From January to June 2024, PZU Ukraine Insurance Company (Kyiv) collected UAH 1.067 billion in insurance premiums, which is UAH 323 million or 43.4% more than in the first half of 2023.
According to the insurer, the largest increase in payments in the reporting period was recorded in the MTPL (+67%), VHI (+53%), green card (+46%) and comprehensive insurance (+21%) segments.
In the first half of the year, UAH 194 million in premiums were collected under comprehensive insurance contracts, accounting for 18% of the insurer’s total payments, UAH 259 million (24%) under the Green Card and UAH 304 million (28%) under the MTPL.
In turn, the VHI share of the company’s portfolio amounted to 15%, with UAH 165 million in premiums collected for VHI policies.
In the first half of 2024, the volume of income from other insurance contracts of IC “PZU Ukraine” amounted to UAH 145 million.
PZU Ukraine is part of one of the largest insurance groups in Central and Eastern Europe – the PZU Group (which also includes the parent company of PZU Ukraine – PZU S.A.).
In January-March 2024, ALC Insurance Company ARX Life (ARX Life, Kyiv) collected insurance premiums in the amount of UAH 79.085 million, which is 0.13% less 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 quarter decreased by 5.29% to UAH 17.01 million. Thus, the claims ratio decreased by 1.17 p.p. to 21.51%.
The insurer’s acquisition expenses for the first three months of 2024 decreased by 9.07% to UAH 43.567 million compared to the same period in 2023.
During the reporting period, the company generated a net profit of UAH 19.631 million, which is 55.43% more than in the first quarter of 2023.
As of April 1, 2024, the company’s assets increased by 7.19% to UAH 305.616 million, equity increased by 9.27% to UAH 231.404 million, liabilities increased by 1.17% to UAH 74.212 million, and cash and cash equivalents increased by 34.51% to UAH 53.069 million.
Thus, as of the beginning of the second quarter of 2024, the company’s capitalization level amounted to 311.81%, and the level of coverage of its liabilities by cash and cash equivalents was 71.51%.
At the same time, the Agency notes that as of the reporting date, the insurer made financial investments in the amount of UAH 246.039 million, which consisted of government bonds (91.90%) and deposits in banks (8.10%).
ARX Life is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the TOP-10 companies in the life insurance market in Ukraine.
In 2023, InterExpress Insurance Company (Kyiv) collected insurance premiums in the amount of UAH 58.616 million, which is 21.15% more than a year earlier.
This is reported by the rating agency Standard-Rating on the update of the company’s credit rating / financial strength (reliability) rating of the insurer on the national scale at the level of uaAA.
Revenues from individuals for the year decreased by 5.20% to UAH 23.223 million, and revenues from reinsurers in the analyzed period amounted to only UAH 132 thousand. Despite the increase in premiums from individuals, the insurer’s client portfolio is dominated by legal entities, as indicated by their share in gross premiums, which amounted to 60.15% in 12 months of 2023.
Insurance payments sent to reinsurers decreased by 37.35% to UAH 4,649 million. Thus, the ratio of reinsurers’ participation in insurance premiums decreased by 7.41 p.p. to 7.93%.
The company’s net written premiums increased by 31.75% to UAH 53.967 million, while earned premiums increased by 22.13% to UAH 53.111 million.
The volume of payments and reimbursements made by the insurer in 2023 decreased by 1.35% compared to 2022 – to UAH 17.065 million. Thus, the level of payments decreased by 6.64 p.p. to 29.11%.
In the analyzed period, IC Interexpress’ activities were profitable, while the insurer’s financial results showed a significant increase. Thus, the operating profit of IC “Interexpress” increased by UAH 23.408 million to UAH 24.340 million, and the net profit – by UAH 19.153 million to UAH 20.005 million.
As of January 1, 2024, the insurer’s assets increased by 53.88% to UAH 73.695 million, equity – by 56.31% to UAH 58.721 million, liabilities increased by 45.07% to UAH 14.974 million, cash and cash equivalents – by 56.09% to UAH 10.088 million.
RA also notes that as of the reporting date, the company has formed a portfolio of current investments in government bonds in the amount of UAH 5,828 mln.
InterExpress Insurance Company, registered in 2004, specializes in risky types of insurance.
