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.
