Insurance company “Universalna” (Kiev) in January-June 2023 collected UAH 982.4 million of gross insurance premiums, which is 2.06 times more than in the same period of 2022, according to the website of the rating agency “Standard-Rating”.
It is indicated that the agency confirmed the credit rating / financial strength (reliability) rating of IC “Universalna” at the level of “uaAAA” on the national scale based on the analysis of work for the reporting period.
According to the published data, receipts from individuals increased by 83.83% to UAH 430.9 mln, and from reinsurers – by 72.43% to UAH 838 thousand. Despite the growth of premiums from individuals, following the results of H1 2023 legal entities prevailed in the client portfolio of the company. At the same time, the largest share of premiums received (more than 35%) came from voluntary health insurance (continuous health insurance).
Insurance payments sent to reinsurers in the first half of 2023 compared to the same period of 2022 decreased by 3,86% – to UAH 32,909 mln. Thus, the ratio of reinsurers’ participation in insurance premiums has decreased by 3,86 p.p. – to 3,35%.
Net premiums of the insurer have grown in 2,15 times – up to UAH 949,471 mln, and earned premiums have shown growth by 40,43% – up to UAH 747,399 mln.
The volume of insurance payments made by IC “Universalna” for the first half of 2023 compared to the same period of 2022 has grown by 86,48% – up to UAH 288,5 mln. Taking into account the high growth rates of gross premiums over insurance payments and indemnities, the level of payments decreased by 3,22 p.p. – to 29,36%.
RA notes that following the results of the first half of 2023 the operating profit of the insurer has amounted to UAH 50,661 mln, and net profit – UAH 63,681 mln.
Assets of the company on June 30, 2023 have grown by 9,20% – up to UAH 2,032 billion, shareholders’ equity has shown growth by 11,09% – up to UAH 637,9 million, liabilities have increased by 8,35% – up to UAH 1,395 billion, cash and cash equivalents have grown by 1,34% – up to UAH 239,1 million.
As of the reporting date, the company has formed a portfolio of current financial investments, consisting of bank deposits (UAH 564,829 mln) and government bonds (UAH 227,905 mln). As of the beginning of H2 2023, cash and cash equivalents covered 17.14% of the company’s liabilities, liquid assets – 73.99%, and the indicator of coverage of liabilities by its capital in the company amounted to 45.74%.
IC “Universalna” has an international structure of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70% of shares.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
The Ministry of Agrarian Policy and Food of Ukraine has updated its forecast for gross production of grain and oilseeds. This year Ukrainian agrarians can harvest about 56.4 million tons of grains, as well as 20.3 million tons of oilseeds, the ministry’s press service reported.
“At the beginning of spring 2023, the total gross harvest for the current year was projected at 63.5 million tons, which was 13% less in relation to the indicator of 2022. In June, after harvest began, the forecast was raised to 68 million tons, which was 7% less than the 2022 figure. Now, thanks to favorable weather conditions, there is every reason for another change in the forecast in a positive direction to 76.7 million tons, which is 5% more than the figure of 2022,” – noted on the website of the Ministry.
According to the report, despite the fact that the total area of sown spring and winter cereals this year was less by 980 thousand hectares than last year and amounted to 10,895 thousand hectares, weather conditions contributed to almost record yields of grain crops (up to 51.8 c/ha), which allows to significantly increase the volume of crop production.
According to preliminary estimates of the Ministry of Agrarian Policy, in 2023 agrarians will be able to harvest grain in the following volumes: wheat – 20.9 million tons, barley – 5.8 million tons and corn – 28.1 million tons.
Gross production of oilseeds, according to the Ministry’s forecasts, will reach 20.3 million tons, in particular, sunflower – 12 million tons, rapeseed – 4 million tons, soybeans – 4.2 million tons.
Agrarians will harvest 13.7 million tons of sugar beet this year.
Ukraine in January-July this year reduced imports of coke and semi-coke in physical terms by 63% compared to the same period last year – to 116.485 thousand tons.
