In January-September 2024, BNSF Insurance (formerly Brokbusiness Insurance Company, Kyiv) collected UAH 400.7 million in gross written premiums, which is 46.5% more than in the same period of 2023, Expert Rating RA reported in information on the confirmation of the insurer’s financial strength rating at uaAA+ on the national scale.
According to the rating agency, the share of insurance premiums attributable to reinsurers decreased by 19.08% during the specified period, and their share in the structure of the company’s gross premiums decreased by 1.51 pp – to 1.86%.
In the first three quarters of 2024, BSS Insurance paid 54.74% more insurance claims and indemnities than in the same period of 2023, and the level of payments increased by 1.76 percentage points to 33.05%.
As of October 1, 2024, the company’s equity increased by 28.47% to UAH 162.39 million, gross liabilities – by 2.98% to UAH 241.09 million. In the analyzed period, equity coverage of the insurer’s liabilities increased by 13.36 p.p. to 67.36%.
The amount of cash and cash equivalents in the analyzed period increased by 39.12% to UAH 241.01 million, and the ratio between cash and liabilities increased by 25.96 p.p. to 99.96%.
In the analyzed period, the financial results of BGS Insurance improved significantly. Thus, according to the results of the first nine months of 2024, operating profit amounted to UAH 35.41 million, and net profit – UAH 37.47 million.
The company has been operating in the Ukrainian insurance market for over 25 years and is represented in all regions of the country. It holds 39 licenses for voluntary and compulsory insurance.
The leaders of the Ukrainian insurance market in terms of collected premiums in January-September 2024 were the insurance companies SG TAS – UAH 3.474 billion, ARKS – UAH 3.150 billion, Unica – UAH 2.564 billion, VUSO Insurance Company – UAH 2.860 billion, INGO – UAH 2.462 billion, according to the data of the information exchange project “PRIMA” of the National Association of Insurers of Ukraine (NASU).
According to the association’s website, changes in the top 5 for the specified period compared to 8 months of 2014 affected VUSO, which rose from the fifth position to one step higher, and INGO, which took its place.
In the market of compulsory motor third party liability insurance, the top five leaders in terms of collected premiums have not changed and, following the results of nine months, the leaders are TAS IG – UAH 1.049 billion, Oranta – UAH 1.004 billion, Knyazha VIG – UAH 764.9 million, PZU – UAH 462.2 million and VUSO – UAH 328.2 million.
Similarly, the situation in the Green Card market has not changed in the comparable periods, where the top 5 companies are still TAS – UAH 1.025 billion, USG – UAH 553.7 million, Knyazha VIG – UAH 475.5 million, PZU – UAH 411 million and Oranta – UAH 328.2 million.
The situation is similar in the hull insurance market: as before, it is led by ARKS Insurance Company (UAH 1.737 billion), Arsenal Insurance (UAH 1.416 billion), Unica (UAH 826.7 million), VUSO (UAH 720.4 million) and USG (UAH 647.2 million).
The leadership in voluntary health insurance is also held by the former top five: IC “Unika” – UAH 1.193 billion, followed by IC “Universalna” – UAH 615.8 million, IC “VUSO” – UAH 603.2 million, IC “INGO” – UAH 525.4 million, SG “TAS” – UAH 405.7 million.
As reported, as of November 1, 2024, 58 risk insurers operated in the Ukrainian insurance market, 11 specializing in life insurance, and one with a special status (Export Credit Agency, ECA).
PJSC Ukrnafta has signed an agreement with Shell to buy 51% of Alliance Holding LLC, the operator of the Shell filling station network in Ukraine, the company’s website reported on Tuesday.
“In the coming days, Ukrnafta, which has been determined as the winner of the competitive process, together with Shell will apply to the Antimonopoly Committee for a merger clearance, which is a prerequisite for completing the deal,” the press release says.
Once the merger clearance is granted, Ukrnafta will be able to fully close the deal and acquire all rights and obligations of the shareholder.
The transaction and assets were valued by investment banking advisor Rothschild & Co, the legal side of the matter was handled by Sayenko Kharenko, and the auditor was KPMG.
