The International Finance Corporation (IFC), a member of the World Bank Group, will acquire a stake in Knyazha Vienna Insurance Group (Knyazha VIG) and Ukrainian Insurance Group (USG) (both based in Kyiv), owned by Vienna Insurance Group (VIG), through a capital increase.
According to a press release from Knyazha VIG, subject to regulatory approvals, IFC will acquire approximately 20% in each of the two VIG companies, USG and Knyazha VIG.
The relevant agreement has been signed by IFC, VIG Holding, and the two Ukrainian companies.
“Thanks to the support and extensive expertise of IFC as a key partner, VIG plans to promote the development of the Ukrainian insurance market and further strengthen its position in Ukraine. IFC will provide support in the development of new products, sales development, and digitalization,” the statement said.
In addition, it is noted that with the support of the IFC, the companies plan to expand their product portfolio and accelerate digitalization. Building on its existing partnership with AON and Lloyd’s, VIG also intends to play an active role in the reconstruction of Ukraine after the end of the war.
“We have been working with the IFC since the end of 2022, when they acquired a stake in our Bulgarian pension fund Doverie. In Bulgaria, the main focus is on developing the pension business. In Ukraine, however, expanding insurance coverage is key to the country’s future reconstruction. Together with the IFC and our existing partners AON and Lloyd’s, we are preparing to play an active role in the country’s renewal process,” emphasized Peter Göflinger, Deputy CEO of Vienna Insurance Group.
According to Harald Riener, member of the Vienna Insurance Group’s Executive Board responsible for the Ukrainian market, Ukraine is and will remain part of VIG’s key market in Central and Eastern Europe.
“We are extremely proud of the resilience of our Ukrainian colleagues, whose unwavering dedication ensures the stability and profitability of companies even in the difficult conditions of war. Together with IFC, we are combining the experience of our teams and partners to offer highly sought-after insurance solutions for the country’s reconstruction after the end of the war, which we all sincerely hope for,” he said.
VIG has been operating in Ukraine for 21 years. The company currently ranks second in the market with an 11% share. Three VIG companies in Ukraine — USG, Knyazha VIG, and Knyazha Life VIG — achieved insurance premiums of EUR128 million in 2024.
In January-September 2025, PJSC Insurance Company Persha (Kyiv) collected UAH 1.034 billion in gross premiums, which is 24.19% higher than the figure for the first nine months of the previous year. Net premiums amounted to UAH 971.833 million (+25.68%), according to Standard Rating, which confirmed the company’s credit rating/financial stability rating at “uaAA” on the national scale based on its performance during the period.
In particular, it is noted that revenues from individuals grew by 40.75% to UAH 430.970 million, and from reinsurers by 9.04% to UAH 1.881 million. Thus, based on the results of the first nine months of 2025, the share of individuals in the insurer’s gross premiums was 41.69%.
Insurance payments sent to reinsurers for the first nine months of 2025 increased by 4.69% compared to the same period in 2024, to UAH 61.812 million, while the reinsurers’ share in insurance premiums decreased by 1.11 percentage points, to 5.98%.
RA reports that in the first three quarters of 2025, IC “Persha” paid its clients UAH 455.588 million in insurance payments and reimbursements, which is 42.15% higher than the amount of payments in the same period of 2024. Thus, the payout ratio increased by 5.57 percentage points to 44.08%.
During the reporting period, the insurer’s operating profit increased to UAH 86.949 million, and net profit to UAH 90.008 million.
As of October 1, 2025, the company’s assets grew by 22.18% to UAH 1.343 billion, equity increased by 41.75% to UAH 356.530 million, liabilities increased by 16.37% to UAH 986.008 million, and cash and cash equivalents grew by 96.9% to UAH 450.771 million.
At the same time, the RA notes that as of October 1, 2025, IC “Persha” had formed a portfolio of current financial investments in bank deposits in the amount of UAH 17.707 million, which, together with cash and cash equivalents, covered 47.51% of its liabilities.
PJSC Insurance Company Persha has been operating in the Ukrainian insurance market since 2001. The company’s main specialization is auto insurance. IC Persha is a member of the Motor Transport Insurance Bureau of Ukraine, the League of Insurance Organizations of Ukraine, and the National Insurer of International Road Transport (TIR).
Insurance company PJSC IC “PZU Ukraine” (Kyiv) attracted UAH 2.376 billion in premiums in January-September 2025, which is UAH 731 million, or 44.4%, more than in the corresponding period of 2024, according to the company’s press release.
The largest increase in payments for the reporting period was recorded in the segment of compulsory civil liability insurance for owners of land vehicles (OSCPV) – by 71%, to UAH 788 million, or 33% of the total volume, CASCO – by 29%, to UAH 398 million, or 17% of the total volume.
Under Green Card policies, the company attracted UAH 659 million in insurance premiums in the first nine months of 2025, which is 28% of the insurer’s total revenue and 60% higher than the corresponding figure for the same period in 2024.
Medical insurance accounted for 10% of the company’s portfolio, with the insurance company collecting UAH 229 million in payments (+46%) under such contracts during the period.
PZU Ukraine’s revenue from other insurance contracts amounted to UAH 301 million in the first nine months of 2025.
PJSC IC PZU Ukraine has been operating in the Ukrainian market since 1993. It is supported by one of the largest insurance groups in Central and Eastern Europe, PZU Group (which includes the parent company of PJSC IC PZU Ukraine, PZU S.A.).
