Business news from Ukraine

Insurer ARX Life has increased payouts by 32% in first half of year

22 August , 2023  

ALC Insurance Company ARKS Life (ARX Life, Kyiv) has collected insurance premiums in the amount of UAH 152,2 mln in January-June 2023, that is by 11,2% more than in the same period a year earlier, according to the website of RA Standard-Rating. According to RA information on the company’s renewal of credit rating/rating of financial stability (reliability) of the insurer at the level “uaAAA” according to the national scale, the volume of payments and indemnities, performed by the insurer for the first half of 2023, has grown in comparison with the same period of 2022 by 32,05%, to UAH 31,818 mln. Thus, the level of payments of the insurer has increased by 3,32 percentage points (p.p.), up to 20,91%.

At the same time, acquisition costs have grown by 6,51%, up to UAH 77,997 mln.

The company’s net profit for January-June amounted to UAH 33.963 mln, which is 2.44 times more than the profit obtained in the first half of 2022.

Assets as of June 30 increased by 15.77% to UAH 267.289 mln, equity – by 28.38% to UAH 153.655 mln, liabilities – by 2.19% to UAH 113.634 mln, cash and cash equivalents – by 33.25% to UAH 88.221 mln.

RA also notes that as of July 1 of the current year the insurer has made financial investments in the amount of UAH 159,267 mln, which consisted of government bonds (85,09%), OVDP (2,35%) and deposits in banks (12,56%).

ARX Life, like ARX, is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the top 10 companies in the life insurance market in Ukraine.