In January-June 2024, VUSO Insurance Company (Kyiv) collected UAH 1.395 billion in gross premiums, which is 17.38% more than in the same period in 2023, RA Standard Rating reported in information on the confirmation of the company’s financial strength rating at uaAA on the national scale. According to the rating agency’s website, the insurer’s revenues from individuals increased by 7.06% to UAH 884.291 million, and from reinsurers – by 43.05% to UAH 18.401 million. Thus, the share of individuals in the insurer’s gross written premiums in the first half of 2024 amounted to 63.39%, and the share of reinsurers amounted to 1.32%.
Insurance payments sent to reinsurers for the specified reporting period compared to January-June last year increased by 84.14% to UAH 171.987 million, the reinsurer participation ratio increased by 4.47 percentage points (p.p.) to 12.33%.
The company’s net written premiums for the first half of the year increased by 11.68% to UAH 1.223 billion, and earned premiums – by 21.31% to UAH 1.251 billion.
In January-June 2024, VUSO paid UAH 722.269 million to its clients, which is 64.64% higher than the volume of insurance payments and reimbursements for the same period in 2023. The claims ratio increased by 14.87 p.p. to 51.78%.
At the same time, the company’s financial results have improved significantly: profit from operating activities in the first half of 2024 amounted to UAH 101.017 million, and net profit increased 21.97 times to UAH 34.709 million compared to the same period a year earlier.
As of July 1, 2024, the insurer’s assets decreased by 0.59% to UAH 1.515 billion, while equity showed an increase of 5.62% to UAH 651.966 million. At the same time, the company’s liabilities decreased by 4.81% to UAH 863.513 million, while cash and cash equivalents increased by 0.04% to UAH 557.732 million.
RA notes that as of the reporting date, the company formed a portfolio of investments in domestic government bonds in the amount of UAH 231.140 million, which in total covered 91.36% of the company’s liabilities. The balance of funds in the centralized insurance reserve funds (MTIBU) of the insurer amounted to UAH 311.823 million.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. VUSO is a member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) and the Ukrainian Insurance Federation (UIF), as well as a participant in the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
