In January-September 2024, PJSC “European Insurance Alliance” (Kyiv) collected UAH 220.9 million of net premiums, which is 23.03% higher than the volume of premiums for the same period in 2023, and also increased by 10.3% the collection of gross premiums – up to UAH 254.8 million.
In the report of the Standard Rating agency on the update of the company’s financial strength rating (credit rating) for the first nine months of 2024 on the national scale at the level of “uaAA”, it is noted that revenues from individuals increased by 34.3% to UAH 78.7 million, from reinsurers – more than doubled to UAH 0.875 million.
Thus, legal entities continue to dominate the company’s client portfolio.
During the reporting period, the company paid out UAH 121.8 million in insurance claims, which is 46.1% more than in the same period a year earlier.
As of the beginning of the fourth quarter of 2024, 53.36% of the company’s liabilities were covered by equity, and 10.49% by cash and cash equivalents.
At the same time, the company has formed a portfolio of financial investments consisting of government bonds and bank deposits in the amount of UAH 83.270 million. At the beginning of the fourth quarter of 2024, liquid assets (cash, government bonds and bank deposits) covered 67.27% of the company’s liabilities.
European Insurance Alliance has been operating in the Ukrainian insurance market since 1994. The company is a member of the Audit Commission of the MTIBU, a party to the agreement on direct settlement of losses on compulsory insurance of civil liability of owners of land vehicles and a member of the Board of the Nuclear Insurance Pool of Ukraine.
The company provides 30 types of voluntary and compulsory insurance, including property, motor, liability and personal insurance.
In January-September 2024, the equity of Express Insurance (Kyiv) increased by 13.2% compared to the same period in 2023 – up to UAH 342.3 million, technical reserves – by 25.1%, up to UAH 450.5 million.
According to the insurer, as of September 30, 2024, its assets increased by UAH 133.4 million, or 18.7%, to UAH 848.4 million, while highly liquid assets amounted to 88.7%, which ensures the company’s operational ability to pay claims.
“This increase in capital and reserves confirms the company’s strategic focus on long-term financial stability and protection of clients’ interests. For consumers, this is a guarantee that the company has sufficient resources for stable and uninterrupted operation, ensuring reliable protection of their interests,” the statement said.
As reported, in January-September 2024, Express Insurance made payments of UAH 377.4 million, which is 62%, or UAH 144.5 million, more than in the same period of 2023,
In particular, payments under motor hull insurance amounted to UAH 317.2 million (+56.1%), under motor third party liability insurance – UAH 49.7 million (2.3 times more), under voluntary health insurance – UAH 4.5 million (-11.1%), payments under other insurance contracts – UAH 10.5 million (+19.4%).
The company’s insurance premiums for this period amounted to UAH 679.6 million, which is UAH 168.4 million, or 33% higher than the same indicator for 9M2023. 2023. In particular, motor hull insurance premiums increased by UAH 91.6 million (+20.6%) to UAH 535.6 million, MTPL premiums – by UAH 70.9 million (+130.5%) to UAH 125.2 million, and other types of insurance – by UAH 8.8 million (+87.8%) to UAH 18.8 million.
The total level of payments to customers in January-September 2024 amounted to 55.5% compared to 45.6% for the same period last year.
Express Insurance ALC was founded in 2008 and is part of the UkrAVTO group of companies. The company specializes in motor insurance. The company’s consistently high claims settlement rate is ensured by optimal cooperation with partner service stations.
Since April 2012, Express Insurance has been an associate member of the Motor Transport Insurance Bureau of Ukraine.
In 2024, Ingo Insurance Company (Kyiv) paid a record UAH 231 million in insurance indemnities to 97% of farmers participating in the MeteoZahyst program from the representative office of the leading agrochemical company Syngenta Ukraine due to the extremely dry and hot season, the company’s press service reports.
According to the report, this figure is 10 times higher than the indemnity in the 2023 season and the highest compensation rate for the entire period of the program’s operation since 2016.
The insurance company noted that climate change continues to pose significant challenges for agriculture, as evidenced by crop damage caused by severe drought and heat in Ukrainian farms in the 2024 season. The implemented index insurance program from Syngenta in partnership with Ingo allowed 349 farms to partially reduce losses from adverse weather conditions.
“This season, MeteoZahyst’s coverage has expanded by 88% to 502,000 hectares. Due to unfavorable weather conditions, the amount of compensation increased 10 times, and the average level of compensation amounted to 52%. We support Ukrainian farmers, even in the frontline areas, with agro-technological innovations, services and unique financial products. When purchasing Syngenta products, each customer has the opportunity to apply for participation in our insurance program free of charge,” said Roman Khrypko, Head of Financial Programs and Insurance Solutions at Syngenta.
The company noted that the main crops covered by insurance payments in the 2024 season were corn and sunflower with a total area of 335 thousand hectares and a compensation amount of UAH 225 million. Agricultural producers have insured sunflower and corn crops in 1039 applications, including 1033 applications with 99% indemnification and 386 with 100% indemnification.
According to Khrypko, almost 50% of the total compensation amount was paid to farms in Kharkiv, Luhansk, Zaporizhzhia, Dnipro, Kherson and Mykolaiv regions.
“Thanks to our cooperation with Syngenta and the use of advanced index-based insurance methods, we are able to clearly record risks such as drought and provide farmers with effective tools to minimize losses. Losses are automatically triggered when weather indices exceed predefined thresholds. Therefore, farmers receive insurance compensation faster than in the case of conventional loss settlement,” said Ruslan Zymovets, Head of Agricultural Insurance at Ingo.
“In the 2024 season, MeteoZahyst offered insurance for sunflower, grain, corn and rapeseed crops against three weather risks: drought, heat and rain. The key period of the program’s operation is the flowering and grain filling phases.
