Kyiv-based Omega insurance company ended 2020 with a net profit of UAH 33.3 million, while it ended 2019 with a net loss of UAH 4.3 million, follows from the agenda of the shareholders’ meeting released in the information disclosure system of the National Securities and Stock Market Commission of Ukraine.
It is noted the company’s retained loss of amounted to UAH 94.639 million over 2020, while UAH 168.5 million in 2019.
The company also said as of December 31, 2020, its assets increased by 7.2%, to UAH 575.443 million, cash and their equivalent by 4.8 times, to UAH 43.579 million, equity by 7.6%, to UAH 491.627 million, while accounts receivable decreased by 17.3%, to UAH 93.820 million.
The company’s long-term liabilities increased by 9.8%, to UAH 66.861 million over 2020, current ones decreased by 12.3%, to UAH 16.955 million.
Omega insurance company was established in 1994 and operates on the basis of 25 licenses.
Main trade partners of Ukraine in % from total volume (import from other countries to Ukraine) in 2020.
SSC of Ukraine
More than 45,000 Ukrainians since June 2020 have completed online training on the Microsoft platform to develop digital skills Microsoft Learn, ranking first with the highest indicator in Central and Eastern Europe, the press service of Microsoft in Ukraine said. The company notes that Microsoft Learn provides free training to improve digital skills, team productivity, and modernize the workplace by leveraging the power of the cloud, artificial intelligence (AI), Azure services, Microsoft 365, Power Platform, Microsoft Dynamics, and others.
Among the professions taught on the platform are software developer, sales representative, project manager, IT administrator, account manager, digital marketer, support employee, data analyst, financial analyst, graphic designer.
“Training allows specialists to gain experience and skills necessary for career growth or undergo retraining. After completing the course, a graduate can sign up for an exam and receive an international certificate,” Microsoft said.
Microsoft partnered with GitHub and LinkedIn in June 2020 to launch a global digital skills campaign to help people who have lost their jobs as a result of the economic crisis, as well as professionals looking to gain digital skills for digital jobs.
State-controlled Ukrgasbank, 35% of whose loan portfolio is made up of “eco-projects,” in particular, renewable energy and energy efficient modernization, has expanded the scope of “green” financing to new areas: medicine, waste treatment, energy storage systems, improvement of water use efficiency and cogeneration projects.
“We will develop new directions together with our partner IFC. The funds allocated under the loan agreement will be used to finance just such projects,” the bank said in a press release on its website.
As reported, at the end of January 2021, the International Finance Corporation (IFC) and Ukrgasbank signed an agreement on the allocation of a five-year loan to the bank for EUR30 million with the possibility of converting it into a 20% stake in the capital.
The financial institution reminded that within the framework of “green” financing the matter concerns lending at preferential rates.
According to the National Bank of Ukraine, as of January 1, 2021, Ukrgasbank ranked fourth in terms of total assets (UAH 151.403 billion).
Universalna insurance company (Kyiv) in 2020 collected UAH 813.184 million in net insurance premiums, which is 5.5% more than in 2019, according to the website of the Standard-Rating agency.
The agency has affirmed the financial reliability/credit rating of the insurer at “uaAA +” guided by the results of 2020.
According to the report, the volume of gross premiums of the insurer in 2020 amounted to UAH 953.829 million, which is 0.44% higher than the volume of premiums in 2019. At the same time, receipts from individuals increased by 5.93%, to UAH 357.918 million, while receipts from reinsurers decreased by 43.14%, to UAH 1.668 million.
It is noted that, despite the increase in premiums from individuals and an increase in their share in gross premiums, legal entities continue to prevail in the company’s client portfolio. In particular, for the year the largest part (more than 48%) came from insurance of land transport (except for railway).
Insurance payments to reinsurers in 2020 decreased by 21.36% compared to the same period in 2019, to UAH 140.645 million, and the ratio of their participation in insurance premiums decreased by 4.08 percentage points (p.p.), to 14.75%.
Last year, Universalna insurer made insurance payments and compensations for UAH 298.370 million, which is 42.31% less than in 2019. As a result, the level of payments decreased by 23.18 p.p., to 31.28%.
The financial result of the insurer’s operating activities amounted to UAH 66.519 million versus a negative result in 2019. Net profit increased to UAH 72.077 million, which is 12.98 times higher than it was in the previous year.
The company’s assets by December 31, 2020 increased by 9.64%, to UAH 1.131 billion, equity capital by 25.44%, to UAH 355.368 million, liabilities by 3.66%, to UAH 775.508 million, and cash and cash equivalents decreased from UAH 129.549 million to UAH 73.952 million (by 42.92%).
As of the indicated date, the company formed a portfolio of bank deposits in the amount of UAH 450.208 million, and the insurer invested UAH 54.476 million in government domestic loan bonds.
As of the end of 2020, cash and cash equivalents covered 9.54% of the company’s liabilities, liquid assets covered 74.61% of liabilities, and the coverage ratio of liabilities by equity capital was 45.82%.
Universalna insurance company was founded in 1991. It specializes in providing services in the field of risk insurance. It offers services in 42 types of insurance. It has the regional network of more than 300 points of sale throughout Ukraine.
President of Ukraine Volodymyr Zelensky during a meeting with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso invited a financial institution to join the development of infrastructure projects and privatization in Ukraine, according to the website of the head of state.
“It is very important to support infrastructure projects in Ukraine, because high-quality roads, bridges and social infrastructure are important for every Ukrainian. Thanks to infrastructure projects, we created 190,000 jobs at a time when many were losing their jobs due to the COVID-19 pandemic,” Zelensky said.
The head of state also added that “privatization is one of the priorities today” and invited the EBRD to join this direction.
In addition, issues of development of the agricultural sector of Ukraine were discussed at the meeting. “It is advisable to invest in agriculture. Ukraine needs a lot of investment in the modernization of irrigation infrastructure. Its restoration will be a powerful step in the development of agriculture and Ukraine as a player in the international agricultural market,” Zelensky said.
In addition, Zelensky informed Odile Renaud-Basso about the continued implementation of the reform of law enforcement agencies, about the signing of a law in Ukraine on the creation of the Bureau of Economic Security. The interlocutors also discussed the reform of the energy sector, they talked about the implementation of energy efficiency programs, in particular, the introduction of energy-saving technologies in housing.
In addition, the negotiating parties discussed the continuation of the reform of the financial and banking sectors of Ukraine.
“Ukraine and the EBRD have good relations and many important projects in which Ukraine puts its soul, and the EBRD – its faith and money. We consider you one of the strategic financial partners. These relations are very important for us,” Zelensky said.
In turn, the EBRD President welcomed the reforms that are being implemented in various sectors of the Ukrainian economy.
The meeting was attended by Minister of Finance Serhiy Marchenko, Deputy Head of the President’s Office Yulia Svyrydenko, Advisor to the head of the President’s Office Tymofiy Mylovanov, and Head of Ukravtodor Oleksandr Kubrakov.
