Business news from Ukraine

BROKBUSINESS INSURER REDUCES GROSS PREMIUM COLLECTION

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.

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BROKBUSINESS INSURER REDUCES GROSS PREMIUM COLLECTION BY 10%

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.

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