Business news from Ukraine

GRAWE INCREASES COLLECTION OF PREMIUMS IN UKRAINE BY 18.4%

GRAWE Ukraine insurer (Kyiv) in January-September 2021 collected UAH 92.503 million in net premiums, which is 18.4% more than in the same period last year, according to the company’s report posted in the information disclosure system of the National Securities and Stock Market Commission.
It is also noted that the company’s gross premiums for the reporting period increased by 24.5%, to UAH 104.247 million. Some UAH 6.031 million was transferred to reinsurance (more by 5.6%).
For the nine months, the company paid out UAH 56.727 million, which is 18.5% more than in January-September 2020.
Administrative expenses of the company amounted to UAH 11.363 million (less by 5.7%), sales expenses – UAH 37.271 million (more by 12.7%).
Pretax financial result was a loss of UAH 10.037 million against a negative financial result of UAH 4.539 million for the nine months a year earlier. Net loss was UAH 13.164 million against its indicator of UAH 7.050 million in January-September last year.
INPRO insurance company became a member of the Austrian financial concern GRAWE (Grazer Wechselseitige Versicherung AG) on April 10, 2008 and was renamed PrJSC Insurance Company GRAWE Ukraine. The regional network of the company includes about 23 customer service centers throughout Ukraine.

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INSURERS OF UKRAINE INCREASE COLLECTION OF PREMIUMS BY QUARTER

Ukrainian insurance companies in January-June 2021 collected net premiums in the amount of UAH 23.480 billion, which is 25.6% more than in the same period of 2020 (UAH 18.688 billion), according to the website of the National Bank of Ukraine (NBU).
According to the regulator, the volume of gross insurance premiums collected by insurers over the specified period amounted to UAH 24.780 billion, which is 17.9% more than in the first half of 2020 (UAH 21.008 billion). Including premiums received from individuals amounted to UAH 12.944 billion (a rise of 35%), from reinsurers – UAH 1.646 billion (8.9% less).
In the six months ending June 2021, insurers paid out UAH 8.552 billion of net insurance payments, which is 28.8% more than in the first half of the year earlier (UAH 6.642 billion). The level of net payments grew from 35.5% to 36.4%.
Gross insurance payments rose by 27.3%, to UAH 8.703 billion. The level of gross payments increased from 32.5% to 35.1%. Of the total volume of gross payments, payments to individuals amounted to UAH 4.235 billion (a rise of 35.3%), to reinsurers – UAH 136.6 million (42.5% less).
The volume of insurance payments belonging to reinsurers, according to the results of the first half of the year, amounted to UAH 4.661 billion, which is 11.2% more than in the same period a year earlier, including UAH 2.729 billion to nonresident reinsures (a rise of 41.1%).
As of June 30, 2021, the assets of Ukrainian insurers on the balance sheet amounted to UAH 65.186 billion, while on the same date a year earlier – UAH 61.888 billion. The volume of assets determined by legislation to represent insurance reserves decreased by 17.3% to UAH 45.995 billion.
The regulator also said that in the first half of the year, the volume of formed insurance reserves grew by 11.7%, to UAH 35.031 billion. The volume of paid charter capital fell by 6.6%, to UAH 8.966 billion.
In the reporting period, 63.170 million insurance contracts were concluded (a rise of 9.1%).
According to the NBU, the total number of insurance companies in Ukraine as of June 30, 2021 was 181, while on the same date a year earlier it was 215, including 19 (20) life insurers. At the same time, 166 insurance companies submitted reports on their activities to the regulator.

