Insurance company Busin (Kyiv) in January-September 2024 collected UAH 160.6 mln of gross premiums, which is 6.98% less than in the same period of 2023.
It was informed by the rating agency Standard-Rating in the information on updating of credit rating/rating of financial stability of the insurer at the level of “uaAA+” according to the national scale on the basis of the analysis for the specified period.
At the same time receipts from reinsurers have decreased by 22,75% – to UAH 29,186 mln.
Insurance payments sent to reinsurers have increased by 61,35% to UAH 178,299 mln in the nine months of 2024 compared to the same period of 2023. Thus, the ratio of reinsurers’ participation in insurance premiums increased by 47.02 p.p. to 111.03%.
Net premiums for the mentioned period of 2024 amounted to UAH 17,706 mln, and net earned premiums – UAH 25,694 mln. During this period the company has paid to its clients UAH 31,869 mln of insurance payments and indemnities, which is more than 44 times higher than the volume of insurance payments for the same period of 2023. Thus, the level of payouts has increased by 19,42 p.p. – To 19.84%.
Assets of the company as of October 1, 2024 have decreased by 4,89% – to UAH 298,706 mln, shareholders’ equity has decreased by 18,30% – to UAH 161,156 mln, liabilities have increased by 17,75% – to UAH 137,55 mln, cash and cash equivalents have increased by 26,51% – to UAH 322,196 mln.
IC Busin has been registered in February, 1993. It specializes on risk types of insurance. It is a member of a number of professional and branch associations – League of Insurance Organizations of Ukraine, Insurance Payments Club, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
PJSC Insurance Company VUSO (Kyiv) has collected UAH 2,494 billion of gross premiums in January-September 2024, that is by 24,4% more than in the same period of 2023, RA “Standard-Rating” informed in the information on confirmation of the company’s financial strength rating at the level of “uaAA” according to the national scale. According to the data on the website of the rating agency, receipts from individuals of the insurer for the specified period have increased by 13,01% – up to UAH 1,454 billion, from reinsurers – by 64,93%, up to UAH 37,018 mln. Thus, the share of individuals in gross premiums amounted to 58,29%, reinsurers – 1,48%.
Insurance payments sent to reinsurers for the first nine months of 2024 increased by 77,81% – up to UAH 282,831 mln. Thus, the ratio of reinsurers’ participation in insurance premiums has increased by 3,41 p.p. – up to 11,34%.
Net premiums collected by IC “VUSO” have grown by 19,78% – to UAH 2,211 bln, net earned premiums – by 18,98% – to UAH 2,014 bln.
IC “VUSO” for January-September 2024 paid out UAH 1,038 billion to clients, that is by 52,70% higher than the volume of insurance payouts for the same period of 2023. Thus, the level of payouts has increased by 7,72 p.p. – up to 41.63%.
RA also notes that following the results of three quarters of 2024 the financial results of the insurer have significantly improved: the profit from operating activities has grown in 22,6 times – up to UAH 183,760 mln, net profit – in 5,5 times, up to UAH 93,974 mln.
Assets of the company as of October 1, 2024 grew by 15.42% – to UAH 1.759 billion, shareholders’ equity – by 19.14% – to UAH 735.377 million, liabilities – by 12.89% – to UAH 1.024 billion, cash and cash equivalents – by 21.31% – to UAH 676.311 million.
According to RA data, as of the mentioned date the company has formed a portfolio of investments in government bonds in the amount of UAH 228,779 mln, which increased the level of security with liquid assets, which in aggregate covered 88,38% of its liabilities. Besides, the balance of funds in the centralized insurance reserve funds (IARF) of the insurer has amounted to UAH 344,624 m, that also positively influenced its liquidity.
IC “VUSO” was founded in 2001. It holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, is represented in all regions of Ukraine. It is a member of the Motor (Transport) Insurance Bureau of Ukraine (MTSBU) and the Ukrainian Insurance Federation (UIF), as well as a participant of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
Private JSC “Insurance company ‘Nadiyna’ (Kyiv) in January-September 2023 has collected gross insurance premiums in the amount of UAH 49,890 mln, that is by 49,9% less than in the same period a year earlier. This is evidenced by the data in the information of RA “Standard-Rating” on updating the company’s credit rating/rating of financial stability (reliability) of the insurer at the level uaA+ according to the national scale.
Thus premiums from individuals have amounted to UAH 0,36 m, and premiums from reinsurers have been absent. Thus, following the results of the nine months of 2024 the client portfolio of the insurer on gross premiums has been mainly represented by legal persons.
Insurance payments sent to reinsurers, for the reporting period have decreased by 78,57% compared to the same period of 2023 – to UAH 11,818 mln. The ratio of reinsurers’ participation in insurance premiums has decreased by 31,69 p.p. to 23,69%.
Net premiums of the insurer have decreased by 14,31% – to UAH 38,072 mln, and net earned premiums – by 19,28%, to UAH 35,586 mln.
The volume of insurance payments and indemnities made by the company has grown by 89,55% – up to UAH 10,844 mln. Thus, the level of payouts has grown by 15,99 p.p. and has amounted to 21,74%.
Profit from operating activities of the insurer has amounted to UAH 15,335 mln, and net profit has amounted to UAH 13,392 mln.
Assets as of November 1, 2024 have grown by 12,95% – to UAH 85,693 mln, shareholders’ equity – by 5,76%, to UAH 68,306 mln, liabilities – by 54,13%, to UAH 17,387 mln, cash and cash equivalents – by 39,94%, to UAH 57,572 mln.
As of the reporting date, the company formed a portfolio of current financial investments in the amount of UAH 6.195 mln, which consisted of investments in government bonds.
