In January-September 2022, PJSC Alfa Insurance Company (Kyiv) collected a third less gross premiums (by 32.97%) than in the same period in 2021 – UAH 719.3 million, the RA reported “Expert Rating” in the information on confirmation of the company’s financial strength rating at the level of “uaAA +” on the national scale based on the results of work for the specified reporting period.
According to the RA press release, the share of insurance premiums owned by reinsurers decreased by 48.04% over nine months, to UAH 7.878 million in the same comparison.
At the same time, the company made insurance payments in the amount of UAH 258.4 million, which is 11.68% less than in January-September a year earlier.
For the period from September 30, 2021 to September 30, 2022, the company’s equity increased by 44.26% to UAH 485.52 million, while its gross liabilities increased by 7.05% to UAH 556.07 million. As a result of the high growth rates of own capital, the level of coverage of the company’s obligations by equity capital increased by 22.52 percentage points, up to 87.31%, which indicates a high level of equity capital provision, the RA notes.
The volume of cash and cash equivalents on the company’s accounts increased by 83.12% and amounted to UAH 736.7 million, while the ratio between cash and gross liabilities of the insurer increased by 55.03 percentage points, to UAH 132.48 million .
The RA also notes that as of September 30, 2022, PJSC IC Alfa Insurance formed a portfolio of investments in government bonds (OVGZ and OZGP) in the amount of UAH 56.36 million, which had a positive effect on the provision of liquid assets.
During the reporting period, the operating profit of the insurer increased by 3.77 times compared to the same period in 2021, to UAH 138.43 million, and its net profit increased by 4.09 times, to UAH 126.47 million.
IC Alfa Insurance was founded in 2000 and is one of the top 10 leaders in the Ukrainian insurance market. Offers a versatile portfolio of services, including comprehensive business protection programs and a wide range of insurance products for individuals.
