Business news from Ukraine

IC “PZU Ukraine” will increase its authorized capital by 2.5 times

5 December , 2023  

On December 1, 2023, the meeting of shareholders of PZU Ukraine Insurance Company (Kyiv) decided to increase the authorized capital to UAH 48.510 million from UAH 19.407 million by conducting an additional issue of shares in the amount of UAH 29.111 million, according to the NSSMC system.

It is specified that the closed issue will be carried out by increasing the nominal value of shares from UAH 10 to UAH 25 per share by allocating part of the funds from the profit for 2022 to the authorized capital.

As reported, PZU Ukraine finished 2022 with a financial result from operating activities of UAH 82.789 million and net profit of UAH 118.119 million, which is 12.4 times more than a year earlier.

In 2022, the company collected UAH 1.280 billion in gross written premiums, which is 27.03% less than in 2021, UAH 1.172 billion in net premiums (+6.76%) and UAH 1.110 billion in earned premiums (+13.38%).

The volume of payments and reimbursements made by the insurer for the specified reporting period amounted to UAH 575.537 million, which is 16.24% lower than the volume of reimbursements a year earlier.

As of December 31, 2022, the company’s assets decreased by 14.93% to UAH 2.425 billion, equity increased by 3.43% to UAH 853.817 million, liabilities decreased by 22.41% to UAH 1.571 billion, cash and cash equivalents increased 3.34 times to UAH 364.458 million.

PZU Ukraine is supported by one of the largest insurance groups in Central and Eastern Europe – PZU Group (which includes the parent company of PZU Ukraine – PZU S.A.).