In 2023, Universalna Insurance Company (Kyiv) collected UAH 1.891 billion in net insurance premiums, which is 56.3% more than in 2022, according to the website of the Standard Rating agency.
The agency has affirmed the credit rating/financial strength (reliability) rating of Universalna Insurance Company at uaAAA on the national scale based on the analysis of its performance for the specified reporting period.
According to the published data, in 2023, the company collected UAH 2.005 billion of gross premiums, which is 42.87% higher than the amount of premiums received in the same period in 2022.
In the reporting period, revenues from individuals increased by 42.59% to UAH 905.272 million, and from reinsurers – by 2.19 times to UAH 2.267 million. Despite the increase in premiums from individuals, legal entities prevailed in the company’s client portfolio in 2023. At the same time, according to the results of activities during 2023, the largest shares of premiums came from land transport insurance (except for railway) – 32.22%, as well as health insurance (continuous health insurance) – 28.53%.
Insurance payments sent to reinsurers in 2023 decreased by 41.01% compared to the same period in 2022 – to UAH 114.046 million. The ratio of reinsurers’ participation in insurance premiums decreased by 8.09 p.p. to 5.69%.
The volume of insurance claims paid by Universalna in 2023 more than doubled compared to 2022, to UAH 700.220 million. Thus, the level of payments increased by 10.16 percentage points to 34.92%.
The agency also notes that in the reporting period, the company’s net profit decreased by 25.04% to UAH 142.040 million, operating profit by 44.1% to UAH 104.9 million.
As of January 1, 2024, the insurer’s assets increased by 19.68% to UAH 1.471 billion, equity showed an increase of 23.16% to UAH 755.312 million, liabilities – by 16.22% to UAH 716.005 million, cash and cash equivalents decreased by 26.84% to UAH 172.546 million.
RA notes that as of the reporting date, Universalna Insurance Company has formed a portfolio of current financial investments in the amount of UAH 987.923 million, consisting of bank deposits (UAH 640.063 million) and government bonds (UAH 347.860 million). As a result, cash and cash equivalents covered 24.10% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) exceeded the insurer’s liabilities by 1.62 times, and the company’s liability/equity ratio was 105.49%.
Universalna has an international shareholder base, with the European Bank for Reconstruction and Development holding a 30% stake and Fairfax Financial Holdings Limited holding a 70% stake.
Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance and investment management.
Ukrtelecom, Ukraine’s largest fixed-line operator, reported revenue of UAH 5 billion in 2023, down 10% year-on-year, according to its unaudited financial statements.
According to the company’s press release on Monday, its EBITDA last year amounted to more than UAH 1 billion, while its EBITDA margin decreased by 1.3 percentage points (p.p.) to 21.1%.
The report notes that the company’s losses from the consequences of Russian aggression amounted to UAH 2.8 billion and were mainly due to the economic impairment of operating assets and the loss of assets in the temporarily occupied territories in the amount of over UAH 700 million. In particular, the hostilities damaged about 260 of the company’s buildings and destroyed about 50 of them.
Ukrtelecom’s capital investments in 2023 amounted to more than UAH 500 million, while despite the war, the company continued to implement projects to build an optical network and invest in the security of its own infrastructure against cyberattacks, the company said in a statement.
During the reporting period, almost 5.3 thousand kilometers of fiber-optic cable were laid, and by the end of 2023, the company provided more than 2 million households in all regions of the country with the opportunity to use modern optical network services. In general, the company’s optical Internet user base grew by 15% compared to 2022, which ensured an 18% increase in revenues in this segment, the report says.
In 2023, Ukrtelecom invested UAH 20 million to restore 430 km of optical lines and 16 km of copper lines, and restored the functioning of 10 regional communication hubs. Ukrtelecom’s optical infrastructure connected more than 150 medical and 185 educational institutions. In total, more than 1.25 thousand medical and almost 1.7 thousand educational institutions have access to high-speed optical Internet. As of February 24, 2022, 90% of the company’s national coverage was provided with Internet access.
Income from commercial rental of real estate freed up by the network modernization amounted to over UAH 500 million, which is 35% more than in 2022.
