Insurance company “Universalna” (Kyiv) in January-March 2022 collected UAH 205.182 million of gross insurance premiums, which is 18.53% less than in the same period a year earlier, according to the website of the Standard-Rating rating agency “.
The report also states that the agency has updated the credit/financial stability (reliability) rating of IC Universalna at uaААА on the national scale based on the analysis of work for the specified reporting period.
According to the published data, income from individuals increased by 19.54% to UAH 111.709 million, and from reinsurers, on the contrary, decreased by 46.45% to UAH 0.226 million.
Given the increase in premiums from individuals, in the first quarter of 2022, individuals dominate the company’s client portfolio. At the same time, according to the results of activities during the first three months of 2022, the largest share of premiums (more than 43%) came from voluntary land transport insurance (CASCO).
Insurance payments sent to reinsurers for the first quarter of 2022 compared to the first quarter of 2021 decreased by 72.97% to UAH 10.773 million. Thus, the coefficient of participation of reinsurers in insurance premiums decreased by 10.58 percentage points. up to 5.25%.
The insurer’s net premiums decreased by 8.29% to UAH 194.409 million, while earned premiums increased by 24.96% to UAH 275.683 million.
In the first quarter of 2022, IC Universalna paid out UAH 76.793 million to its customers, which is 6.67% lower than in the same period in 2021. Considering the high rate of reduction in gross premiums over insurance claims, the level of payments increased by 4.76 percentage points. to 37.43%.
The RA also reports that the financial result from operating activities amounted to UAH 19.335 million, which is almost three times higher than in the first quarter of 2021, and the insurer’s net profit in the period under review increased by 95.71% to UAH 9.449 million.
As of March 31, 2022, the company’s assets decreased by 7.32% to UAH 1.227 billion, equity increased by 2.37% to UAH 408.599 million, liabilities decreased by 11.50% to UAH 818.733 million, cash and equivalents decreased by 18.75% to UAH 76.799 mln.
As of April 1, 2022, IC Universalna formed a portfolio of bank deposits in the amount of UAH 437.741 million, and the insurer invested UAH 118.980 million in government bonds. Cash and cash equivalents covered 9.38% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) covered 77.38% of the insurer’s liabilities, and the Company’s equity coverage of liabilities was 49.91%.
The RA draws attention to the fact that PJSC IC Universalna has an international composition of shareholders, in particular, the European Bank for Reconstruction and Development (owns 30% of shares) and Fairfax Financial Holdings Limited (owns 70% of shares). Fairfax Financial Holdings Limited (Canada) – a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management Fairfax Financial Holdings Limited.
As of the beginning of the second quarter of 2022, the holding’s consolidated assets were $88.587 billion, Fairfax’s consolidated gross business (premiums) for the first quarter of 2022 was $6.663 billion, and profit before tax for the first quarter of 2022 was $249 million.
