EXPO Insurance (Kyiv) in January-March 2019 collected UAH 7.021 million in net premiums, which is 42.86% more than a year ago, Standard-Rating has said in a document affirming the national credit rating of the company at “uaAA.”
According to the agency, in the first quarter of 2019, the company made UAH 24.078 million of insurance payments in claims, which is almost 30 times higher than the same indicator for the first quarter of 2018.
The level of payments amounted to 592.84%. Such a high rate of payments, the agency said, is associated with the specifics of the insurer’s activity in insuring major risks, in particular, aviation insurance for civil aviation.
In January-March 2019, the volume of gross premiums collected by the insurer amounted to more than UAH 4.062 million, which is 22.35% less compared to the same period last year. Income from individuals decreased 8%, to UAH 1.191 million, from reinsurers increased 74.22%, to UAH 252,000. Insurance payments sent to reinsurers in the first quarter amounted to UAH 2.959 million, and premiums earned increased 44.35%, to UAH 5.807 million.
Despite the negative financial result from operating activities, the company ended the first three months of the year with profit of UAH 381,000.
As of March 31, EXPO Insurance assets decreased 32.39%, to UAH 75.494 million, net worth increased 1.19%, to UAH 32.224 million, liabilities decreased 45.79%, to UAH 43.270 million, and liquid assets 8.91%, to UAH 11.659 million.
At the same time, Standard-Rating said that at the beginning of the second quarter of 2019, the company had a good level of capitalization (74.47%): 26.94% of its liabilities were covered by liquid assets in the form of cash and cash equivalents.
