December 23, 2022 Expert-Rating RA rating committee decided to suspend the financial stability (reliability) rating of insurer PJSC Insurance Company “Alfa Insurance” (Kiev), according to the website of RA.
It also noted that the rating may be restored if the license of the company will be renewed.
As reported, the National Bank of Ukraine on December 5, 2022 has applied to PJSC IC “Alfa Insurance” a measure of influence in the form of temporary suspension of license to provide financial services.
The NBU also noted that these measures were applied in connection with the company’s non-compliance with the requirements of the Regulations on licensing and registration of financial service providers and their conditions of operation in the provision of financial services …, namely requirements for business reputation of financial service providers. The company must eliminate the violations by December 5, 2023.
Later, the Motor (Transport) Insurance Bureau of Ukraine reported on its website that due to the temporary suspension of a license of IC “Alfa Insurance” on compulsory insurance of civil liability of owners of vehicles (MTPL), it lost the right to enter into new contracts.
Earlier, it was reported that the last update of the financial stability rating (credit rating) of IC “Alfa Insurance” by RA “Standard-Rating” was performed on November, 2 2022 at the level uaAA+, according to the results of the 9 months of this year.
In the first three quarters of 2022 the company has collected UAH 719,327 mln of gross premiums that is by 32,97% less than in the same period of 2021. Net premiums have decreased by 32,75% down to UAH 711,449 mln, and earned premiums – by 16,23% down to UAH 849,317 mln.
The volume of indemnities paid out by IC “Alfa Insurance”, has decreased by 11,68% down to UAH 258,439 mln in the first nine months of 2022 comparing to the same period of 2021. Given the large rates of gross premiums decrease in comparison with insurance reimbursements, the level of payments has grown by 8,66 p.p. up to 35,93%.
The financial result from operating activities has grown in 3,77 times compared to the three quarters of 2021, and the net profit has increased in 4,09 times up to UAH 126,472 mln.
As reported, IC “Alfa Insurance” was founded in 2000. It offers a universal portfolio of services, including comprehensive programs to protect the interests of business and a wide range of insurance products for individuals.