The value of the deal was not disclosed in the press release.
“Naftogaz Group has not only adapted to the war conditions, but is also getting stronger. We remain flexible and are not afraid to make decisions that allow the state to earn money. The profits earned by Alliance Holding will go to the state budget in the form of dividends,” said Oleksiy Chernyshov, CEO of Naftogaz.
According to Ukrnafta, all Shell filling stations will be rebranded within a year. The terms of the existing B2B contracts will be fulfilled in full. The company’s staff will also be retained – 1,550 employees working at the filling stations and head office.
“Ukrnafta’s Supervisory Board approved the decision because the acquisition of the business, which has been led by a reputable international group for 15 years, will provide the company with an expansion of its filling station network and market share, which is in line with the company’s development strategy,” said Serhiy Koretsky, CEO of Ukrnafta.
According to the press release, Shell is among the top 10 networks in terms of sales in Ukraine, with 118 operating filling stations. The network is No. 9 in terms of fuel sales in the first nine months of 2024 and No. 7 in terms of the number of filling stations located mainly in favorable areas with heavy traffic.
As reported, a joint venture between Shell and Mussa Bazhaev’s Russian Alliance Group to manage a network of filling stations in Ukraine was launched in August 2007. Shell held a 51% stake in the joint venture, while Alliance held 49%. Alliance transferred about 150 filling stations to the joint venture, while Shell contributed cash, licenses and a brand.
In 2014, it became known that a sanctioned Russian businessman, Eduard Khudainatov, had bought out Bazhaev’s oil assets. In June 2022, he was sanctioned by the European Union, and in October 2022, he was sanctioned by Ukraine.
In October 2023, the Ministry of Justice of Ukraine filed a lawsuit with the High Anti-Corruption Court of Ukraine to recover Khudainatov’s assets for the state.
As a result of the proceedings, 49% of Alliance Holding was recovered by the state. In April 2024, this share was transferred to the State Property Fund (SPF) of Ukraine.
In November 2024, Overseas Investments, a member of the Shell group of energy and petrochemical companies, registered 51% in the authorized capital of Alliance Holding pursuant to the decision of the HACC Appeals Chamber.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of gas stations. In March 2024, the company took over the management of Glusco’s assets and operates a total of 545 filling stations – 460 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.
On November 15, 2024, the press center of the Interfax-Ukraine news agency hosted a press conference on “Social Responsibility Practices in Time of War” dedicated to the specifics of Ukrainian business during the war period. The event brought together representatives of leading companies and experts who shared their own cases, innovative practices and visions of the future.
Olena Plakhova, Director of Reputation Management and Marketing at Nova Poshta, emphasized that business in Ukraine is now performing much more than traditional functions and often takes on some of the responsibilities of the state.
“This happens not because of coercion, but because businesses realize their responsibility to society. It is important to rethink the social contract – we not only expect help from the state, but also actively engage in solving urgent problems. For example, the Humanitarian Mail of Ukraine program, which started in 2014, now supports more than 2,000 recipient foundations by providing free delivery of humanitarian aid,” she said.
“Not only did we quickly organize our work, but we also supported local communities and supplied military checkpoints. Our warehouse in Makariv was destroyed, but we found the resources to resume the supply of medicines. It was a unique experience when we had to negotiate logistics corridors and make decisions quickly. In the future, it is important for us to help the victims and participate in the restoration of medical infrastructure, as this is a key part of our mission,” said Yevheniia Piddubna, Corporate Communications Director, Farmak JSC.
In his turn, Oleksandr Sosis, beneficiary of Alliance Bank, noted that the war has changed the emphasis of the company’s social responsibility.
“Previously, our programs were mainly related to employee support, but now the focus has shifted to external initiatives. One example is our Good Deeds Forum, which has become a platform for supporting volunteers. Many of them have become leaders of public initiatives that are now working even more effectively than some government agencies,” he emphasized.
Sergiy Shevchenko, KSG Agro’s press service representative, spoke about the agricultural holding’s activities in the frontline region.
