Insurance Company “Universalna” (Kyiv) collected UAH 335.927 million of gross insurance premiums in January-March 2023, which is 63.7% more than during the same period of 2022, according to the website of rating agency “Standard-Rating”.
This indicates that the agency confirmed the credit rating/rating of financial strength (reliability) of IC “Universalna” at the level “uaAAA” on the national scale, based on the analysis of performance in the specified reporting period.
According to the published data, the revenues from individuals have increased by 72.54% up to UAH 192.742 mln, and from reinsurers – by 23.01%, up to UAH 0.278 mln. Thus physical persons prevail in the client portfolio of the company. At the same time, the largest proportion of premiums (almost 37%) came from voluntary insurance of land transport (except for railway transport).
The premiums sent to reinsurers, in Q1 2023 compared to the same period of 2022 decreased by 4,46% – down to 10,293 million UAH. Therefore, the ratio of reinsurers’ participation in insurance premiums has decreased by 2,19 p.p. – to 3,06%.
Net premiums of the insurer in January-March have increased by 67.50% – up to 325.634 million UAH, and earned premiums have increased by 22.91% – up to 338.852 million UAH.
The volume of insurance payments performed by IC “Universalna” in the first quarter of 2023 compared to the same period of 2022 increased by 37.03% – up to 105,228 million UAH. Given the high growth rate of gross premiums over indemnities and insurance reimbursements, the level of payments has decreased by 6,11 p.p.. – to 31,32%.
Thus, according to the results of the Q1 of 2023 operating profit of the company has amounted to UAH 27,722 mln, that is by 43,38% more than in the Q1 of 2022, and net profit of the insurer has increased in 3,64 times – up to UAH 34,427 mln.
As of April 1, 2023, the assets of the company have decreased by 4,56% down to UAH 1,776 bln, shareholders’ equity has increased by 6% down to UAH 608,643 mln, liabilities have decreased by 9,27% down to UAH 1,168 bln, cash and cash equivalents have reduced by 26,20% down to UAH 174,103 mln.
At that, RA notes that as of the reporting date the company formed a portfolio of current financial investments, which consisted of bank deposits (UAH 603,883 mln) and government bonds (UAH 159,636 mln). Cash and cash equivalents covered 14.91% of liabilities of PJSC IC “Universalna”, liquid assets (cash, bank deposits and OVGZ) covered 80.29% of liabilities of the insurer, and the ratio of shareholders’ equity to liabilities amounted to 52.12%.
IC “Universalna” has an international composition of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70%.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
