million) and domestic government bonds (UAH 373.213 million), which covered 32.79% of the company’s liabilities.
Universalna has an international shareholder base, with the European Bank for Reconstruction and Development holding 30% of the shares and Fairfax Financial Holdings Limited 70%.
Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance and investment management.
