In January-September 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 46.04 million of insurance payments, which is 7.66% more than in the same period of 2022.
This is reported on the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ for the first nine months of 2023.
The volume of insurance payments and reimbursements made by the company for the first nine months of 2023 amounted to UAH 26.172 million, which is 2.69 times higher than the volume of payments for the same period in 2022. Thus, the insurer’s claims ratio increased by 34.10 p.p. to 56.85%.
The insurer’s acquisition expenses for the three quarters of 2023 decreased by 19.71% to UAH 6.263 million compared to the same period of 2022. According to the results of the reporting period, the company’s operations were profitable. In particular, the insurer’s net profit increased to UAH 11.124 million.
As of October 30, 2023, the company’s assets increased by 5.92% to UAH 785.635 million, equity showed an increase of 13.03% to UAH 128.557 million, liabilities increased by 4.64% to UAH 657.078 million, cash and cash equivalents amounted to UAH 2.625 million (a decrease of 95.01% due to an increase in current financial investments).
Thus, as of the beginning of the fourth quarter of 2023, equity capital covered 19.56% of the insurer’s liabilities, and 0.4% of its liabilities were secured by cash and cash equivalents.
At the same time, RA notes that as of October 1, 2023, the insurer formed a portfolio of financial investments in the amount of UAH 741.204 million, which included bank deposits (UAH 168.9 million) and investments in government bonds (UAH 572.304 million). Thus, as of the beginning of the fourth quarter of 2023, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 113.20% of the insurer’s liabilities.
RA emphasizes that a high level of external support for the company is provided by its shareholder, the international insurance group headquartered in Austria, Vienna Insurance Group Wiener Städtische Versicherung AG, which is represented by 50 companies in 30 countries and is the leader in the insurance market of Central and Eastern Europe.