According to statistics released by the State Customs Service (SCS), coke imports in monetary terms for this period decreased by 64.1% to $55.411m.
Ukraine did not export coke in January-March this year, as it did in December of the previous year. In April, 668 tons were delivered, in May and June there were no exports, in June exports resumed, total for 7M-2023 was exported 1.352 thousand tons, which is lower than the same period last year by 63.4%.
In monetary terms, it decreased by 66.2%, to $334 thousand. Exports were made to Moldova (100% of shipments in monetary terms), imports were mainly from Poland (93.87%), Colombia (3.70%) and Hungary (1.49%).
As reported, Ukraine in 2022 reduced exports of coke and semi-coke in physical terms by 98% year-on-year to 3.856 thousand tons, in monetary terms by 97.6% to $1.011 million. The main exports were to Hungary (42.63% of supplies in monetary terms), Georgia (37.69%) and Turkey (17.41%).
Ukraine imported 359.192 thousand tons of coke and semi-coke in 2022, which is 54.5% less compared to 2021. In monetary terms, imports decreased by 50.3% to $174.499 million. Imports were mainly from Russia (43.43% of supplies in monetary terms, before the war), Poland (30.07%) and the Czech Republic (13.15%).
As a result of the war, a number of mines and coke plants are located in territories temporarily outside of Ukraine’s control.
Insurance company ARX in January-June 2023 collected UAH 1.7 billion of insurance premiums, which is 43% more than in the same period last year, according to the press release of the insurer.
It is also noted that the sum of gross premiums of ARX and ARX Life for 6 months of 2023 amounted to more than UAH 1,8 billion, which is 40% more than in the past. The profit of the two companies amounted to UAH 345.4 million.
ARX’s payout amounted to UAH 625 million in the first quarter, and it is 26% higher than in 2022. Every day the company pays more than UAH 4.7 mln of insurance indemnities.
Under hull insurance contracts in the reporting period was collected more than UAH 837 million, which is 43% more than last year. CASCO from ARX works abroad, allowing Ukrainians to get the necessary protection of their car outside Ukraine.
The sum of premiums on MTPL insurance is more than UAH 124 mln (+29% ), on medical insurance – UAH 332,6 mln (+16%), property insurance – more than UAH 185 mln (+46%).
ARX notes that it constantly develops new products and services. Within 6 months was launched a new product Pro_Vita – insurance for critical illnesses, which covers cancer at the initial stages (T1N0M0) and is valid in the territory of the whole world, except for Crimea and settlements where the state authorities of Ukraine temporarily do not exercise their powers.
Also an innovative service “CASCO policy without visiting the office” was introduced, which allows, when buying a CASCO policy abroad, to independently carry out photo and video fixation in the application for smartphones MyARX and send the received photos and video files to the insurance company.
IC “ARX” has been working in the insurance market for 26 years. According to its data, the company is the leader of CASCO insurance for the 12th consecutive year. It occupies the first place among insurers of Ukraine on the size of net insurance premiums and net insurance payments for 2021. It is part of the international insurance holding Fairfax Financial Holdings Limited (Canada).
The Gambling and Lotteries Regulatory Commission (GGRC), at its first meeting after a six-month break on August 8, made 10 decisions to issue various licenses to operate in the market, a significant number of them to companies of the Favbet brand and a new market participant, GGBET, which will operate in Ukraine under the international brand GG.BET.
“There is a new participant in the gambling market, which, subject to payment of fees for the first year of validity of the relevant licenses in the manner and timeframe defined by law, will be issued two licenses at once to carry out activities to organize and conduct gambling – casino on the Internet and betting activities,” – the regulator indicated on its website.
In turn, created in February this year LLC “GGBET” reported that acquired the rights to use in Ukraine cybersport betting brand GG.BET, represented in the UK, Europe, South America and Asia. It is stated that GG.BET – has Ukrainian roots, is known for its partnerships with some of the world’s biggest CS:GO and Dota 2 tournaments, and is a sponsor of NAVI and Team Vitality clubs.
