Business news from Ukraine

IC “Express Insurance” increased payments by 12.5%, indemnities by 53.8%

In January of this year, Express Insurance (Kyiv) collected insurance premiums in the amount of UAH 59.7 million, which is 12.5% more than in the same period of 2023.

As specified on the insurer’s website, during this period, contracts were concluded 2.5 times more than in 2023, and 2.4 times more than in January 2021.

Premiums for motor hull insurance amounted to UAH 47.723 million (+0.9% compared to January 2013), for MTPL – UAH 9.667 million (2.9 times more), VHI – UAH 1.3 million (+25.8%), and for other types of insurance – UAH 1 million (+97.8%).

As reported, in January, the company paid UAH 270.9 million, which is 53.8% or UAH 10.3 million more than in the same period of 2023. In particular, payments for motor hull insurance amounted to UAH 26 million, which is 58.4% more than in January 2023, for MTPL – UAH 2.842 million (+ 24.3%), VHI – UAH 684.7 thousand (+ 21.5%), and for other types of insurance – UAH 257.2 thousand (2.8 times more).

“Express Insurance” ALC was founded in 2008 and is a part of UkrAuto group of companies. The company specializes in motor insurance. Since April 2012, it has been an associate member of the Motor Transport Insurance Bureau of Ukraine.

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“Agroholding 2012” intends to acquire 9.95% of shares in IC Nadiina

Agroholding 2012 LLC (Horodok, Khmelnytsky region) intends to acquire 9.95% of shares in Nadiina Insurance Company (Kyiv), according to the information system of the National Securities and Stock Market Commission.

It is noted that the shares are to be purchased from an individual. Previously, Agroholding 2012 did not own the insurer’s shares directly or indirectly.

As reported, in January-September 2023, IC Nadiina collected insurance premiums in the amount of UAH 99.575 million, which is 1.68% more than in the same period last year. Net premiums increased by 3.01 times to UAH 44.430 million, and earned premiums increased by 3.55 times to UAH 44.086 million.

The volume of insurance claims and reimbursements made by the company in the first nine months of 2023 compared to the same period in 2022 increased 3.04 times to UAH 5.721 million. Thus, the payout ratio increased by 3.83 p.p. to 5.75%.

Profit from operating activities in January-September 2023 increased to UAH 27.042 million, and the insurer’s net profit increased to UAH 25.198 million.

As of September 30, 2023, the insurer’s assets increased by 46.66% to UAH 89.159 million, equity showed an increase of 51.33% to UAH 74.284 million, liabilities – by 27.07% to UAH 14.875 million, cash and cash equivalents increased 2.87 times to UAH 38.415 million.

Nadiina was registered in the Unified State Register of Legal Entities and Individual Entrepreneurs in 2006. The authorized capital is UAH 15 million. As reported on its website, as of the beginning of 2024, the company’s shareholders are eight individuals with 9.5%, one with 5%, and another with 19%.

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IC Inter-Policy plans to increase its authorized capital by UAH 17.7 mln

Inter-Policy Insurance Company (Kyiv) plans to increase its authorized capital by 58.4%, or by UAH 17.691 million to UAH 48 million, according to the agenda of the shareholders’ meeting scheduled for February 29, 2024, in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).

According to the document, the issue will be carried out through the issue of 31,422 thousand shares of the existing nominal value.

As reported, Inter-Policy Insurance Company was founded in 1993. It has 20 licenses for voluntary and compulsory insurance, as well as branches and representative offices in all major regional centers of the country.

According to the NSSMC, as of the second quarter of 2023, 50.0046% of the insurer’s shares were owned by JSC Ukrzaliznytsia, 9.9608% by IC Vostok-Zakhid, 9.96%, 9.786%, 5.312% and 5.076% by individuals.

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IC “Premier Alliance” and IC “Alfa Insurance” excluded from MTIBU members

Premier Alliance Insurance Company (formerly Salamander Ukraine, then Van Click) and Alfa Insurance Company have been expelled from the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).

