Insurance company “Busin” (Kyiv) in 2022 collected 328.124 million UAH of gross premiums, which is 48.13% less than a year earlier, according to rating agency “Standard-Rating” in information about updated credit rating/ financial stability rating of the insurer at the level “uaAA+” on national scale based on analysis of its statements for this period.
It is noted that the receipts from individuals for this period have decreased by 49,53% to UAH 1,349 mln, and from reinsurers, on the contrary, have increased in 4,34 times to UAH 46,629 mln.
Insurance payments, sent to the reinsurers, in 2022 compared to 2021 decreased by 60,69% – down to 217,001 million UAH. As a result, the participation rate of reinsurers in insurance premiums decreased to 66,13%.
Net premiums have grown by 37,84% – up to 111,123 million UAH, and earned premiums – by 3,29%, up to 87,465 million UAH.
In four quarters of 2022 the company has paid out UAH 0,687 mln of indemnities to its customers, which is by 98,44% less than in 2021. Thus, the indemnities rate has decreased on 6,73 p.p. – up to 0,21%.
The financial result from operating activities of IC “Busin” has increased by 13,80% in 2022 in comparison with 2021 up to UAH 44,676 mln, and net profit – almost in 5,5 times, up to UAH 62,413 mln.
Assets of the insurer have decreased by 5,26% down to UAH 611,636 mln on December 31, 2022, shareholders’ equity has increased by 33,39% – up to UAH 201,031 mln, liabilities have decreased by 17,03% – down to UAH 410,605 mln, cash and cash equivalents have increased by 21,05% – up to UAH 211,065 mln.
IC Busin was incorporated in February, 1993. It specializes on risk kinds of insurance. It is a member of several professional and industry associations – League of Insurance Organizations of Ukraine, National Insurance Indemnity Club, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