In 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 64.4 million of insurance payments, which is 6.69% more than in 2022.
This is reported on the website of the rating agency Standard-Rating, which confirmed the financial strength rating/credit rating of the company at uaAA+ at the end of 2023.
The volume of insurance payments and reimbursements made by the company in 2023 amounted to UAH 34.352 million, which is 2.1 times higher than in 2022. Thus, the insurer’s claims ratio increased by 26.21 p.p. to 53.38%.
In 2023, the insurer’s acquisition expenses decreased by 6.55% compared to 2022 – to UAH 9.459 million.
The insurer’s net profit for 2023 amounted to UAH 35.128 million, while in 2022 it made a net loss. This is due to the recalculation of 2022 figures for the purpose of their comparability in connection with the first application of IFRS 9 and IFRS 17.
As of January 1, 2024, the company’s assets increased by 12.65% to UAH 797.322 million, equity showed an increase of 40.24% to UAH 274.978 million, liabilities – by 2.07% to UAH 522.344 million, funds and their equivalents decreased by 30.09% to UAH 2.504 million (the decrease is due to an increase in current financial investments).
The Agency notes that as of the beginning of 2024, the company’s equity capital covered 52.64% of the insurer’s liabilities, and 0.48% of its liabilities were secured by cash and cash equivalents.
Last year, the insurer formed a portfolio of financial investments in the amount of UAH 783.353 million, which included bank deposits (UAH 133.2 million) and investments in government bonds (UAH 650.153 million). Thus, as of the beginning of 2024, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 150.45% of the insurer’s liabilities, which indicates a very high level of liquidity of the company.
RA emphasizes that a high level of external support for the company is provided by its shareholder, Vienna Insurance Group Wiener Städtische Versicherung AG, an international insurance group headquartered in Austria, represented by 50 companies in 30 countries and a leader in the insurance market of Central and Eastern Europe.
In 2023, Universalna Insurance Company (Kyiv) collected UAH 1.891 billion in net insurance premiums, which is 56.3% more than in 2022, according to the website of the Standard Rating agency.
The agency has affirmed the credit rating/financial strength (reliability) rating of Universalna Insurance Company at uaAAA on the national scale based on the analysis of its performance for the specified reporting period.
According to the published data, in 2023, the company collected UAH 2.005 billion of gross premiums, which is 42.87% higher than the amount of premiums received in the same period in 2022.
In the reporting period, revenues from individuals increased by 42.59% to UAH 905.272 million, and from reinsurers – by 2.19 times to UAH 2.267 million. Despite the increase in premiums from individuals, legal entities prevailed in the company’s client portfolio in 2023. At the same time, according to the results of activities during 2023, the largest shares of premiums came from land transport insurance (except for railway) – 32.22%, as well as health insurance (continuous health insurance) – 28.53%.
Insurance payments sent to reinsurers in 2023 decreased by 41.01% compared to the same period in 2022 – to UAH 114.046 million. The ratio of reinsurers’ participation in insurance premiums decreased by 8.09 p.p. to 5.69%.
The volume of insurance claims paid by Universalna in 2023 more than doubled compared to 2022, to UAH 700.220 million. Thus, the level of payments increased by 10.16 percentage points to 34.92%.
The agency also notes that in the reporting period, the company’s net profit decreased by 25.04% to UAH 142.040 million, operating profit by 44.1% to UAH 104.9 million.
As of January 1, 2024, the insurer’s assets increased by 19.68% to UAH 1.471 billion, equity showed an increase of 23.16% to UAH 755.312 million, liabilities – by 16.22% to UAH 716.005 million, cash and cash equivalents decreased by 26.84% to UAH 172.546 million.
RA notes that as of the reporting date, Universalna Insurance Company has formed a portfolio of current financial investments in the amount of UAH 987.923 million, consisting of bank deposits (UAH 640.063 million) and government bonds (UAH 347.860 million). As a result, cash and cash equivalents covered 24.10% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) exceeded the insurer’s liabilities by 1.62 times, and the company’s liability/equity ratio was 105.49%.
Universalna has an international shareholder base, with the European Bank for Reconstruction and Development holding a 30% stake and Fairfax Financial Holdings Limited holding a 70% stake.
Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance and investment management.
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.
