IC “Brokbusiness” (Kyiv) collected UAH 258.9 mln of gross premiums in 2022, which is 1.76% less than during the same period a year earlier, Expert-Rating said in its information about confirmation of insurer financial strength rating at the level uaAA+ on national scale.
According to the agency, the part of insurance premiums, which belongs to reinsurers, for the mentioned mentioned period decreased by 37,47%, and their share in the structure of gross premiums of the company decreased by 1,98 p.p. and made 3,46%.
The company carried out 63,967 mln UAH of insurance payments and indemnities in 2022, which is 29,42% less than in 2021, while the level of payments has reduced by 9,69 p.p. and has amounted to 24,71% following the results of 2022.
In 2022 the shareholders’ equity of the company has grown by 74.32% up to UAH 164,53 million, and its gross liabilities have reduced by 1,69% down to UAH 155,54 million. The Agency notes that an essential growth of the insurer’s shareholders’ equity in the analyzed period has occurred due to the increase in retained profit (by UAH 64,1 mln) in its structure, which has become possible due to the profitable activity of the company in 2022. In this regard, there was an increase in the level of shareholders’ equity coverage of the insurer’s liabilities on 46,12 p.p. – to 105,78 %. Consequently, at the beginning of 2023 shareholders’ equity exceeded the volume of the company’s liabilities by 5,78%.
The volume of cash and cash equivalents as of December, 31st, 2022 has grown in 1,55 times and has amounted to UAH 167,73 mln that has resulted in the increase of the level of liabilities coverage by cash means: by 39,33 p.p. up to – up to 107,84 %.
In the analyzed period the activity of PrJSC IC “Brokbusiness” has been characterized by a high efficiency. In particular, according to the results of 2022 the operating profit of the insurer has grown up to UAH 70,37 mln, and its net profit has increased up to UAH 66,98 mln, while following the results of 2021 the company has received net and operating losses.
IC Brokbusiness works in the Ukrainian insurance market for more than 25 years and is presented in all regions of Ukraine. The insurer has 39 licenses for voluntary and obligatory types of insurance.