“Ukraine has great potential for the development of the betting market, so for the GG.BET brand, obtaining licenses is an expected and balanced decision. Ukrainian cybersport is characterized by a developed fan base and its own history of tournaments and high-profile victories”, – commented in the press service of the company. It is also said that the line of offers will include betting on classic sports.
According to Opendatabot, the authorized capital of LLC “GGBET” is 30.47 million UAH, its founder is LLC “GGBET Holding”, in turn owned by Cyprus Terasida Ltd. created in late November last year. The beneficiary of the company since mid-July became Petro Kozyrev instead of Konstantinu Argiro.
KRAIL also reported that it issued a license for a betting shop in the Mercure Kyiv Congress hotel, which became a precedent, introduced a new type of service in the gambling market and “will serve as an example for other market participants and potential investors”.
In addition, “Favbet Game Slots” received three licenses for gambling machines in the hotels “IBIS Kiev railway station”, “Tisa” and Siesta in Petropavlivska and Sofievska Borschagivka respectively.
Similar licenses were also obtained by Volna 4444 LLC (Bratislava) and Aifar Group LLC (Dnipro). At the same time, Aifar Group was simultaneously deprived of its license for certain gambling machines due to non-payment of funds, and one of its applications was left unsuccessful.
Finally, Favbet TEC LLC and Sharkscod LLC were granted licenses for gambling services.
The regulator reminded that the licenses are issued after receiving a document confirming the payment of the fee for the first year of their validity, and said that at the next meeting will also consider the first application for an investment license.
“The above demonstrates the investment attractiveness of Ukraine even under the current martial law conditions,” CRAIL pointed out.
Major Ukrainian cable plant Odeskabel ended January-June this year with a net profit of UAH 5.05 million, while in the first half of 2022 the loss amounted to UAH 2.52 million.
According to the interim statements of the company released on Friday in the information disclosure system of the National Securities Commission, its net income increased by 31.2% to UAH 903.44 million
The company earned an operating profit of UAH 48.62 million (11% more than a year earlier), while gross profit rose 42.5% to UAH 164.9 million.
According to “Odeskabel”, in the first half of the year the largest share (41%) in total sales amounted to wires and power cables, compared to January-June 2022 their share increased by 8.4 p.p..
At the same time, the share of cables for structured cabling systems (LAN-cable) decreased by 8 p.p. to 22.85%, fiber optic cables increased by 8 p.p. to 22.85%. – To 22.85%, fiber-optic cables – by 2.9 p.p., to 16.6%.
As reported, in the first quarter of this year Odeskabel received UAH 0.8 mln of net profit compared to a loss of UAH 21.64 mln for the same period of 2022, with net income growing by 32.6% to UAH 433.28 mln.
Thus, in the second quarter, the plant increased net income by 30% by April-June 2022, to UAH 470.16 mln, while net profit decreased 4.5 times to UAH 4.27 mln.
The main risks for the company, according to the statements, remain uncertainty of the timing of the end of the military aggression of the Russian Federation against Ukraine; dependence on the fact that prices for 90% of materials are formed on the world market, and the sales market is mainly Ukraine and neighboring countries; complication of supplies of materials; reduction of purchases of products for capital construction by telecom operators.
In turn, according to information on the website of “Ukrzaliznytsia”, during the meeting held on July 19 with manufacturers of cable products, representatives of UZ urged Ukrainian plants to participate in tenders directly, which will “minimize the risks of participation of unscrupulous intermediaries and get the best products at a favorable price”.
“Odeskabel” produces a wide range of copper and fiber optic cables, digital or LAN cables, power cables, cords and wires.
As reported, the company’s net income in 2022 decreased by 24.7% by 2021 to UAH 1 billion 561 million, the loss amounted to UAH 27.24 million against net profit of UAH 55.4 million.
