On June 24 JSC “Operator of gas transmission system “Zaporizhgaz” announced its intention to sign a contract with “Brokbusiness” Insurance Company for voluntary property insurance, according to the system of electronic procurement Prozorro.
The price offer of the company amounted to UAH 73,539 thousand with the expected value of UAH 147 thousand.
In the tender there also took part IC “VUSO” with the offer – 143,4 thsd.UAH.
IC Brokbusiness works in the Ukrainian insurance market for more than 25 years and is presented in all regions of Ukraine.
IC “Brokbusiness” (Kyiv) collected UAH 258.9 mln of gross premiums in 2022, which is 1.76% less than during the same period a year earlier, Expert-Rating said in its information about confirmation of insurer financial strength rating at the level uaAA+ on national scale.
According to the agency, the part of insurance premiums, which belongs to reinsurers, for the mentioned mentioned period decreased by 37,47%, and their share in the structure of gross premiums of the company decreased by 1,98 p.p. and made 3,46%.
The company carried out 63,967 mln UAH of insurance payments and indemnities in 2022, which is 29,42% less than in 2021, while the level of payments has reduced by 9,69 p.p. and has amounted to 24,71% following the results of 2022.
In 2022 the shareholders’ equity of the company has grown by 74.32% up to UAH 164,53 million, and its gross liabilities have reduced by 1,69% down to UAH 155,54 million. The Agency notes that an essential growth of the insurer’s shareholders’ equity in the analyzed period has occurred due to the increase in retained profit (by UAH 64,1 mln) in its structure, which has become possible due to the profitable activity of the company in 2022. In this regard, there was an increase in the level of shareholders’ equity coverage of the insurer’s liabilities on 46,12 p.p. – to 105,78 %. Consequently, at the beginning of 2023 shareholders’ equity exceeded the volume of the company’s liabilities by 5,78%.
The volume of cash and cash equivalents as of December, 31st, 2022 has grown in 1,55 times and has amounted to UAH 167,73 mln that has resulted in the increase of the level of liabilities coverage by cash means: by 39,33 p.p. up to – up to 107,84 %.
In the analyzed period the activity of PrJSC IC “Brokbusiness” has been characterized by a high efficiency. In particular, according to the results of 2022 the operating profit of the insurer has grown up to UAH 70,37 mln, and its net profit has increased up to UAH 66,98 mln, while following the results of 2021 the company has received net and operating losses.
IC Brokbusiness works in the Ukrainian insurance market for more than 25 years and is presented in all regions of Ukraine. The insurer has 39 licenses for voluntary and obligatory types of insurance.
Brokbusiness insurer (Kyiv) in 2020 collected UAH 197.580 million of gross premiums, which is 6.48% less than a year earlier, the rating agency Expert-Rating reported on the confirmation of the financial stability rating of the insurer at the level “uaAA” on the national scale.
According to the agency, part of insurance premiums belonging to reinsurers increased by 2.59%, and their share in the structure of the company’s gross premiums increased by 0.78 percentage points, to 8.86%.
Brokbusiness made insurance payments and compensations in the amount of UAH 68.720 million, which is 24.35% less than in 2019. The level of payments of the insurer in 2020 decreased to 34.78%.
The company’s net worth as of December 31, 2020 increased by 10.03%, to UAH 91.2 million, the insurer’s liabilities increased by 6.49%, to UAH 138.21 million, the amount of cash and cash equivalents on the company’s accounts rose by 28.93%, to UAH 100.02 million.
The rating agency notes that the activity of Brokbusiness over 2020 was profitable, while in 2019 the company received net and operating losses. In particular, the financial result from the operating activities of the insurer for 2020 amounted to UAH 11.610 million, and its net profit to UAH 4.330 million.
As reported, Brokbusiness has been operating in the Ukrainian insurance market for over 25 years and is represented in all regions of Ukraine. The insurer has 39 licenses for voluntary and compulsory types of insurance.
Brokbusiness insurance company (Kyiv) in January-September 2019 collected UAH 159.4 million in gross premiums, which is 9.59% less than in the same period a year earlier, according to Expert-Rating agency that confirmed the company’s financial stability rating at “uaAA-“according to the national scale.
According to the agency, at the same time, part of insurance premiums owned by reinsurers almost doubled, to UAH 16.5 million, which accounted for 10.35% of gross premiums.
For the three quarters of 2019, the company made insurance claim fee payments in the amount of UAH 70.170 million. The insurer’s payment level increased by 6.12 percentage points, to 44.02%.
By September 30, 2019 the assets of Brokbusiness decreased by 0.37%, to UAH 222.7 million, net worth by 4.82%, to UAH 94.840 million, gross liabilities decreased by 3.91%, to UAH 127.850 million. As a result, the coverage of the insurer’s liabilities by net worth for this period increased by 6.18 percentage points, to 74.18%.
Cash and cash equivalents on the company’s accounts amounted to UAH 70.840 million, which is 16.85% less than at the end of the third quarter of the year before.
In the nine months, Brokbusiness posted a net loss of UAH 10.4 million, while in the nine months of 2018 the figure was UAH 16.7 million.
