On November 30, the shareholders’ meeting of InterExpress Insurance Company (Kyiv) decided to increase its authorized capital from UAH 7.3 million to UAH 32.3 million through an additional issue of UAH 25 million, the company reported in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
According to the report, 2.5 thousand shares with a par value of UAH 10 thousand are planned to be sold during the private placement.
It is also specified that at the time of the decision, the company’s shareholders are Viktor Kushnir – 55.068% of shares, Lyudmila Rud – 9.863%, Valery Andreitsev – 7.671%, Elena Troyan – 9.863%, Victoria Kushnir – 8.904%.
According to the published information, UAH 23 million from the issue will be allocated to deposit accounts, and UAH 2 million will be used to update the website for online sales of insurance products.
As reported, InterExpress Insurance Company was registered in 2004 and specializes in risky types of insurance.
In January-September 2023, the company collected gross insurance premiums in the amount of UAH 41.278 million, which is 18.76% more than in the same period a year earlier. Net premiums collected by the company increased by 26.67% to UAH 37.835 million, and earned premiums increased by 14.09% to UAH 38.475 million.
The volume of claims paid by the insurer increased by 3.42% to UAH 12.894 million, while their level decreased by 4.63 p.p. to 31.24%.
The financial result from operating activities increased to UAH 8.249 million, while net profit increased to UAH 6.947 million.
As of September 30, 2023, the insurer’s assets increased by 9.10% to UAH 52.249 million, equity – by 13.10% to UAH 42.488 million, liabilities decreased by 5.43% to UAH 9.761 million, and cash and cash equivalents – by 12.46% to UAH 5.658 million.
On December 1, 2023, the meeting of shareholders of PZU Ukraine Insurance Company (Kyiv) decided to increase the authorized capital to UAH 48.510 million from UAH 19.407 million by conducting an additional issue of shares in the amount of UAH 29.111 million, according to the NSSMC system.
It is specified that the closed issue will be carried out by increasing the nominal value of shares from UAH 10 to UAH 25 per share by allocating part of the funds from the profit for 2022 to the authorized capital.
As reported, PZU Ukraine finished 2022 with a financial result from operating activities of UAH 82.789 million and net profit of UAH 118.119 million, which is 12.4 times more than a year earlier.
In 2022, the company collected UAH 1.280 billion in gross written premiums, which is 27.03% less than in 2021, UAH 1.172 billion in net premiums (+6.76%) and UAH 1.110 billion in earned premiums (+13.38%).
The volume of payments and reimbursements made by the insurer for the specified reporting period amounted to UAH 575.537 million, which is 16.24% lower than the volume of reimbursements a year earlier.
As of December 31, 2022, the company’s assets decreased by 14.93% to UAH 2.425 billion, equity increased by 3.43% to UAH 853.817 million, liabilities decreased by 22.41% to UAH 1.571 billion, cash and cash equivalents increased 3.34 times to UAH 364.458 million.
PZU Ukraine is supported by one of the largest insurance groups in Central and Eastern Europe – PZU Group (which includes the parent company of PZU Ukraine – PZU S.A.).
In January-September 2023, ALC Insurance Company ARX Life (ARX Life, Kyiv) collected insurance premiums in the amount of UAH 234.7 million, which is 18.71% more than in the same period of 2022, according to the website of RA Standard Rating.
According to the RA’s information on updating the company’s credit rating/financial strength (reliability) rating at uaAAAA according to the national scale, the volume of payments and reimbursements made by the insurer for the first nine months of 2023 increased by 31% to UAH 49.426 million compared to the same period in 2022. Thus, the insurer’s claims ratio increased by 1.97 p.p. to 21.06%.
The insurer’s acquisition expenses for the first nine months of 2023 increased by 5.15% compared to the same period in 2022 – up to UAH 117.201 million.
According to the results of January-September, the company received a net profit of UAH 53.214 million, which is 3.09 times more than the profit received in the first nine months of 2022.
As of September 30, 2023, the insurer’s assets increased by 24.42% to UAH 287.277 million, equity increased by 44.46% to UAH 172.906 million, liabilities showed an increase of 2.86% to UAH 114.371 million, cash and cash equivalents decreased by 30.90% to UAH 45.745 million.
Thus, as of the beginning of the fourth quarter of 2023, the company had a very high level of capitalization (151.18%) and a sufficient level of coverage of its liabilities by cash and cash equivalents (40.00%).
