In January-June 2023, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 879.7 million of insurance payments, which is 69.8% more than in the same period a year earlier, according to the website of the rating agency “Standard Rating” in the information on the confirmation of the financial strength rating / credit rating of the insurer at the level of “uaAA+” for the specified period.
According to the RA website, during this period, the insurer’s revenues from individuals increased by 63.57% to UAH 616.2 million, and from reinsurers – by 205.44% to UAH 1,347 million. In the first half of 2023, the share of individuals in the company’s gross written premiums amounted to 70.04%, and the share of reinsurers – 0.15%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 71.15% to UAH 298.9 million compared to the same period in 2022. Thus, the ratio of participation of reinsurance companies in insurance premiums increased by 0.26 p.p. to 33.98%.
The company’s net written premiums increased by 69.19% to UAH 580.8 million, and earned premiums increased by 33.04% to UAH 504.3 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2023 compared to the same period in 2022 increased by 53.53% to UAH 272.72 million. The payout ratio decreased by 3.30 p.p. to 31.00%.
In the first six months of 2023, the company received a net profit of UAH 17.324 million. Its assets increased by 19.11% to UAH 2.310 billion, equity increased by 4.83% to UAH 417.27 million, liabilities increased by 22.80% to UAH 1.892 billion, cash and cash equivalents decreased by 68.10% to UAH 51.532 million.
At the same time, the RA notes that as of July 1, 2023, the insurer made financial investments in the amount of UAH 914.8 million, which consisted of government bonds (UAH 663.7 million), as well as deposits in banks with a high credit rating (UAH 251.1 million).
PrJSC “IC “Knyazha Vienna Insurance Group” is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.
