PZU SA Group has signed a preliminary agreement to acquire 100% of the shares in MetLife Ukraine—the leader of the Ukrainian life insurance market—according to a statement from PZU Ukraine Insurance Company.
It is emphasized that the deal strengthens the PZU Group’s position in Central and Eastern Europe, expands its operations in the life insurance segment, and aligns with its strategy to become a regional leader.
“The acquisition of MetLife Ukraine is an important step in the implementation of our long-term strategy to build a strong international insurance and financial group in Central and Eastern Europe. We are investing in a market leader with an experienced team and a sustainable business model, which strengthens our presence in Ukraine and significantly expands the scale of our operations in the life insurance segment. This decision combines strategic ambitions with solid business fundamentals,” noted PZU CEO Bohdan Benchak.
Furthermore, this aligns with the Group’s strategy of expansion in Central and Eastern Europe, particularly in markets where it already has an established presence. The Ukrainian life insurance market remains relatively underdeveloped compared to other countries in the region, creating significant opportunities for further growth.
From a financial perspective, this transaction is also attractive for the PZU Group. MetLife Ukraine has a strong capital position, high profitability (approximately 20% ROE), and liquidity, which creates potential for dividend payments.
“For PZU Ukraine, the acquisition means a significant increase in scale, access to a sales network that complements PZU Ukraine’s existing network, expanded product capabilities, and an experienced team with a broad customer base,” the statement reads.
According to the information, the PZU Group has responsibly and proactively assessed the risks associated with investing in a country currently in a state of armed conflict. The investment is insured by KUKE (PFR Group), which provides protection against the negative consequences of a potential deterioration in the military or political situation.
“The PZU transaction is yet another foreign investment by a Polish entity in Ukraine that was guaranteed by KUKE this year. The absence of political and force majeure risks, particularly those related to military actions, creates potential for the safe development of our companies,” noted Janusz Władczak, President of KUKE.
Macroeconomic data indicate a high level of resilience in the Ukrainian economy, a gradual stabilization of inflation, and prospects for moderate GDP growth in the medium term, the statement emphasizes.
As previously reported, MetLife Ukraine is part of the leading global corporation MetLife. It has been operating in Ukraine since 2002 and is the leader in the Ukrainian life insurance market.
In the face of widespread destruction of infrastructure and housing stock resulting from military aggression, the use of prefabricated construction technologies is one of the key tools for Ukraine’s reconstruction.
As noted in a market study on prefabricated construction in Ukraine, conducted jointly by Helvetas and the Housing Institute, an analysis of the sector revealed both significant opportunities and substantial barriers to its development. Ukraine’s construction sector is showing signs of recovery following a critical downturn in 2022, when construction volumes fell by 56%. Prefabricated construction technologies are becoming particularly relevant due to shorter construction timelines, energy efficiency, structural mobility, and reduced dependence on logistical and seasonal factors.
There are over 300 companies operating in the prefabricated construction sector in Ukraine, about 3% of which have foreign investment. The market is dominated by prefabricated buildings on metal and wooden frames, as well as modular solutions.
Most market operators are located in the Kyiv (142 legal entities), Lviv (27), Odesa (17), Dnipropetrovsk (17), and Kharkiv (15) regions. Construction using prefabricated technology is the primary activity for 77% of manufacturers; 23% are companies that produce construction materials and focus their efforts on sales rather than on building construction.
At the same time, operators in the western regions of Ukraine are more focused on the production of wooden-frame houses in the private residential sector, as well as on the production/construction of hotel infrastructure facilities. Companies in the central and eastern parts of the country work with various technologies and implement projects of different purposes and scales.
The study identified a significant share of the shadow economy: in the modular production segment, market operators estimate it at 30%, and in the frame construction sector—up to 80% (influenced by the specific technology used to build private properties and cash transactions).
Exports of modular homes from Ukraine significantly exceed imports, indicating the competitiveness of domestic manufacturers in the international market. The main export destinations are EU countries: Norway, the Netherlands, and Germany.