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INGO LIFE INSURER INCREASES PREMIUM COLLECTION BY 4.4%

INGO Life Insurance Company (Kyiv) in January-June 2020 collected UAH 23.7 million of insurance premiums, which is 4.4% more compared to the same period a year earlier, the insurer said in a press release.
According to the report, the total amount of paid insurance claim fees by the company for this period was UAH 6.2 million, of which for death cases some UAH 286,500, for cases of disability some UAH 394,200, for cases of hospitalization and temporary loss of working capacity some UAH 1.6 million, due to critical illness some UAH 3.648 million.
It is also indicated that in the first half of the year, payments were made under long-term accumulative insurance contracts related to the survival of the insured person until the end of the insurance period for a total amount of UAH 224,400.
The largest payments for the first quarter were UAH 1 million, UAH 734,300 and UAH 605,300 in connection with the diagnosis of a critical illness.
In November 2007, INGO Life received a perpetual license to carry out life insurance activities. Since April 26, 2013, INGO Life has been representing the interests of Generali Employee Benefits (GEB) in Ukraine.

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EUROINS UKRAINE INSURER INCREASES PREMIUM COLLECTION BY 32%

PrJSC Euroins Ukraine Insurance Company for the seven months of 2020 attracted UAH 197.9 million of insurance premiums, which is 32% more than in the same period of 2019, according to a press release from the insurer.
The most popular types of insurance are KASKO with UAH 37.1 million, OSAGO with UAH 91.7 million, voluntary medical insurance with UAH 14.7 million.
In addition, it increased the volume of premiums for insurance against fire risks, accidents, property insurance and insurance of liability to third parties.
The volume of insurance payments by Euroins Ukraine from January to July 2020 amounted to UAH 62.6 million, in particular, UAH 20.5 million were paid under KASKO agreements, UAH 35 million for OSAGO, and UAH 5.4 million for voluntary medical insurance.
As of June 30, 2020, the company’s insurance reserves amounted to UAH 175.003 million, assets UAH 380.359 million.
According to data from chairman of the board Yanko Nikolov, which are given in a press release, in 2020 the company, following legal requirements, plans to increase insurance premiums to UAH 320 million.

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UKRAINIAN COURT OF APPEAL OVERTURNS JUDGMENT ON SEIZURE POROSHENKO’S COLLECTION OF PAINTINGS

Kyiv Court of Appeal overturned the judgment of Pechersky District Court of Kyiv on seizure of 42 paintings of fifth President of Ukraine, Leader of the European Solidarity Party Petro Poroshenko, under the investigation into the alleged illegal movement of art treasures across the state border.
The Register of Judgments states that the decision to cancel the seizure was issued on July 27, 2020.
“The appeal of lawyer Holovan must be redressed. The decision of the investigating judge of Pechersky District Court of Kyiv dated May 27, 2020, who seized property of 42 paintings and one lithograph, which are material evidence in criminal proceedings has to be cancelled and new decision, which to refuse in sustaining the prosecutor’s motion for the seizure of property has to be made,” Kyiv Court of Appeal said in its decision.
As reported, on May 26 The Ukrainian State Bureau of Investigations (SBI) has summoned fifth president of Ukraine and MP Petro Poroshenko for questioning as a witness in two criminal cases (illegal transfer of the collection of paintings across the state border and illegal use of the technical means of obtaining the information).

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UKRAINIAN LIFE INSURERS RAISE PREMIUM COLLECTION BY 22.8% IN Q1, 2020

Life insurance companies of Ukraine in January-March 2020 collected UAH 1.253 billion of gross insurance premiums, which is 22.8% more than in the same period in 2019.
According to the report on the website of the National Commission for the State Regulation of Financial Services Markets, 95% of total insurance premiums came from individuals, 5% from legal entities.
For the first quarter of 2020, the number of insured individuals increased by 11.8% or by 543,326 people, to 5.132 million people.
During this period, life companies paid customers UAH 146 million, which is 0.1% less than for the same period in 2019
The value of changes in life insurance reserves amounted to UAH 851 million, which is 3.7 times more than a year earlier. In particular, investment income, which is used when calculating insurance tariffs, amounted to UAH 75.1 million (16.6% more), and indexation of the amount of insurance sums some UAH 20.5 million (26.3% less).
In the first quarter of 2020, six life insurance companies received a negative value of growth in life insurance reserves totaling UAH 7.9 million, which is associated with the early termination of insurance contracts (in the first quarter of 2019, while seven life insurers declared a negative value for the total amount of UAH 25.4 million).

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