Insurance company “Busin” (Kyiv) in 2022 collected 328.124 million UAH of gross premiums, which is 48.13% less than a year earlier, according to rating agency “Standard-Rating” in information about updated credit rating/ financial stability rating of the insurer at the level “uaAA+” on national scale based on analysis of its statements for this period.
It is noted that the receipts from individuals for this period have decreased by 49,53% to UAH 1,349 mln, and from reinsurers, on the contrary, have increased in 4,34 times to UAH 46,629 mln.
Insurance payments, sent to the reinsurers, in 2022 compared to 2021 decreased by 60,69% – down to 217,001 million UAH. As a result, the participation rate of reinsurers in insurance premiums decreased to 66,13%.
Net premiums have grown by 37,84% – up to 111,123 million UAH, and earned premiums – by 3,29%, up to 87,465 million UAH.
In four quarters of 2022 the company has paid out UAH 0,687 mln of indemnities to its customers, which is by 98,44% less than in 2021. Thus, the indemnities rate has decreased on 6,73 p.p. – up to 0,21%.
The financial result from operating activities of IC “Busin” has increased by 13,80% in 2022 in comparison with 2021 up to UAH 44,676 mln, and net profit – almost in 5,5 times, up to UAH 62,413 mln.
Assets of the insurer have decreased by 5,26% down to UAH 611,636 mln on December 31, 2022, shareholders’ equity has increased by 33,39% – up to UAH 201,031 mln, liabilities have decreased by 17,03% – down to UAH 410,605 mln, cash and cash equivalents have increased by 21,05% – up to UAH 211,065 mln.
IC Busin was incorporated in February, 1993. It specializes on risk kinds of insurance. It is a member of several professional and industry associations – League of Insurance Organizations of Ukraine, National Insurance Indemnity Club, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
Shareholders of Busin Insurance Company (Kyiv) plan to allocate UAH 13.6 mln to dividends and UAH 48.8 mln to increase charter capital out of UAH 62.4 mln of financial profit earned in 2022, according to the agenda of shareholders meeting scheduled for March 31.
According to the company’s information posted in the database of the National Securities and Stock Market Commission (NSSMC), the emission is planned by increasing the nominal value of shares.
The remaining profits in the amount of UAH 21.935 ths will be left undistributed.
Besides the shareholders of the company are planning to carry out a transition to a one-level structure of management of the company, to determine the number of members of the Board of directors, to approve the new edition of the company’s charter.
IC Busin was registered in February, 1993. It specializes on risk kinds of insurance. It is member of several professional and industry associations: League of Insurance Organizations of Ukraine, National Club of Insurance Indemnities, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
As reported, in March 2021, its shareholders Larisa Nepochatova and Oleksiy Ovchinnikov reduced their stakes from 49.9% to 25%. In turn, Denis Ovchinnikov and Ivan Ovchinnikov increased their stakes from 0.009% to 12.495% and Oleksandr Nepochatov from 0.009% to 24.99%.
The meeting of shareholders of “Busin” insurance company (Kyiv) on March 17 intends to terminate the authorities of Denis Ovchinnikov, the head of the board and to appoint Alexander Nepochatov to this position, the insurer reported in the information disclosure system of the National Commission on Securities and Stock Market.
As it was reported, Denis Ovchinnikov owns 12,495% of the company and has been heading the company for the last 5 years.
In March 2021, its shareholders Larisa Nepochatova and Alexey Ovchinnikov reduced their stake from 49.9% to 25%. In turn, Denis Ovchinnikov and Ivan Ovchinnikov have increased their stakes from 0.009% to 12.495%, Alexander Nepochatov – from 0.009% to 24.99%.
IC “Busin” in January-September 2022, the company has collected UAH 151,9 mln of gross premiums, which is by 71,57% less than a year before, net premiums have fallen by 23,70% to UAH 46,682 mln, earned premiums – by 30,91%, to UAH 52,596 mln.
During this period, the company has paid out UAH 649 th of insurance reimbursements, which is 76,59% less than during the same period of 2021. Thus, the level of payments has decreased by 0,09 p.p. – to 0,43%.
The financial result from operating activities of IC has amounted to UAH 11,269 mln, net profit has increased almost in six times – up to UAH 41,863 mln.
IC Busin was incorporated in February 1993. It specializes on risk kinds of insurance. It is a member of several professional and industry associations: League of Insurance Organizations of Ukraine, National Insurance Indemnity Club, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
Insurance company “Busin” (Kyiv) in January-September 2022 collected UAH 151.9 million of gross premiums, which is 71.57% less than a year earlier, the rating agency “Standard-Rating” reported in the information on updating the credit rating / financial strength rating of the insurer at the level of “uaAA+” on the national scale based on the analysis of its reporting for the specified period.
It is noted that the proceeds from individuals for this period decreased by 48.05% – to UAH 1.175 million, from reinsurers more than doubled – to UAH 23.714 million.
Insurance payments sent to reinsurers for the first nine months of 2022 compared to the same period of 2021 decreased by 77.76% – to UAH 105.182 million. As a result, the reinsurers’ participation ratio in insurance premiums decreased to 69.26%.
Net premiums decreased by 23.70% – to UAH 46.682 million, earned premiums – by 30.91%, to UAH 52.596 million.
For three quarters of 2022, the company paid UAH 649 thousand of insurance indemnities, which is 76.59% less than in the same period of 2021. Thus, the level of payments decreased by 0.09 p.p. to 0.43%.
The financial result from operating activities of the IC amounted to UAH 11.269 million, net profit increased almost sixfold to UAH 41.863 million.
The company’s assets as of September 30, 2022 decreased by 34.66% to UAH 421.839 million, equity increased by 19.78% to UAH 180.522 million, liabilities decreased by 51.23% to UAH 241.317 million, cash and cash equivalents increased by 13.50% to UAH 197.89 million.
IC “Busin” was registered in February 1993. It specializes in risky types of insurance. It is a member of a number of professional and industry associations – League of Insurance Organizations of Ukraine, National Club of Insurance Payments, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
Busin Insurance Company (Kyiv) has resumed the operation of the largest obligatory aviation liability reinsurance contract on the Ukrainian insurance market with a limit of $550 million and an obligatory reinsurance contract for aviation CASCO with a capacity of $6 million, according to the website of the insurer.
It is also noted that the well-known syndicates of Lloyds and the world’s leading companies with a high rating of financial reliability are involved in reinsurance contracts. The obligatory program fully applies to retrocession risks, which guarantees prompt consideration of proposals and reliable coverage of risks from reinsurance partners.
SK “Busin” was registered in February 1993. Specializes in risk types of insurance. He is a member of a number of professional and industry associations: the League of Insurance Organizations of Ukraine, the National Insurance Claims Club, the International Association of Aviation Insurers (UA), the Nuclear Insurance Pool, the American Chamber in Ukraine, the British Business Club.
Ukraine’s State Air Traffic Services Enterprise (UkSATSE) and Busin Insurance Company (Kyiv) have concluded an agreement on compulsory aircraft insurance on June 27 (3 planes), according to information on the ProZorro portal. The bid was expected at UAH 3.127 million, Busin’s actual bid was UAH 2.920 million.
IC INGO whose bid was UAH 2.940 million also took part in the bidding.
UkSATSE was founded in 1992. The main mission of UkSATSE is to provide an efficient and safe air navigation services in the Ukrainian airspace and in the airspace over the high seas where the responsibility for providing air traffic services is delegated to Ukraine under the international agreements.
It services five areas of responsibility covering 774,569 km.