The market shows a trend toward the adoption of eco-friendly technologies, including the use of hemp and straw insulation, CLT panels, and the integration of circular economy principles.
Companies involved in the manufacture of prefabricated and modular buildings based on a wooden frame reported a 70% decline in orders in 2022; at that time, the companies’ revenue was generated by projects that had been financed in 2021. In 2023, companies began to reach 50% of 2021 levels; in 2024, the market landscape began to shift due to orders from international organizations, such as a tender for 3,000 modular homes organized by UNHCR. Overall, the task of providing housing for IDPs became the driving force behind the increase in modular building production.
The standard floor area for a frame-technology residential building is considered to be 80–100 square meters, and for a modular one—30–40 square meters.
At the same time, the development of rapid-assembly construction technologies is hampered by a number of systemic issues, in particular, the legal uncertainty regarding the status of such housing (rapid-assembly structures are most often classified as temporary structures or construction products under current legislation and are not commissioned as real estate properties). The study recommends regulating this status, as well as developing and codifying terminology related to prefabricated construction in legislation, and developing and implementing an updated classification of technologies with corresponding product codes.
Estimated number of population in regions of Ukraine based on number of active mobile sim cards (mln)
The population of European Union countries is projected to decline by 53 million (11.7%) between 2025 and 2100, according to a forecast by the EU’s statistical office (Eurostat).
In 2025, the EU population was estimated at 451.8 million, resuming its growth trend in 2022 after a hiatus caused by the COVID-19 pandemic in 2021. The population is projected to grow over the next three years, peaking at 453.3 million in 2029, after which it will gradually decline to 398.8 million by 2100.
By the start of the next century, the share of children and youth (ages 0–19) in the total population will decline to 17% from 20% last year, and the working-age population (ages 20–64) will fall to 50% from 58%. In contrast, the share of people aged 65–79 will rise to 17% from 16%, and those aged 80 and older to 16% from 6%, according to a Eurostat report.
Earlier, the Experts Club think tank released a video on how the world’s population has changed in recent years; a more detailed video analysis is available here – https://www.youtube.com/shorts/MnNXy72azrw
PJSC “Kryukiv Railway Car Building Plant” (Kryukiv Car Plant, Poltava region) ended the first quarter of 2026 with a loss of UAH 47.56 million, whereas for the same period in 2025, net profit amounted to UAH 3.34 million.
According to the company’s interim report published in the NSSMC’s disclosure system, its net revenue fell threefold to UAH 371.12 million.
Exports (to Lithuania) were insignificant (0.46% of total sales).
KVBZ reported a gross loss of UAH 7.5 million compared to a profit of UAH 74.1 million a year earlier, and the loss from operating activities exceeded last year’s figure by 5.5 times—to UAH 70.1 million.
Uncovered losses as of April 1, 2026, amounted to nearly UAH 279 million. KVBZ’s current liabilities reached UAH 3.55 billion, while long-term liabilities stood at UAH 150.9 million.
According to the plant, it sold 74 freight cars in the first quarter, including 61 units in March (3 in January and 10 in February).
The main customers were private companies purchasing freight cars to transport grain crops, petroleum products, and large-sized containers.
According to the company, in January–February (March data is not yet available), KVBZ ranked third among Ukraine’s railcar manufacturers with a 20.3% market share (railcar manufacturers supplied a total of 64 railcars to the market over the two-month period), while the leaders among private enterprises remain DMZ “Karpaty,” KVBZ, and “TAS Dniprovagonmash.”
In January–March, the plant overhauled electric train EKr-1-001, continued repairs on a diesel train, and manufactured passenger cars for Ukrzaliznytsia, which were delivered in April.
At the same time, KVBZ emphasizes that in the first quarter, the Ukrainian freight transportation and railcar manufacturing market remained in a difficult situation, due to military operations and economic difficulties in Ukraine, particularly the decline in industrial production, primarily in the mining and metallurgical sector.
