Revenue of Ukrainian banks, not taking into account insolvent ones, in January and February 2019, totaled UAH 39.279 billion, which is 40.4% more than a year ago, according to a posting on the website of the National Bank of Ukraine (NBU).
Expenses of the banking system over the period accounted for UAH 30.588 billion, which is 27.5% more than a year ago.
Net profit of Ukrainian banks over the period came to UAH 8.691 billion, which is 2.2 times more than in January and February 2018.
UNIQA Life insurance company (Kyiv) in 2018 saw its net profit rise by 52.6% compared with 2017, to UAH 40.554 million, according to materials for the agenda of a general meeting of shareholders scheduled for April 25.
In addition, the company last year increased its assets by 10.6%, to UAH 1.189 billion. The insurer’s net worth rose by 3.8%, to UAH 415.8 million, charter capital remained at the level of 2017, at UAH 100.09 million.
Total debtor indebtedness decreased by 36.9%, to UAH 39.4 million. Cash and cash equivalents rose by 3.5 times, to UAH 39.320 million.
Long-term liabilities increased by 15% and amounted to UAH 715.1 million, current liabilities were up by 10.4%, to UAH 58.483 million.
UNIQA Life insurance company, established in July 2006, is a subsidiary of UNIQA Group, one of the leading insurance concerns of Central and Eastern Europe.
One troy ounce=31.10 grams
Ukraine’s Minister of Energy and Coal Industry Ihor Nasalyk has stated that foreign companies are interested in developing hydrocarbon sites in Ukraine under the terms of product sharing agreements (PSA).
“I can say beforehand: there is interest from American, British, Norwegian and Canadian firms,” he told reporters after a government meeting.
As reported, Ukraine announced 12 tenders for signing production sharing agreements for the development of hydrocarbon deposits.
The following deposits are put up for auction: Hrunivsky, Varvynsky, Rusanivsky, Okhtyrsky, Buzivsky, Zenkivsky, Ivanivsky, Ichniansky, Balakleisky, Sofiyevsky, Berestiansky, and Uhnivsky. The fields are located in Ivano-Frankivsk, Lviv, Poltava, Chernihiv, Sumy, and Kharkiv regions.
The term of PSAs is 50 years. Applications for participation in the tenders are accepted within three months from the date of publication of the announcement of their conduct. It is assumed that the state’s share in profitable products should be at least 11% of its total volume, the maximum investor’s share is 70% of total production (until full reimbursement for investor expenses).
The acquisition of Guardian insurance company (Kyiv) by new shareholder, who is citizen of Lithuania, Arunas Siksta was started on March 12, 2019, the insurer has said in a press release.
According to the report, Siksta is a senior manager with thirty years of experience in banking, insurance and telecommunications. In particular, he collaborated with AB Swedbank, which representative office he headed in Lithuania, as well as with Norway’s largest insurance company, Gjensidige, where he served as deputy board chairman. In addition, for several years he was engaged in the integrated construction of a financial infrastructure for European banks, including the creation of insurance companies from scratch.
According to the press release, the new shareholder was satisfied with the results of the financial and personnel audit of Guardian insurance company.
“My auditors provided enough information that I found to be perfectly satisfactory. According to the results of the financial statements, the company’s performance is at a proper financially stable level, and the staff is highly qualified, which is what the figures say. Based on this, I see no need to reform the company or make any rotations. All management, employees and branches will work in the same mode and composition. Our plans are only to expand and improve the quality of services for our clients,” the company said in the press release, citing Siksta.
The press service also said that during the visit of the new shareholder of Guardian to Ukraine, he met with Head of the National Commission for Financial Service Markets Regulation of Ukraine Ihor Pashko and President of the League of Insurance Organizations of Ukraine Oleksandr Filoniuk. At the meeting, Siksta expressed confidence that the Guardian insurance company would be a worthy example of effective investments in the Ukrainian insurance market, and by providing services at a new level of quality it would increase customer confidence in this sector.
“Today, Lithuanian investments in the Ukrainian market are coming more and more often, but not in such volumes and not in the insurance sector. You are the first and we are very pleased with such serious investors,” Pashko said.
Guardian has been working in the insurance market since 2007.
