Insurance company “KD Life” (Kyiv) plans to increase its authorized capital by UAH 7.267 million, up to UAH 60.569 million (+13.6%), without exercising the preemptive right of shareholders.
According to the information system of the National Securities and Stock Market Commission (NSSMC), it is planned to issue 4,910 thousand shares with a par value of UAH 1,480 thousand, with a selling price of UAH 1.5 thousand.
It is noted that the proceeds from the additional issue will be used to replenish insurance reserves to ensure compliance with the capital adequacy ratio and the company’s solvency. Financial resources will be placed in government bonds and bank deposits – 70% and 30%, respectively.
The report also notes that at the time of the decision, the company’s main shareholder is Volodymyr Polishchuk, who owns 95.99% of the insurer’s shares.
The shares will be sold from August 15 to September 10, 2024.
As reported, KD Life was founded in 2007.
Last year, the company collected UAH 57.6 million in insurance premiums, which is 7.3% more than in 2022. To ensure solvency under the concluded voluntary life insurance contracts, as of December 31, 2023, the company formed insurance reserves in the amount of UAH 428.0 million, which is 21.8% more than a year earlier.
The company’s assets increased by 21.3% to UAH 511.6 million, exceeding insurance reserves by 19.5%, or UAH 83.6 million. The actual solvency margin, calculated according to national standards, exceeds the regulatory solvency margin by 315%.
Investment income received from the placement of life insurance reserves amounted to UAH 34.5 million, which is 6.8% more than a year ago at the same date.
In 2023, the company paid UAH 9.7 million in claims for 244 insured events, which is 37.7% more than in 2022.
