PJSC “Ukrainian Agrarian Insurance Company” (UASK, Kyiv) in January-June 2022 collected UAH 7.088 million in gross premiums, which is 71.68% less than the volume for the same period a year earlier, the Standard- Rating”, confirming the company’s financial strength rating at the level of “uaAA” on the national scale.
According to a report on the website of the Republic of Armenia, in particular, receipts from individuals of the company decreased by 46.42%, to UAH 0.232 million. There were no premiums from reinsurers in the period under review. Thus, taking into account the share of individuals in gross premiums at the level of 3.27%, legal entities prevailed in the insurer’s client portfolio.
Insurance payments sent to reinsurers for the first half of 2022 decreased by 81.70% compared to the same period in 2021, to UAH 3.417 million. The coefficient of participation of reinsurers in insurance premiums decreased by 26.38 percentage points to 48.21%.
Net premiums decreased by 42.28% to UAH 3.671 million, while earned premiums decreased by 28.09% to UAH 4.451 million.
In the first six months of 2022, the company paid out UAH 1.472 million to its customers, which is 42.05% less than the amount of payments for the same period in 2021, but the level of insurer payments in the period under review increased to 20.77%.
The company’s operating profit amounted to UAH 2.123 million, and net profit amounted to UAH 2.993 million, while in the first half of 2021 there was a net and operating loss.
As of June 30, 2022, the company’s assets increased by 10.48%, to UAH 66.178 million, equity – by 6.53%, to UAH 48.837 million, liabilities showed an increase of 23.34%, to UAH 17.341 million, cash funds and their equivalents increased by 107.63% to UAH 7.051 million.
As of the reporting date, PJSC “Ukrainian Agrarian Insurance Company” formed a portfolio of current financial investments in the amount of UAH 53.209 million, which consisted of deposits in banks with a credit rating of at least uaAA in the amount of UAH 5.831 million, and investments in Government bonds in the amount of UAH 4 million. The presence of such investments had a positive effect on the provision of the insurer with liquid assets, which in total exceeded its liabilities by 3.48 times, the RA notes.
As reported, IC “Ukrainian Agrarian Insurance Company” (formerly IC “Salamander-Dnepr”) has been operating in the country’s market since 1995. According to the Unified State Register of Legal Entities and Individual Entrepreneurs, 98.26% of the authorized capital of the Dobrobut agricultural firm belongs to Astarta-Kyiv Firm LLC.
