Insurance company “Universalna” (Kiev) in January-June 2023 collected UAH 982.4 million of gross insurance premiums, which is 2.06 times more than in the same period of 2022, according to the website of the rating agency “Standard-Rating”.
It is indicated that the agency confirmed the credit rating / financial strength (reliability) rating of IC “Universalna” at the level of “uaAAA” on the national scale based on the analysis of work for the reporting period.
According to the published data, receipts from individuals increased by 83.83% to UAH 430.9 mln, and from reinsurers – by 72.43% to UAH 838 thousand. Despite the growth of premiums from individuals, following the results of H1 2023 legal entities prevailed in the client portfolio of the company. At the same time, the largest share of premiums received (more than 35%) came from voluntary health insurance (continuous health insurance).
Insurance payments sent to reinsurers in the first half of 2023 compared to the same period of 2022 decreased by 3,86% – to UAH 32,909 mln. Thus, the ratio of reinsurers’ participation in insurance premiums has decreased by 3,86 p.p. – to 3,35%.
Net premiums of the insurer have grown in 2,15 times – up to UAH 949,471 mln, and earned premiums have shown growth by 40,43% – up to UAH 747,399 mln.
The volume of insurance payments made by IC “Universalna” for the first half of 2023 compared to the same period of 2022 has grown by 86,48% – up to UAH 288,5 mln. Taking into account the high growth rates of gross premiums over insurance payments and indemnities, the level of payments decreased by 3,22 p.p. – to 29,36%.
RA notes that following the results of the first half of 2023 the operating profit of the insurer has amounted to UAH 50,661 mln, and net profit – UAH 63,681 mln.
Assets of the company on June 30, 2023 have grown by 9,20% – up to UAH 2,032 billion, shareholders’ equity has shown growth by 11,09% – up to UAH 637,9 million, liabilities have increased by 8,35% – up to UAH 1,395 billion, cash and cash equivalents have grown by 1,34% – up to UAH 239,1 million.
As of the reporting date, the company has formed a portfolio of current financial investments, consisting of bank deposits (UAH 564,829 mln) and government bonds (UAH 227,905 mln). As of the beginning of H2 2023, cash and cash equivalents covered 17.14% of the company’s liabilities, liquid assets – 73.99%, and the indicator of coverage of liabilities by its capital in the company amounted to 45.74%.
IC “Universalna” has an international structure of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70% of shares.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
