In January-September 2024, Universalna Insurance Company (Kyiv) collected UAH 1.893 billion in gross insurance premiums, which is 29.4% more than in the same period in 2023, net premiums showed an increase of 28.6% to UAH 1.805 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 an analysis of its performance for the specified period.
According to the published data, revenues from individuals increased by 25.26% to UAH 836.892 million, and from reinsurers – by 6.16 times (by UAH 6.912 million) to UAH 8.251 million. At the same time, despite a significant increase in premiums from individuals in the first nine months of 2024, legal entities prevailed in the company’s client portfolio.
Insurance payments sent to reinsurers in the reporting period increased by 48.35% to UAH 90.569 million. The ratio of reinsurers’ participation in insurance premiums increased by 0.62 percentage points to 4.79%.
The volume of insurance claims paid by Universalna for 9 months of 2024 increased by 29.89% to UAH 614.721 million compared to the same period in 2023. The claims ratio increased by 0.12 percentage points to 32.48%.
In the first three quarters of 2024, compared to the same period in 2023, the insurer’s operating profit increased 2.4 times to UAH 185.572 million, and net profit increased by 67.81% to UAH 184.175 million.
As of November 1, 2024, its assets increased by 22.76% to UAH 1.806 billion, equity – by 24.88% to UAH 924.555 million, liabilities – by 20.61% to UAH 881.576 million, cash and cash equivalents – by 2.65 times to UAH 457.796 million.
RA also notes that as of the reporting date, the insurer’s equity exceeded its liabilities by 4.88%. The portfolio of current financial investments in liquid instruments amounted to UAH 1.155 billion and consisted of bank deposits (UAH 810.461 million) and government bonds (UAH 344.836 million), which was 1.83 times higher than the insurer’s liabilities.
Universalna has an international shareholder base, in particular, the European Bank for Reconstruction and Development owns 30% of the shares and Fairfax Financial Holdings Limited – 70% of the shares.
Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance and investment management.