According to the company’s website, it was registered in the Unified State Register of Legal Entities, Physical Entrepreneurs in 2006. Its authorized capital is UAH 15 million.
Its shareholders are eight individuals – residents of Ukraine and one legal entity – Agroholding 2012 LLC.
In January-September 2023, PJSC “Ukrainian Agrarian Insurance Company” (UASC, Kyiv) collected UAH 17.863 million in gross premiums, which is 56.2% more than in the same period of 2022, according to the rating agency “Standard Rating”, confirming the company’s financial strength rating at the level of “uaAA” on the national scale.
According to a report on the RA website, in particular, revenues from individuals decreased by 22.41% to UAH 180 thousand, and there were no premiums from reinsurers in the period under review.
Insurance payments sent to reinsurers for the three quarters of 2023 compared to the same period of 2022 increased by 65.52% to UAH 8.592 million, and the reinsurer participation ratio in insurance premiums increased by 2.70 p.p. to 48.1%.
In addition, the insurer’s net written premiums increased by 48.53% to UAH 9,271 million, and earned premiums by 27.71% to UAH 10,540 million.
In the first nine months of 2023, the company paid UAH 2,761 million in insurance claims and reimbursements to its customers, which is 32.68% higher than in the first nine months of 2022. Given the higher growth rate of gross premiums compared to insurance claims, the level of payments in the analyzed period decreased by 2.74 p.p. to 15.46%.
According to the results of January-September 2023, the company received a net profit of UAH 1.099 million. Its assets increased by 13.64% to UAH 89.405 million, equity showed an increase of 1.86% to UAH 60.316 million, liabilities increased by 49.52% to UAH 29.089 million, cash and cash equivalents decreased by 76.92% to UAH 1.738 million.
RA informs that as of October 1, 2023, the company has formed a portfolio of current financial investments in the amount of UAH 78.054 million, consisting of deposits in banks with a credit rating of at least uaAA (UAH 18 million) and investments in government bonds (UAH 60.054 million).
IC Ukrainian Agricultural Insurance Company (formerly IC Salamandra-Dnipro) has been operating in the country’s market since 1995.
According to the company, 84.75% of its authorized capital is owned by Dobrobut Agrofirm, 5.5% by Astarta-Kyiv Firm LLC, and 9.75% by Poltavazernoproduct LLC.
As reported, in August this year, the NBU approved Astarta Holding PLS’s indirect ownership of 100% of the insurer’s shares.
PJSC “European Insurance Alliance” (Kyiv) has collected UAH 146,098 mln of gross premiums in January-June 2023, which exceeded by 39,43% the volume of premiums for the same period of 2022.
In the message of Rating Agency “Standard-Rating” on updating the financial stability rating (credit rating) of the company for the first half of 2023 on the national scale at the level of “uaAА” it is indicated that receipts from individuals have increased by 61.51% – to UAH 37.957 mln, and from reinsurers, on the contrary, have decreased by 24.10% to UAH 0.444 mln.
Thus, following the results of the first half of 2023 legal entities continue to prevail in the client portfolio of the company.
Net premiums collected by the company grew by 41.9% to UAH 125.6 mln, earned premiums – by 32.6% to UAH 113 mln.
During the reporting period, the company paid UAH 51.7 mln, which is 28.3% more than in the same period last year.
Net profit has amounted to UAH 1,9 mln (+76,3%), financial result from operating activities – UAH 3,95 mln (+20,3%).
Assets of the insurer as of June 30, 2023 have amounted to UAH 229,2 mln (+15,5%), shareholders’ equity – UAH 85,6 mln (-0,17%), cash and cash equivalent – UAH 74 mln (+29%).
PJSC ‘European Insurance Alliance’ has been working in the insurance market of Ukraine since 1994. It is a member of the Audit Commission of the ITSBU, a participant of the Agreement on direct settlement of losses on compulsory insurance of civil liability of owners of land vehicles and a member of the Council of the Nuclear Insurance Pool of Ukraine.
The Company provides 30 types of voluntary and compulsory insurance, including property, automobile, liability and personal insurance.
PJSC Alfa Insurance Company (Kyiv) collected UAH 509.015 million in gross premiums in January-June 2022, which is 24.7% less than in the same period of 2021, Expert Rating RA reported in information on confirmation of the company’s financial strength rating at the level of “uaAA +” on the national scale based on the results of work for the first half of the year.
According to the RA press release, the share of insurance premiums owned by reinsurers decreased by 60.5% – to UAH 1.836 million.
During the reporting period, the company made insurance payments in the amount of UAH 194.026 million, which is 0.42% more than in 6 months. 2021
As of June 30, 2022, the company’s equity increased by 21.97%, to UAH 378.43 million, and its gross liabilities – by 15.13%, to UAH 549.74 million. As a result, there was an increase in the indicator of covering the company’s liabilities with equity capital by 3.87 percentage points. – up to 68.84%. The volume of cash and cash equivalents on the accounts of IC Alfa Insurance increased by 16.33% – up to UAH 424.19 million, and the ratio between cash and gross liabilities of the insurer increased by 0.80 percentage points. – up to 77.16%.
The insurer’s assets increased by 17.8% to UAH 928.2 million.
The RA also notes that as of the reporting date, the company formed a portfolio of investments in government bonds (OVGZ and OZGP) in the amount of UAH 238.174 million, which had a positive effect on the provision of liquid assets.
The financial result from the operating activities of the insurer for the first half of 2022 compared to the same period in 2021 increased by 3.64 times – up to UAH 15.93 million, and its net profit increased by 4.18 times – up to UAH 19.38 million.
IC Alfa Insurance was founded in 2000 and is one of the top 10 leaders in the Ukrainian insurance market. Offers a versatile portfolio of services, including comprehensive business protection programs and a wide range of insurance products for individuals.
