Insurance company “Quorum” (Kyiv) in January-June 2024 collected insurance premiums in the amount of UAH 30 million, which is 29.97% more than in the same period of 2023, the rating agency (RA) “Standard-Rating” reported in information on updating the credit rating / financial strength rating of the company on the national scale at the level of “uaAA”.
At the same time, it was clarified that the rating was updated based on the analysis of the company’s performance for the specified reporting period.
During this period, revenues from individuals increased by 26.38% to UAH 18.320 million, while there were no revenues from reinsurers. The share of individuals in gross premiums amounted to 61%.
Insurance payments sent to reinsurers in the first half of 2024 amounted to UAH 9,710 million, which is 29.24% higher than in the first half of 2023. The ratio of reinsurers’ participation in insurance premiums decreased by 0.19 pp to 32.33%.
The insurer’s net written premiums increased by 30.33% to UAH 20.322 million, and net earned premiums increased by 30.72% to UAH 20.165 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2024 compared to the same period in 2023 increased by 24.38% to UAH 3,449 million, while the level of payments decreased by 0.52 percentage points to 11.48%.
RA notes that the company’s activities in the analyzed period were profitable. In particular, the profit from operating activities amounted to UAH 6.946 million, and net profit – UAH 6.644 million.
As of July 1, 2024, the company’s assets increased by 0.25% to UAH 64.127 million, equity – by 6.68% to UAH 59.776 million, liabilities showed a decrease of 45.18% to UAH 4.351 million, cash and cash equivalents increased by 2.95% to UAH 45.718 million.
Quorum Insurance Company was established in March 2014 and specializes in risk insurance.
