Last year, BUSIN Insurance Company (Kyiv) collected UAH 397.48 million in gross premiums, which is 35.55% more than in the same period of 2023, the Expert Rating agency reported in information on updating the insurer’s financial strength rating at the level of “uaAA” on the national scale based on the results of the specified period.
At the same time, revenues from reinsurers in 2024 increased by 55.2% to UAH 301.020 million, and the ratio between premiums due to reinsurers and gross premiums increased by 9.59 percentage points (p.p.) to 75.73%.
During this period, the company paid UAH 32.304 million in insurance claims and indemnities to its clients, compared to UAH 1.317 million in 2023.
RA also reports that last year the equity of BUSIN decreased by 19.94% to UAH 157.91 million, while its gross liabilities increased by 14.26% to UAH 133.48 million. The multidirectional movement of indicators led to a decrease in the ratio between equity and liabilities by 50.55 percentage points to 118.3%.
As of January 1, 2025, the amount of cash and cash equivalents on the company’s accounts remained virtually unchanged and amounted to UAH 253.78 million, and the level of cash coverage of liabilities decreased by 27.88 pp, to 190.13%.
According to the results of 2024, Busin’s activities were unprofitable, while in 2023 the insurer received net and operating profits. In particular, the loss from operating activities of the insurer for 2024 amounted to UAH 37.56 million, and its net loss amounted to UAH 27.29 million.
BUSIN Insurance Company was registered in February 1993. It specializes in risky types of insurance. It is a member of a number of professional and industry associations: League of Insurance Organizations of Ukraine, Insurance Claims Club, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
