ALC Insurance Company ARX Life (ARX Life, Kyiv) has collected UAH 266.3 mln of insurance premiums in 2022, which is 17.02% less than a year earlier, according to Standard-Rating RA website updated credit rating/rating of financial stability (reliability) of the insurer at the level uaAAA on the national scale. Credit-Rating notes that decrease of gross business of the company has been caused by Russian aggression, introduction of martial law, fall of business activity level in the country and is the general tendency in the insurance market of Ukraine.
The volume of payouts and indemnities, performed by the insurer in 2022, has grown by 2,57% in comparison with 2021 – up to UAH 50,294 mln. Therefore, the level of payments of the insurer has grown by 3,61 p.p. – up to 18,89%.
Acquisition expenses of the insurer have decreased by 19,42% down to UAH 151,264 mln in 2022.
According to the results of work for the year “IC “ARKS Life” has received a net profit of UAH 21,594 mln that is by 2,24% more than in the same period of 2021.
As of January 1, 2023 assets of the company have increased by 17.61% up to UAH 232,882 mln, shareholders’ equity – by 22.01% up to UAH 119,692 mln, liabilities – by 13.30% up to UAH 113,19 mln, cash and cash equivalents – in 2.58 times, up to UAH 66,205 mln.
Thus, as of the beginning of 2023, the company had a high level of capitalization (105,74%) and high level of liabilities coverage by monetary assets and their equivalents (58,49%).
At the same time, RA notes that as of January 1, 2023, the insurer carried out financial investments in the amount of UAH 144,893 mln consisting of government bonds (96,55%) and deposits in banks (3,45%).
ARX Life, like ARX, is a part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the top 10 companies in the life insurance market in Ukraine.