This decision was made at the general meeting of MTIBU members held on January 22, a participant in the meeting told Interfax-Ukraine.

The membership of Premier Alliance Insurance Company was terminated on the basis of the company’s application in connection with the termination of its activities, all its funds were transferred to Salamandra Insurance Company, Alfa Insurance Company – due to the loss of the license for compulsory motor third party liability insurance (MTPL).

As reported, on December 20, 2023, the National Bank of Ukraine revoked all insurance licenses of Premier Alliance Insurance Company PrJSC and excluded information about it from the State Register of Financial Institutions based on the company’s application.

According to the NBU, according to the insurer’s latest financial statements for the first nine months of 2023, the company’s insurance premiums amounted to UAH 14.361 million, assets amounted to UAH 62.419 million, and insurance reserves amounted to UAH 3.840 million. Premier Alliance, like Salamandra, was part of the non-banking financial group Salamandra, the ultimate beneficiary and owner of which is Yuriy Yavtushenko.

As reported, on December 14, 2023, the NBU revoked all licenses of Alfa Insurance (Kyiv) due to violation of the regulations on licensing and registration of financial service providers, namely, inconsistency of business reputation of the owners of significant participation.

According to the NBU, according to the latest filed financial statements of PrJSC “IC “Alfa Insurance” as of September 30, 2023, the company’s insurance premiums amounted to UAH 3.991 million, the value of assets – UAH 644.129 million, insurance reserves – UAH 21.053 million. The company’s market share in terms of insurance premiums amounted to 0.13%.

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IC “Express Insurance” increased payments by 41.5%

In 2023, Express Insurance (Kyiv) paid insurance claims in the amount of UAH 331.1 million, which is 41.5% more than in 2022.

According to the company’s information, payments for hull insurance amounted to UAH 288.5 million, which is 39.4% more than in 2022, MTPL – UAH 31.5 million (+42.3%), VHI – UAH 6.5 million, which is 2.5 times more than last year.

Payments on other types of insurance amounted to UAH 4.6 million (+98.6%).

The company also reports that in December 2023, it paid UAH 33.1 million to customers, which is UAH 6.6 million more than the same period last year. In particular, payments for motor hull insurance for the past year amounted to UAH 29.8 million (+33.6%), for MTPL – UAH 2.8 million (-19.4% compared to December 2022).

Express Insurance ALC was founded in 2008 with the participation of UkrAVTO Corporation. Since April 2012, it has been an associate member of the Motor Transport Insurance Bureau of Ukraine.

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IC “Express Insurance” increased payments by almost 60%, number of contracts – by 91.5%

In January-November 2023, Express Insurance (Kyiv) collected insurance premiums worth UAH 652 million, which is 59.8% more than in the same period a year earlier, according to the company’s website.

The number of concluded contracts increased by 91.5% compared to January-November 2022 and by 26.2% compared to the same period in 2021, before the full-scale invasion.

Payments for hull insurance for 11 months amounted to UAH 563 million, which is 54.5% more compared to January-November 2022, for VHI – UAH 9.7 million (+42.8%), for other types of insurance – UAH 7 million (+32.5%).

The company reports that in November 2023, it attracted UAH 73.5 million in payments, which is almost 40% more than in November last year.

As reported, for 11 months of 2023, the company paid insurance claims in the amount of UAH 297.9 million, which is 43.9% more than in the same period a year earlier. Motor hull insurance payments amounted to UAH 258.7 million, which is 40.1% more than in the first 11 months of 2023, MTPL – UAH 28.7 million (+53.6%), VHI – UAH 6.1 million (+169%).

Payments on other types of insurance amounted to UAH 4.4 million (+124%).

Express Insurance ALC was founded in 2008 with the participation of UkrAVTO Corporation. Since April 2012, it has been an associate member of the Motor Transport Insurance Bureau of Ukraine.

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