PJSC Alfa Insurance Company (Kyiv) collected UAH 509.015 million in gross premiums in January-June 2022, which is 24.7% less than in the same period of 2021, Expert Rating RA reported in information on confirmation of the company’s financial strength rating at the level of “uaAA +” on the national scale based on the results of work for the first half of the year.
According to the RA press release, the share of insurance premiums owned by reinsurers decreased by 60.5% – to UAH 1.836 million.
During the reporting period, the company made insurance payments in the amount of UAH 194.026 million, which is 0.42% more than in 6 months. 2021
As of June 30, 2022, the company’s equity increased by 21.97%, to UAH 378.43 million, and its gross liabilities – by 15.13%, to UAH 549.74 million. As a result, there was an increase in the indicator of covering the company’s liabilities with equity capital by 3.87 percentage points. – up to 68.84%. The volume of cash and cash equivalents on the accounts of IC Alfa Insurance increased by 16.33% – up to UAH 424.19 million, and the ratio between cash and gross liabilities of the insurer increased by 0.80 percentage points. – up to 77.16%.
The insurer’s assets increased by 17.8% to UAH 928.2 million.
The RA also notes that as of the reporting date, the company formed a portfolio of investments in government bonds (OVGZ and OZGP) in the amount of UAH 238.174 million, which had a positive effect on the provision of liquid assets.
The financial result from the operating activities of the insurer for the first half of 2022 compared to the same period in 2021 increased by 3.64 times – up to UAH 15.93 million, and its net profit increased by 4.18 times – up to UAH 19.38 million.
IC Alfa Insurance was founded in 2000 and is one of the top 10 leaders in the Ukrainian insurance market. Offers a versatile portfolio of services, including comprehensive business protection programs and a wide range of insurance products for individuals.
PrJSC Insurance company Alfa Insurance (Kyiv) in January-March of this year collected UAH 355.6 million of gross premiums, which is 22.99% more than in the first quarter a year earlier, the Standard-Rating agency said in the information on the confirmation of the company’s financial strength rating at the level of “uaAA+” on the national scale based on the results of work for the first quarter of 2021.
According to the press release, receipts from individuals for the reporting period increased by 32.58%, to UAH 223.622 million, and from reinsurers – by UAH 591,000, to UAH 666,000. Thus, individuals continue to dominate in the insurer’s client portfolio, as evidenced by their share in gross premiums of 62.88%.
Insurance premiums sent to reinsurers in the first quarter of 2021 more than doubled compared to the same period in 2020, to UAH 2.634 million. As a result, the coefficient of participation of reinsurers in insurance premiums increased by 0.30 percentage points, to 0.74%.
Net premiums collected by the company in January-March increased by 22.62%, to UAH 352.985 million, and earned – by 15.95%, to UAH 308.261 million.
In the first quarter, the company made payments and reimbursements to its policyholders in the amount of UAH 96.590 million (more by 20.78%). Taking into account the outstripping growth rates of gross premiums over insurance payments and compensation, the level of payments decreased by 0.50 p.p., to 27.16%.
The financial result from the operating activities of Alfa Insurance amounted to UAH 2.4 million, and the company’s net profit – UAH 2.309 million.
The insurer’s assets increased by 3.53%, to UAH 785.212 million, equity capital increased by 0.76%, to UAH 307.928 million, liabilities increased by 5.41%, to UAH 477.284 million, cash and cash equivalents decreased by 14.46%, to UAH 367.217 million.
At the same time, the rating agency notes that as of April 1, 2021, the insurer formed a portfolio of government bonds in the amount of UAH 177.559 million, which had a positive effect on its provision with liquid assets, which covered 114.14% of liabilities.
Alfa Insurance (Kyiv) in January-November 2020 collected UAH 1 billion, this is the first such indicator for the period of its work.
According to the insurer’s website, during the specified period, the bulk of premiums from the total insurance portfolio was received from the sale of products for personal insurance and KASKO insurance – 78%, while 22% accounted for insurance of property, cargo, liability, etc.
“Achievement of insurance premiums in the amount of UAH 1 billion in such a difficult year gives confidence in the correctness of the company’s development strategy and customer confidence. As for the product range, the key focus will be on medical insurance. Already, the company’s clients on voluntary medical insurance are more than 110,000 insured. In 2021, it is planned to invest in the digital transformation of current processes and the launch of innovative online solutions,” Viktor Grek, a member of the company’s board, said.
Alfa Insurance was founded in June 2000 and is among the top ten leaders of the Ukrainian insurance market. It offers a versatile portfolio of services, including comprehensive business protection programs and a wide range of insurance products for individuals.
The company has 25 licenses, including 18 for voluntary and seven for compulsory types of insurance. The company’s services are used by about one million customers.
The shareholders of Alfa-Garant Insurance Company (Kyiv) on November 20, 2020 decided to reduce the charter capital, which currently amounts to UAH 65 million, according to the insurer’s website.
As noted, the decrease will take place through a proportional reduction in the nominal value of the deposits of all members of Alfa-Garant without changing the size of the shares of each participant in percent and without refunds of money contributed to the charter capital.
The company informs that the decision to reduce the charter capital was made in accordance with the requirements of Ukrainian legislation, including the laws on limited and additional liability companies, on insurance, on financial services and state regulation of financial services markets and does not affect the company’s financial stability.
According to the reporting on the results of work of Alfa-Garant for the nine months of 2020, the excess of the actual solvency margin (UAH 79.075 million) over the standard (UAH 46.406 million) is UAH 32.669 million.
Alfa-Garant has been operating in the insurance market since 2003 in the segment of risk insurance of individuals and legal entities.
Alfa Insurance, together with Arzinger law firm, in partnership with AON (London), an international broker, has developed a new product for corporate clients – D&O liability insurance policy, the insurer’s website reports.
The purpose of this insurance product is to protect directors and other officers from claims that may arise as a result of decisions and actions taken by them as part of their duties. The biggest advantage of the D&O product is that it allows avoiding many of the risks associated with significant costs in case if the top manager made the wrong decision.
According to the insurer, D&O insurance covers expenses for the services of lawyers and other experts to protect the top manager in the event of a claim, compensation of losses by third parties, costs of fines and other penalties, other costs may be covered (including the restoration of reputation).
The claims of state bodies, employees, creditors, shareholders, any third parties (competitors, contractors) are also covered.
Alfa Insurance was founded in 2000. It is among the top ten leaders of the Ukrainian insurance market. It offers a versatile portfolio of services, including comprehensive business advocacy programs and a wide range of insurance products for individuals.
Arzinger is an independent law firm with experience in the legal market. It is included in the top five law firms of Ukraine, has representative offices throughout Ukraine and legal partners around the world.
The Kyivstar mobile communications operator jointly with Alfa Insurance (Kyiv) has launched the online travel insurance service for prepaid and contract subscribers.
The cost of an insurance policy for a seven-day trip will be about UAH 300 (the total cost of the policy depends, among other things, on the exchange rate). At the same time, it is valid in all countries, covering all medical services in case of the need to provide emergency assistance abroad.
The amount for which the subscriber is insured is EUR 30,000. At the same time, prepaid subscribers will receive a bonus of UAH 100 to the account, contract subscribers – an additional 20 minutes in roaming. Bonuses are valid 30 days after the start of the insurance period and only in roaming.
The cost of the policy for 14 days will be about UAH 600, for 21 days – about UAH 950.
The subscriber can receive and pay for the policy online without visiting the company’s office.
Roaming from Kyivstar is available in 195 countries.
