PZU Ukraine Insurance Company (Kyiv) collected UAH 300.729 million in gross premiums in January-March 2022, which is 12.71% less than in the same period of 2021, Standard-Rating RA reports. , updating the company’s credit/financial stability (reliability) rating on the national scale at the level of “uaААА” based on the results of the specified period.
According to him, income from individuals of the insurer remained almost at the same level (increased by only UAH 12 thousand to UAH 208.440 million), and from reinsurers decreased by 26.55%, to UAH 6.405 million. Thus, the share of individuals in the gross premiums of the insurer increased by 8.81 percentage points to 69.31%, while the share of reinsurers decreased to 2.13%.
Insurance payments sent to reinsurers for the first quarter of 2022 compared to the same period in 2021 decreased by 50.26%, to UAH 71.651 million. Thus, the coefficient of participation of reinsurance companies in insurance premiums decreased by 17.98 percentage points, to 23.83%.
The insurer’s net premiums increased by 14.28% to UAH 229.078 million, while earned insurance premiums increased by 34.89% to UAH 272.931 million.
During the reporting period, the company paid out UAH 183.737 million to its customers, which is 32.95% higher than the volume of insurance payments and indemnities made in the same period a year earlier. Thus, the level of payments increased from 40.12% to 61.1%, or by 20.98 percentage points.
According to the results of January-March of this year, IC “PZU Ukraine” received a net profit of UAH 25.352 million, which is 3.42 times higher than in the first quarter of last year.
As of March 31, 2022, the company’s assets decreased by 6.32%, to UAH 2.670 billion, equity increased by 0.49%, to UAH 829.536 million, liabilities decreased by 9.10%, to UAH 1.841 billion, cash and their equivalents increased by 154.96% to UAH 278.220 million.
Thus, as of the beginning of the second quarter of 2022, the company had a sufficient level of capitalization (45.06%), and 15.11% of its liabilities were covered by cash. At the same time, as of the reporting date, the company made financial investments in the amount of UAH 383.148 million, consisting of government bonds (73.01% of the investment portfolio) and deposits in banks with an investment grade credit rating (26.99% of the portfolio), which had a positive effect on its provision with liquid assets, the agency notes.
According to the report, IC PZU Ukraine has the support of one of the largest insurance groups in Central and Eastern Europe – PZU Group (which includes the parent company PZU PZU Ukraine – PZU S.A.).