“We have adapted our operations to the war conditions, increased salaries for our employees and strengthened security at our facilities. One of the key areas was ensuring food safety: we increased the number of pigs at our complex in Kherson region from 500 to 20 thousand. This is an important contribution to the stability of the region and support for local communities,” said the farmer.
Maksym Urakin, Director of Development and Marketing at Interfax-Ukraine and founder of the Experts Club think tank, emphasized the importance of helping civilians and creating communication projects in times of war.
“Our project “Find Your Loved Ones” has become a lifesaver for many civilians who have lost contact with their families due to the war. We have combined the efforts of the media and volunteers to search for missing people and have achieved significant results. We also help volunteer initiatives by organizing press conferences, providing information support and supplying mobile hospitals for civilians,” he said.
According to the expert, the Ukrainian economy is showing significant growth despite the challenges.
“In the first nine months of 2024, Ukraine’s GDP grew by 4.5% year-on-year. The results of the metallurgical sector are particularly impressive, as it increased production of steel and rolled products by 22-28% during this period. The agricultural sector also showed a significant increase due to the early harvest of late crops,” said Maxim Urakin.
According to him, Ukrainian business continues to adapt to the war by moving production to safer regions or even abroad.
“Medium-sized businesses are forced to actively migrate across Ukraine and integrate into the European economy – more than 200 companies have opened production facilities in the EU,” Urakin added.
But there are also negative trends. The expert emphasized the need to improve trust in government institutions, as according to an April survey by Active Group and Experts Club, 57% of citizens do not trust government agencies, and 62% do not trust law enforcement agencies.
The event also featured the presentation of the book Unbreakable Business by Oleksandr Holizdra and Serhiy Shevchenko, which tells unique stories about the resilience of Ukrainian companies during the war period. The publication has become a symbol of the entrepreneurial spirit that inspires us to move towards victory.
BANK_ALLIANCE, BUSINESS, EXPERTS CLUB, FARMAK, INTERFAX-UKRAINE, KSG_AGRO, PLAKHOVA, URAKIN, ГОЛІЗДРА, НОВА_ПОШТА, ПІДДУБНА, СОСІС
On November 13, as part of the COP29 summit, a ceremony was held to sign the Agreement on Strategic Partnership in the Development and Transmission of Green Energy between Uzbekistan, Kazakhstan and Azerbaijan.
In his speech at the event, President of the Republic of Uzbekistan Shavkat Mirziyoyev emphasized that renewable energy is not an economic goal, but a contribution to the future, the result of a sense of responsibility to future generations.
The environmental importance of the project was particularly emphasized. The energy to be transmitted is wind and solar energy, a renewable and clean resource that will reduce the impact on the climate.
Thus, the parties support joint efforts to protect the climate under the Paris Agreement and the Sustainable Development Goals.
It was noted that the signatory countries, having significant renewable energy resources, can make a significant contribution to the global energy transition.
Touching upon the efforts of Uzbekistan to develop a green economy, the Leader of Uzbekistan focused on the key aspects of large-scale work in this direction.
It was noted that about two gigawatts of solar and wind generation capacity is being commissioned annually in the country. In addition, an additional 2.6 gigawatts of renewable generation and 300 megawatts of energy storage systems will be connected to the grid by the end of this year.
By 2030, it is planned to increase the share of renewable energy sources to 40 percent, as well as to create 4.2 gigawatts of energy storage systems.
It was expressed that the economic effect of this project will be felt by all its participants.
The importance of accelerating the project implementation, including the establishment of a joint venture, development and approval of technical documentation and other procedures, was emphasized.
In conclusion, President Mirziyoyev reaffirmed Uzbekistan’s commitment to the joint implementation of this regional project.
In the first three quarters of 2024, Ukraine exported 12.6 thousand tons of frozen cattle meat, which is 20.3% less than in the same period last year.
This is evidenced by the data of the State Customs Service.
Revenue from exports of these products decreased by 18.9% compared to January-September 2023 – to $50.9 million.
Azerbaijan (37%), China (27.8%) and Uzbekistan (9.7%) bought the most Ukrainian frozen cattle meat during the first nine months of 2024.