At the same time, the RA notes that as of October 1, 2023, the insurer made financial investments in the amount of UAH 216.102 million, which consisted of government bonds (81.18%), government bonds (9.57%) and deposits in banks (9.25%).
ARX Life, like ARX, 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 January-September 2023, “Nadiina” Insurance Company (Kyiv) collected insurance premiums in the amount of UAH 99.575 million, which is 1.68% more than in the same period last year.
Such data was published in the information of RA Standard Rating on the update of the company’s credit rating/financial strength (reliability) rating at uaA+ on the national scale.
At the same time, premiums from individuals amounted to UAH 0.501 million, and premiums from reinsurers amounted to UAH 2 thousand. Thus, according to the results of nine months of 2023, the insurer’s client portfolio in terms of gross premiums was mainly formed by legal entities.
Insurance payments sent to reinsurers in the first nine months of 2023 decreased by 33.68% to UAH 55.145 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased from 84.91% to 55.38%, or by 29.53 percentage points.
The insurer’s net written premiums increased by 3.01 times to UAH 44.430 million, and earned premiums by 3.55 times to UAH 44.086 million.
The volume of insurance payments and reimbursements made by the company in the first nine months of 2023 compared to the same period in 2022 increased by 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.
As reported, the company was registered in the Unified State Register of Legal Entities and Individual Entrepreneurs in 2006. The authorized capital is UAH 15 million.
According to the NSSMC, as of the fourth quarter of 2022, the company’s shareholders were eight individuals with 9.5%, one with 5%, and another with 19%.
In January-September 2023, Grave Ukraine Life Insurance (Kyiv) collected UAH 286.5 million in net premiums, which is 10.3% more than in the same period of 2022.
According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its gross written premiums for the period amounted to UAH 334.6 million, which is 10.8% more than in the first nine months of 2022. UAH 48.154 million (+13.8%) was ceded for reinsurance.
For the first nine months, the company paid UAH 110.904 million, which is 29.4% more than in the same period last year.
The company’s administrative expenses amounted to UAH 30.299 million (+34.6%), and sales expenses amounted to UAH 126.9 million (+76.5%).
The financial result before tax amounted to UAH 50.769 million, which is 5.4 times more than in the first nine months of the previous year.
Net profit amounted to UAH 40.021 million (almost 10 times more).
As reported, Grave Ukraine Life Insurance and Grave Ukraine Insurance Company are part of the Grave Ukraine Financial Group, the ultimate beneficiary of which is GRAWE-Vermögensverwaltung (Austria).
In January-September 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 46.04 million of insurance payments, which is 7.66% more than in the same period of 2022.
This is reported on the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ for the first nine months of 2023.
The volume of insurance payments and reimbursements made by the company for the first nine months of 2023 amounted to UAH 26.172 million, which is 2.69 times higher than the volume of payments for the same period in 2022. Thus, the insurer’s claims ratio increased by 34.10 p.p. to 56.85%.
The insurer’s acquisition expenses for the three quarters of 2023 decreased by 19.71% to UAH 6.263 million compared to the same period of 2022. According to the results of the reporting period, the company’s operations were profitable. In particular, the insurer’s net profit increased to UAH 11.124 million.
As of October 30, 2023, the company’s assets increased by 5.92% to UAH 785.635 million, equity showed an increase of 13.03% to UAH 128.557 million, liabilities increased by 4.64% to UAH 657.078 million, cash and cash equivalents amounted to UAH 2.625 million (a decrease of 95.01% due to an increase in current financial investments).
Thus, as of the beginning of the fourth quarter of 2023, equity capital covered 19.56% of the insurer’s liabilities, and 0.4% of its liabilities were secured by cash and cash equivalents.
At the same time, RA notes that as of October 1, 2023, the insurer formed a portfolio of financial investments in the amount of UAH 741.204 million, which included bank deposits (UAH 168.9 million) and investments in government bonds (UAH 572.304 million). Thus, as of the beginning of the fourth quarter of 2023, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 113.20% of the insurer’s liabilities.
RA emphasizes that a high level of external support for the company is provided by its shareholder, the international insurance group headquartered in Austria, Vienna Insurance Group Wiener Städtische Versicherung AG, which is represented by 50 companies in 30 countries and is the leader in the insurance market of Central and Eastern Europe.