In January-September 2025, the insurance company Universal (Kyiv) collected UAH 2.410 billion in gross insurance premiums, which is 27.3% more than in the same period of 2024, according to the website of the rating agency Standard Rating.
The agency updated the credit rating/financial stability (reliability) rating of Universal Insurance Company at “uaAAA” on the national scale based on an analysis of its performance during the specified period.
According to the published data, revenues from individuals increased by 34.70% to UAH 1.127 billion, while revenues from reinsurers, on the contrary, decreased by 57.71% to UAH 3.489 million. Thus, based on the results of the first nine months of 2025, legal entities prevailed in the company’s client portfolio.
Premiums ceded for reinsurance in the first nine months of 2025 increased by 35.02% compared to the same period in 2024, reaching UAH 122.285 million. Thus, the reinsurers’ share in insurance premiums increased by 0.28 p.p. to 5.07%.
The insurer’s net premiums increased by 26.96% to UAH 2.288 billion, while net earned premiums showed an increase of 30.13% to UAH 2.062 billion.
The volume of insurance payments made by IC Universal in January-September 2025 increased by 35.24% compared to the same period in 2024 and amounted to UAH 831.348 million. Thus, the payout ratio increased by 2.01 percentage points to 34.49%.
According to RA data, based on the results of the first three quarters of 2025 compared to the same period in 2024, the company’s operating profit increased by 15.42% to UAH 214.194 million, and net profit increased by 24.22% to UAH 228.781 million.
As of October 1, 2025, the insurer’s assets grew by 18.37% to UAH 2.304 billion, equity capital increased by 23.48% to UAH 1.203 billion due to an increase in retained earnings, liabilities increased by 13.24% to UAH 1.101 billion, cash and cash equivalents decreased by 1.13% to UAH 569.150 million.
As of the reporting date, the insurer’s equity exceeded its liabilities by 9.28%.
The agency also notes that the company formed a portfolio of current financial investments in liquid instruments in the amount of UAH 1.533 billion, which consisted of bank deposits (UAH 1.371 billion) and government bonds (UAH 162.500 million). Thus, as of the beginning of the fourth quarter of 2025, cash and cash equivalents covered 51.70% of the liabilities of PrJSC “IC ”Universalna,” while liquid assets (cash, bank deposits, and government bonds) exceeded the insurer’s liabilities by 1.91 times.
As reported, the main shareholder of IC “Universal” is Fairfax Financial Holdings Limited (Canada), a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance, and investment management.
On October 20, 2025, the supervisory board of SK Kraina terminated the powers of its chairman of the board, Leonid Moroz, in accordance with the current legislation of Ukraine and the company’s charter, the company reported in the NSSMC system.
By a decision of the supervisory board dated October 15, Alexander Nakonechny was appointed chairman of the board. For the past five years, he has held the positions of advisor to the chairman of the board of JSC SK Kraina and deputy chairman of the board for project implementation at SK Universalna.
It is also noted that by decision of the supervisory board, Leonid Moroz was appointed deputy chairman of the board for finance and economics.
Insurance Company Kraina has been operating in the Ukrainian insurance market since 1994. It is licensed to provide 23 types of insurance. The insurer’s regional network consists of 98 facilities throughout the country.
Vyacheslav Suprunenko owns 99.997% of the shares of IC “Kraina”.
In January-June 2025, PJSC Insurance Company Persha (Kyiv) collected UAH 666.9 million in gross premiums, which is 29.3% more than in the first half of last year, and UAH 622.5 million in net premiums (+29.5%), according to the rating agency Standard-Rating in its information on the confirmation of the company’s credit rating/financial stability rating at the level of “uaAA” on the national scale based on the results of the specified period.
In particular, income from individuals grew by 41.91% to UAH 262.406 million, and from reinsurers by 9.84% to UAH 1.730 million. The share of individuals in the insurer’s gross premiums reached 39.35%.
Insurance payments sent to reinsurers in the first half of 2025 increased by 26.99% compared to the same period in 2024, to UAH 44.364 million, The reinsurers’ share in insurance premiums decreased by 0.12 percentage points (pp) to 6.65%.
In January-June 2025, IC Persha paid its clients UAH 291.001 million in insurance payments and reimbursements, which is 39.75% higher than the amount of payments for the same period in 2024.
Thus, the payout ratio increased by 3.26 p.p. to 43.64%.
The insurer’s operating profit for the reporting period increased to UAH 26.601 million, and net profit to UAH 36.134 million.
As of July 1, 2025, the company’s assets grew by 17.51% to UAH 1.291 billion, equity increased by 20.33% to UAH 302.655 million, liabilities increased by 16.68% to UAH 988.597 million, cash and cash equivalents increased by 27.62% to UAH 292.168 million.
The agency notes that as of the reporting date, IC Persha had formed a portfolio of current financial investments in bank deposits in the amount of UAH 57.125 million, which together with cash and cash equivalents covered 35.33% of its liabilities.
PJSC Insurance Company Persha has been operating in the Ukrainian insurance market since 2001. The company specializes in motor insurance. IC Persha is a member of the Motor Insurers’ Bureau of Ukraine, the League of Insurance Organizations of Ukraine, and the National Insurer of International Road Transport Documents (TIR).
