Insurance company Busin (Kyiv) has collected UAH 293.238 mln of gross premiums in 2023, that is by 10.63% less than a year earlier, the rating agency Standard-Rating reported in the information on updating the credit rating/rating of financial stability of the insurer at the level of “uaAA+” on the national scale on the basis of the analysis of its statements for the specified period.
According to the report, receipts from individuals for this period have grown by 7,19% – to UAH 1,446 mln, and from reinsurers, on the contrary, have decreased by 7,39% – to UAH 43,182 mln.
Insurance payments sent to reinsurers for 2023 decreased by 10.62% compared to 2022 – to UAH 193.951 million. Despite such decrease, the ratio of reinsurers’ participation in insurance premiums remained almost unchanged – at the level of 66.14%.
Net premiums for the year decreased by 10.65% – to UAH 99.287 mln, while earned premiums increased by 30.89% – to UAH 114.479 mln.
For 2023, the company paid UAH 1,317 mln of insurance payments and indemnities to its clients, which is 91,70% more than for 2022. Thus, the level of payments has increased by 0,24 p.p. – to 0,45%.
The financial result from operating activity of IC “Busin” for 2023 has grown to UAH 65,143 mln, and net profit has amounted to UAH 55,218 mln.
Assets of the insurer on January 1, 2024 have decreased by 4,04% – to UAH 586,909 mln, shareholders’ equity has increased by 20,88% – to UAH 243,016 mln, liabilities have decreased by 16,25% – to UAH 343,893 mln, cash and cash equivalents have increased by 25,97% – to UAH 265,873 mln.
According to the information provided by RA IC “Busin”, as of January 1, 2024 has complied with the criteria of liquidity, profitability and quality of insurer assets, solvency and capital adequacy norms, riskiness norms of operations and asset quality norms.
IC Busin was registered in February, 1993. It specializes on risky types of insurance. It is a member of a number of professional and branch associations – League of Insurance Organizations of Ukraine, National Club of Insurance Payouts, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
