Business news from Ukraine

Insurer Guardian increased payments by third

In August 2023, Guardian Insurance Company (Kyiv) collected UAH 109.5 million in payments, which is 22.94% more than in the same period a year earlier, according to the insurer’s website.

It is also reported that in August, the company increased insurance payments by 32.13% compared to the same period a year earlier – up to UAH 35.05 million.

Guardian Insurance Company is a member of the Presidium of the League of Insurance Organizations of Ukraine. In January 2020, it became a full member of the MTIBU and has the right to sell Green Card policies.

In October 2020, by the decision of the general meeting of members of the Nuclear Insurance Pool of Ukraine, Guardian Insurance Company became a member of the pool.


Guardian Insurance Company wins Ukrposhta’s tender

On August 24, Ukrposhta, the Ukrainian state postal service enterprise, announced its intention to conclude a contract with Guardian Insurance Company for the provision of compulsory motor third party liability insurance (MTPL).

According to the Prozorro electronic public procurement system, the company’s price offer amounted to UAH 681,743 thousand, with the expected value of the tender at UAH 2.166 million.

The tender was also attended by European Insurance Alliance (UAH 1.003 million) and Krayina (UAH 1.077 million).

Guardian Insurance Company has been operating in the insurance market since 2007.

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IC “Guardian” has increased collection of gross premiums by 90,4%, net premiums – by 84,7%

Insurance company “Guardian” (Kyiv) has collected UAH 673,8 mln of gross insurance premiums in January-June 2023, that is by 90,4% more than in the same period a year earlier, reported the rating agency “Expert Rating”, which updated the insurer’s financial strength rating at the level of “uaAA” on the national scale following the results of the mentioned period.

It is noted that net premiums of the company for six months have increased by 84,7% – up to UAH 603,3 mln. Of them “Green Card” accounts for 63,19%, compulsory motor liability insurance – 22,9%, VHI – 4,99%.

The level of indemnities of IC “Guardian” following the results of the first half of 2023 compared to the first half of 2022 has grown by 10,27 p.p. and has amounted to 26,74%.

According to RA data, shareholders’ equity of the company as of June 30, 2023 has grown by 25,91% – up to UAH 248,71 mln, gross liabilities – by 88,88% – up to UAH 672,32 mln. The high growth rates of gross liabilities have led to decrease in the ratio between shareholders’ equity and liabilities of IC “Guardian” by 18,50 p.p.. Thus, as of the beginning of H2 2023 this indicator has amounted to 36,99% that indicates an acceptable level of shareholders’ equity coverage of the insurer’s liabilities.

The volume of cash and cash equivalents on the company’s accounts throughout the reporting period has grown by 29,85% – to UAH 188,098 mln, and the level of cash coverage of liabilities has decreased by 12,71 p.p., to 27,98%. – to 27,98%.

RA also informs that the financial results of the insurer have decreased in the reviewed period. In particular, following the results of the first half of 2023 the company has received an operating loss in the amount of UAH 5,88 mln, and its net profit has amounted to UAH 3,68 mln, that is by 92,44% less than the net profit for the first half of 2022.

At the same time RA notes that as of June 30, 2023 the insurer has formed a portfolio of current financial investments in the amount of UAH 171,62 mln, which consisted of OVDP and OZDP. Presence in the portfolio of investments in government bonds has positively influenced its provision with liquid assets, which in aggregate covered 53,5% of insurer liabilities.

The Agency notes that according to the statements provided by the insurer, IC “Guardian” has complied with the criteria and norms of solvency and capital adequacy, liquidity, profitability, quality of assets and riskiness of insurer operations established by the legislation.

IC “Guardian” is a member of the Presidium of the League of Insurance Organizations of Ukraine. Since January 2020 it has received the status of a full member of the ITSBU, has the right to sell “Green Card” policies.


Guardian Insurance Company has increased payments by 3 times

In January-June 2023, Guardian Insurance Company (Kyiv) made insurance payments in the amount of UAH 180.2 million, which is three times more than in the same period a year earlier, the insurer said on Tuesday.

According to the company, UAH 673.8 million was collected during the period.

The level of insurance payments for the leading types of insurance amounted to 26.74%. In particular, for the Green Card – 22.6% with insurance premiums of UAH 452.8 million, for MTPL – 47.4% (UAH 154.3 million), for hull insurance – 45.9% (UAH 21.6 million).

Guardian insurer will insure vehicles of Chernivtsioblenergo

On 11 April Chernivtsioblenergo announced its intention to conclude a contract with Guardian Insurance Company on compulsory insurance of civil liability of owners of land vehicles (CMTPL).
According to a message in the electronic public procurement system Prozorro, the expected value is 308 thousand UAH, the company’s price offer is 164,4 thousand UAH.
Oranta insurance company also took part in the tender with the price offer of UAH 277,2 ths.
IC “Guardian” has been working in the insurance market since 2007.


“Kyivmiskbud” has commissioned the Residential Complex “Gvardeyskiy”

Holding company “Kyivmiskbud” has commissioned another completed object of “Ukrbud” – Residential Complex “Gvardeysky”.
According to the company’s press service, a certificate confirming the conformity of the completed facility and its readiness for operation has been issued by the State Architecture and Town Planning Inspectorate of Ukraine.
Residential complex “Gvardeyskiy” became the 11th commissioned complex out of 18 accepted by “Ukrbud” objects. To date, commissioned were: Residential Complex “Harmony”, “Sunny Riviera”, “Pectoral”, “Novomostitsky”, “Kharkovsky”, “Shevchenko”, Freedom and partly “Zlagoda”, “Podol Grad” and “Oberih-2”.
Holding company Kyivmiskbud was created on the base of assets of state communal building corporation Kyivmiskbud in 1994 by combination of control stock of 28 enterprises and other assets in its authorized capital. It consists of 40 JSC, in which the company holds the shares, six subsidiaries and 51 companies with the rights of the associated member.
The main shareholder of PJSC HC Kyivmiskbud, according to the National Securities and Stock Market Commission (SSMSC), as of September 2022 is the Kyiv City Council (80%).

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