It is also noted that in 2023 Ukrtelecom paid more than UAH 1.35 billion in taxes and fees to the budgets of all levels, donating about UAH 210 million in charity to the needs of the defenders. As part of the Rinat Akhmetov’s Steel Front initiative, the company has donated dozens of UAVs, including Valkyrie and Leleka unmanned aerial systems, hundreds of drones, thousands of special command and control equipment, medical supplies and hundreds of vehicles.
Almost 400 Ukrtelecom employees are serving in the Ukrainian Armed Forces, the press release says.
“Ukrtelecom is the largest fixed-line operator in Ukraine. A large part of its customers are government agencies, educational, administrative and medical institutions, and emergency services. The company is a provider of high-speed fixed-line Internet with the widest coverage. Ukrtelecom’s Internet access is available in almost 4,000 settlements across the country and is available in 90% of them. Ukrtelecom is also the sole shareholder and founder of TriMob LLC, a provider of UMTS/WCDMA mobile services.
In 2013, the company joined SCM’s business.
Ukrtelecom’s revenue in the first nine months of 2023 amounted to UAH 3.14 billion, down 6.1% year-on-year. Net profit amounted to UAH 242.39 million compared to a loss of UAH 755.18 million in 9M2022.
Tesla founder and CEO Elon Musk has lost the top spot on the list of the world’s richest people due to a decline in his company’s shares, MarketWatch reports.
The leader in the ranking for the first time since the end of 2021 is the founder and former head of online retailer Amazon.com Inc. Jeff Bezos, whose fortune is estimated at $200 billion. Musk ranks second with $198 billion. Frenchman Bernard Arnault, the head of LVMH, is in third place with a fortune of $197 billion.
In 2024, Musk’s fortune decreased by $31 billion, while Bezos gained $23.4 billion, despite selling about 50 million Amazon shares worth about $8 billion. He still owns about 9% of the company’s securities.
Tesla’s shares fell 7.2% on Monday, and since the beginning of the year, the electric car maker’s capitalization has fallen by about a quarter. Amazon’s stock price fell by 0.4% the day before, and since the beginning of this year, the company’s market value has increased by 17%.
The average monthly salary of full-time employees in the fourth quarter of 2023 increased by 7.2% compared to the third quarter of 2023 and amounted to UAH 19,231, the State Statistics Service (Ukrstat) reported.
According to the statistics agency, the growth was 16.7% compared to the fourth quarter of 2022.
According to the State Statistics Service, over the year, the average monthly salary increased the most in construction – by 45.3% to UAH 14,925, in temporary accommodation and catering – by 39.4% to UAH 13,539, in real estate operations – by 36.7% to UAH 16,997, and in transport, postal and courier services – by 36.4% to UAH 20,212,
In industry, the growth was 25.7% to UAH 20,262, in financial and insurance activities – 24% to UAH 37,477, in information and telecommunications – 23.3% to UAH 41,326, and in other services – 20.9% to UAH 20,581.
According to the State Statistics Service, wages in wholesale and retail trade increased by 18.8% to UAH 21,797, in administrative services by 18.4% to UAH 15,567, in professional, scientific and technical activities by 13.8%, to UAH 25,860, in agriculture – by 12.3% to UAH 15,569, in public administration and defense – by 12.2% to UAH 28,516, in healthcare – by 5.2% to UAH 15,651, in art, sports and entertainment – by 3.6% to UAH 14,431, in education – by 0.5% to UAH 13,500.
The data exclude the temporarily occupied territories of the Russian Federation and parts of the territories where military operations are (were) conducted.
Changes in revenue of the consolidated budget in 2021-2023 (%)
Source: Open4Business.com.ua and experts.news
Ukraine has managed to increase its exports through Danube ports sixfold since the beginning of the war, to 33 million tons, but intends to increase them by another 2-7 million, Prime Minister Denys Shmyhal said.
“Our goal is to expand the export capacity of the Danube cluster from 33 million tons in 2023 to 35-40 million tons in 2024,” the prime minister said at a press conference on Monday.
According to him, the possibility of launching container transportation on the Danube is also being considered, which will also increase export opportunities and create an alternative to land routes.
Shmyhal recalled that during the two years of war, more than 20 new transshipment points were opened in the Danube cluster, which ensured a 6-fold increase in cargo turnover compared to 2021.