Currently, the program authors are finalizing the terms of MeteoProtection 2025 to further support farmers.
Syngenta AG (Syngenta) is a Swiss company, one of the leaders in the production of plant protection products and seeds. The company was formed in November 2000 as a result of the merger of the agricultural divisions of Novartis AG and AstraZeneca Plc.
The company is headquartered in Basel, Switzerland. More than 28 thousand employees of the company work in 90 countries.
Ingo has almost 30 years of experience in the market. Since 2017, the main shareholder of the company is the Ukrainian business group DCH. The company is one of the largest insurance organizations in Ukraine in terms of premiums, own assets and insurance claims.
It holds 29 licenses for various types of compulsory and voluntary insurance and provides insurance services to corporate and retail clients.
“Ingo is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC). On September 21, 2023, the rating agency IBI-rating confirmed the long-term credit rating of JSC IC “Ingo” on the national rating scale at uaAA.
In January-September 2024, Express Insurance (Kyiv) made payments in the amount of UAH 379.2 million, which is 61.6% or UAH 143.8 million more than in the same period of 2023, according to the insurer’s website.
In particular, payments for hull insurance amounted to UAH 319 million (+55.5%), for MTPL – UAH 49.8 million (2.3 times more), for voluntary health insurance – UAH 4.5 million (-11.1%), payments under other insurance contracts – UAH 5.9 million (+65.2%).
At the same time, the company reports that in September 2024, payments to customers amounted to UAH 39 million (+35.9%) more than in September 2023. In particular, the company paid UAH 31.6 million (+28.9%) under hull insurance contracts and UAH 5.5 million (+58.4%) under MTPL contracts.
Express Insurance ALC was founded in 2008 and is part of the UkrAVTO group of companies. The company specializes in motor insurance. The consistently high speed of claims settlement in the IC is ensured by optimal interaction with partner service stations.
Since April 2012, Express Insurance has been an associate member of the Motor Transport Insurance Bureau of Ukraine.
In January-June 2024, ALC Insurance Company ARX Life (ARX Life, Kyiv) collected insurance premiums in the amount of UAH 168.235 million, which is 10.6% more than in the same period a year earlier, according to the website of RA Standard Rating, which updated the company’s credit rating/financial strength (reliability) rating at uaAAA on the national scale.
The volume of payments and reimbursements made by the insurer in the first half of the year decreased by 0.89% to UAH 31.534 million. Thus, the insurer’s claims ratio decreased by 2.17 percentage points to 18.74%.
In January-June 2024, the company’s acquisition expenses decreased by 6.46% to UAH 88.782 million compared to the same period in 2023.
During the reporting period, the company increased its net profit to UAH 43.936 million, or 51.16% of its figure for the first half of 2023.
As of July 1, 2024, the insurer’s assets increased by 18.67% to UAH 338.346 million, equity – by 20.75% to UAH 255.709 million, liabilities – by 12.66% to UAH 82.637 million, and cash and cash equivalents increased by 82.56% to UAH 72.027 million.
Thus, as of the beginning of the second half of 2024, the company had a high level of capitalization (309.44%), as well as the level of coverage of its liabilities by cash and cash equivalents (87.16%).
At the same time, RA notes that as of July 1, 2024, the insurer made financial investments in the amount of UAH 254.827 million. They consisted of government bonds and government bonds (98.11%) and deposits in banks (1.89%).
ARX Life is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the top ten companies in the life insurance market in Ukraine.
In January-June 2024, PJSC “Insurance Company ‘ARX’ (ARX, Kyiv) collected gross insurance premiums in the amount of UAH 1.955 billion, which is 14.38% more than in the same period a year earlier, according to the website of RA ‘Standard-Rating’ on updating the company’s credit rating/financial strength (reliability) rating at the level of ‘uaAAA’ on the national scale for 6 months. 2024.
It is noted that revenues from individuals increased by 7.93% to UAH 1.145 billion, and from reinsurers – by 2.13 times to UAH 5.789 million. Thus, in the first half of 2024, the share of individuals in the insurer’s gross premiums amounted to 58.58%, and the share of reinsurers – 0.30%.
Insurance payments sent to reinsurers in the first half of 2024 compared to the first half of 2023 increased by 34.43% to UAH 50.028 million, and the ratio of their participation in insurance premiums of IC “ARKS” increased by 0.38 p.p. to 2.56%.
The RA also notes that net written premiums increased by 13.94% to UAH 1.905 billion, and net earned premiums increased by 23.50% to UAH 1.902 billion.
The volume of insurance payments made by the insurer in the first half of 2024 compared to the same period in 2023 increased by 36.83% to UAH 856.077 million, the level of payments increased by 7.19 percentage points to 43.79%.
According to the results of the first six months, the company’s profit from operating activities amounted to UAH 53.192 million, and net profit amounted to UAH 287.453 million.
As of July 1, 2024, the company’s assets increased by 7.10% to UAH 4.750 billion, equity showed an increase of 13.18% to UAH 2.468 billion, liabilities increased by 1.21% to UAH 2.282 billion, cash and cash equivalents increased by 45.15% to UAH 284.967 million.
Thus, as of the beginning of the second half of 2024, 12.49% of the company’s liabilities were covered by cash and cash equivalents. At the same time, as of the reporting date, the insurer made financial investments in the amount of UAH 3.09 billion, which consisted of domestic government bonds and government bonds (90.46% of the investment portfolio) and deposits in banks with investment grade credit ratings (9.54% of the portfolio).
ARKS Insurance Company is part of the international insurance holding Fairfax Financial Holdings Ltd. The company has been a leader in the hull insurance segment of the Ukrainian market for 13 years.
