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.
Insurance company Busin (Kyiv) has collected UAH 293.238 mln of gross premiums in 2023, that is by 10.63% less than a year earlier, the rating agency Standard-Rating reported in the information on updating the credit rating/rating of financial stability of the insurer at the level of “uaAA+” on the national scale on the basis of the analysis of its statements for the specified period.
According to the report, receipts from individuals for this period have grown by 7,19% – to UAH 1,446 mln, and from reinsurers, on the contrary, have decreased by 7,39% – to UAH 43,182 mln.
Insurance payments sent to reinsurers for 2023 decreased by 10.62% compared to 2022 – to UAH 193.951 million. Despite such decrease, the ratio of reinsurers’ participation in insurance premiums remained almost unchanged – at the level of 66.14%.
Net premiums for the year decreased by 10.65% – to UAH 99.287 mln, while earned premiums increased by 30.89% – to UAH 114.479 mln.
For 2023, the company paid UAH 1,317 mln of insurance payments and indemnities to its clients, which is 91,70% more than for 2022. Thus, the level of payments has increased by 0,24 p.p. – to 0,45%.
The financial result from operating activity of IC “Busin” for 2023 has grown to UAH 65,143 mln, and net profit has amounted to UAH 55,218 mln.
Assets of the insurer on January 1, 2024 have decreased by 4,04% – to UAH 586,909 mln, shareholders’ equity has increased by 20,88% – to UAH 243,016 mln, liabilities have decreased by 16,25% – to UAH 343,893 mln, cash and cash equivalents have increased by 25,97% – to UAH 265,873 mln.
According to the information provided by RA IC “Busin”, as of January 1, 2024 has complied with the criteria of liquidity, profitability and quality of insurer assets, solvency and capital adequacy norms, riskiness norms of operations and asset quality norms.
IC Busin was registered in February, 1993. It specializes on risky types of insurance. It is a member of a number of professional and branch associations – League of Insurance Organizations of Ukraine, National Club of Insurance Payouts, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
