In January-September 2024, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 1.804 billion of insurance payments, which is 23.19% more than in the same period last year.
This follows from the message of the rating agency Standard-Rating on the confirmation of the financial strength rating/credit rating of the insurer at the level of “uaAA+” for the specified period.
According to RA’s website, during the period under review, the insurer’s revenues from individuals increased by 24.45% to UAH 1.295 billion, and from reinsurers – by 84.89% to UAH 3.731 million. The share of individuals in the company’s gross premiums amounted to 71.78%, and the share of reinsurers – 0.21%.
Insurance payments sent to reinsurers in the first nine months of 2024 increased by 43.31% to UAH 225.561 million compared to the same period in 2023. Their participation ratio increased by 1.76 p.p. to 12.51%.
At the same time, RA notes that net written premiums increased by 20.77% to UAH 1.578 billion, and net earned premiums increased by 38.06% to UAH 1.473 billion.
The volume of insurance claims and reimbursements made by the company in the first nine months of 2024 increased by 56.78% compared to the same period in 2023 to UAH 687.310 million. Thus, the payout ratio increased by 8.17 percentage points to 38.11%.
According to the results of the first three quarters of 2024, the insurer’s activities were profitable. Thus, the financial result from operating activities amounted to UAH 4.562 million, and net profit amounted to UAH 57.742 million.
As of November 1, 2024, the company’s assets increased by 18.83% to UAH 2.118 billion, equity increased by 11.56% to UAH 500.567 million, liabilities showed an increase of 21.27% to UAH 1.617 billion, cash and cash equivalents decreased by 8.95% to UAH 45.565 million.
RA notes that during the reporting period, the insurer made financial investments in the amount of UAH 1.024 billion, which consisted of government bonds (76.08% of the investment portfolio), as well as deposits in banks with a high credit rating (23.92% of the portfolio). Such liquid assets covered 66.10% of the insurer’s liabilities.
PrJSC “IC ‘Knyazha Vienna Insurance Group’ is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.
