PJSC “Insurance company “ARKS” (ARX, Kyiv) in 2021 collected insurance premiums in the amount of UAH 3.405 billion, which is 27.06% more than a year earlier, according to the website of RA “Standard-Rating” about updating the company’s credit rating / rating of financial stability (reliability) of the insurer at the level of “uaAAA” on the national scale based on the results of work for the past year.
It is noted that receipts from individuals increased by 31.57% – up to UAH 2.108 billion, from reinsurers – by 57.56%, up to UAH 2.272 million. Thus, the share of individuals in the gross premiums of the insurer increased by 2.12 p.p. – up to 61.91%, and the share of reinsurers – up to 0.07%.
Insurance payments sent to reinsurers for 2021 compared to 2020 increased by 9.99% to UAH 163.795 million. Taking into account the high growth rate of gross premiums over payments sent to reinsurers, the coefficient of participation of reinsurers in insurance premiums decreased by 0.75 percentage points. – up to 4.81%.
According to the report, the insurer’s net premiums increased by 28.07% to UAH 3.242 billion, while earned insurance premiums increased by 23.01% to UAH 2.886 billion.
In 2021, the company paid out UAH 1.341 billion to customers, which is 30.53% higher than the volume of insurance payments and indemnities for 2020. Thus, the level of payments increased from 38.35% to 39.39%, or by 1.04 percentage points.
At the end of 2021, the insurer’s profit from operating activities amounted to UAH 202.657 million, net profit – UAH 197.436 million.
As of December 31, 2021, the company’s assets increased by 20.95% – up to UAH 3.698 billion, equity – by 20.62%, up to UAH 1.155 billion, liabilities – by 21.10%, up to UAH 2.544 billion, cash and cash equivalents decreased by 30.13% – up to UAH 328.445 mln.
It is noted that as of the beginning of 2022, the insurer made financial investments in the amount of UAH 1.8 billion, consisting of government bonds (81.81% of the investment portfolio) and deposits in banks with an investment grade credit rating (18.19% of the portfolio) This is positive affected its provision with liquid assets, which covered 83.68% of the company’s liabilities.
IC “ARKS” has a high level of external support from the main shareholder headquartered in. Toronto, Canada – Fairfax Financial Holdings Limited – a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management
As of the beginning of 2022, the holding’s consolidated assets amounted to $86.645 billion. Fairfax’s consolidated gross business (premiums) for 2021 amounted to $23.910 billion, profit before tax for the year increased to $4.393 billion.