“The decline in exports of ore and metal products due to limited port capacity and logistical complications directly contributed to a reduction in the freight base; existing infrastructure constraints (despite the partial stabilization of maritime corridors, the risks associated with their operation remained high, which held back long-term transport contracts and investments in the purchase of new railcars),” the report notes.
However, according to KVBZ’s assessment, the first signs of stabilization began to appear as early as the end of the quarter, in particular due to the gradual resumption of agricultural exports and the adaptation of logistics routes, which created the conditions for a possible market recovery in the coming periods.
In particular, the plant notes that 3.3 million tons of grain cargo were transported by rail in March—11.4% more than in February 2026 and 36.9% more than in March 2025. The volume of grain shipments in the first quarter increased by 3% to 8.5 million tons.
In export traffic, 2.7 million tons were transported in March—9% more than in February 2026 and 35% more than in March 2025.
According to the company, the market for new freight cars could also be “revitalized” by the decision of the Supreme Court of Ukraine dated February 25 of this year, which upheld the 2021 order of the Ministry of Infrastructure providing for a phased reduction of the maximum service life of freight cars. Ukrmetallurgprom had demanded the order’s repeal.
KVBZ manufactures passenger and freight cars, regional diesel trains, high-speed interregional locomotive-hauled trains, spare parts and bogies for freight cars, and escalators.
As reported, in 2025, the company saw its net revenue decrease by 30.5% compared to 2024—to 2.6172 billion UAH—and recorded a net loss of 184.5 million UAH, whereas in 2024, net profit amounted to 81.1 million UAH. A total of 143 freight cars and 51 passenger cars were sold.
According to its annual report filed with the Warsaw Stock Exchange, the agricultural holding company KSG Agro increased its net profit 5.4-fold in 2025 compared to 2024, reaching $4.23 million.
According to the document, the agricultural holding’s revenue for the past year decreased by 14.3% to $18.92 million. The company’s gross profit grew 2.1-fold to $3.62 million, while operating profit increased 2.2-fold to $6.40 million. Pre-tax profit stood at $4.23 million, compared to $0.79 million a year earlier. Basic earnings per share rose from $0.05 to $0.28.
At the same time, cash flow from the agricultural holding’s operating activities in 2025 decreased by 18.4 times to $0.22 million, compared to $4.11 million in the previous year. Net cash flow from investing activities amounted to a negative $1.30 million, while expenditures on the acquisition of fixed assets increased 1.7-fold to $1.62 million. Cash and cash equivalents at the end of the year decreased to $21,000 compared to $575,000 at the beginning of the reporting period.
The holding’s equity increased 2.5-fold during the reporting period to $8.94 million. The company’s total income, which includes net profit and a positive foreign exchange gain of $1.01 million, amounted to $5.24 million compared to $0.68 million in 2024. Retained losses for the year decreased from $25.90 million to $21.67 million.
The company’s net financial debt, excluding lease obligations, as of December 31, 2025, was $14.41 million, compared to $13.75 million at the end of 2024. The holding’s total assets increased by 38.6% to $41.97 million, primarily due to an increase in the value of inventories and agricultural products.
According to the report, KSG Agro optimized its asset structure in 2025 through the divestiture of two Ukrainian companies—Agro-Torgovy Dom Dniprovsky LLC and Skorpio Agro LLC—and initiated the liquidation of KSG Energy Group LTD.
Serhiy Kasyanov remains the ultimate beneficiary of the holding company, owning 47.83% of the shares through Olbis Investment LTD SA, while 47.57% of the securities are in free float on the Warsaw Stock Exchange.
“KSG Agro” is a vertically integrated holding company engaged in pig farming, as well as the production, storage, processing, and sale of grain and oilseed crops. The company’s land bank in the Dnipropetrovsk and Kherson regions totals approximately 21,000 hectares. The agricultural holding is among the top five pork producers in Ukraine.
