Universalna Insurance Company (Kyiv) collected UAH 945.9 million in gross insurance premiums in January-September 2022, which is 6.7% more than in the same period last year, according to the website of the rating agency “Standard Rating”.
At the same time, it is indicated that the agency confirmed the credit rating / financial stability (reliability) rating of IC “Universalna” at the level of “uaAAA” on the national scale based on the analysis of work for the specified reporting period.
According to the published data, income from individuals increased by 19.97% to UAH 415.740 million over six months, and from reinsurers, on the contrary, decreased by 51.83% to UAH 0.946 million. Despite the increase in premiums from individuals, according to the results of the first nine months of 2022, legal entities dominate the company’s client portfolio. At the same time, according to the results of activities during the first three quarters of 2022, the largest share of premiums (more than 36%) came from voluntary land transport insurance (CASCO).
Insurance payments sent to reinsurers for the nine months of 2022 compared to the same period in 2021 decreased by 6.67% to UAH 148.722 million. Thus, the coefficient of participation of reinsurers in insurance premiums decreased by 2.25 percentage points. up to 15.72%.
In the analyzed period, the insurer’s net premiums increased by 9.63% to UAH 797.206 million, while earned premiums showed an increase of 13.90% to UAH 817.514 million.
The volume of insurance payments made by IC Universalna for the first three quarters of 2022 decreased by 11.26% to UAH 240.593 million compared to the same period in 2021. Thus, the level of payments decreased by 5.15 p.p. up to 25.43%.
In the first nine months of 2022, the financial result from operating activities amounted to UAH 178.169 million, which is 5.14 times higher than in the nine months of 2021, while the insurer’s net profit increased 5.2 times to UAH 147.472 million.
As of October 1, 2022, the company’s assets increased by 27.83% to UAH 1.693 billion, equity increased by 36.95% to UAH 546.622 million, liabilities increased by 23.90% to UAH 1.146 million, cash and cash equivalents increased by 2.79 times to UAH 263.789 mln.
The RA also notes that as of the reporting date, the company formed a portfolio of bank deposits in the amount of UAH 429.048 million, and the insurer invested UAH 141.485 million in government bonds. As of the beginning of the fourth quarter of 2022, cash and cash equivalents covered 23.01% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) covered 72.79% of the insurer’s liabilities, and the company’s capital coverage ratio of liabilities was 47 .69%.
IC “Universalnaya” has an international composition of shareholders, in particular, the European Bank for Reconstruction and Development (owns 30% of shares) and Fairfax Financial Holdings Limited (owns 70% of shares). Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management. As of the beginning of the third quarter of 2022, the holding’s consolidated assets amounted to $88.460 billion, and Fairfax’s consolidated gross business (premiums) for the first six months of 2022 amounted to $13.971 billion.
