In January-June 2023, PrJSC “Insurance Company “Nadiina” (Kyiv) collected insurance premiums in the amount of UAH 66.943 million, which is 10.14% more than in the same period a year earlier, according to the information of RA “Standard Rating” on updating the company’s credit rating/financial strength (reliability) rating at uaA+ according to the national scale.
At the same time, premiums from individuals amounted to UAH 267 thousand, and premiums from reinsurers – UAH 2 thousand. Thus, according to the results of the first half 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 half of 2023 decreased by 34.69% to UAH 34.178 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased from 86.09% to 51.06%, or by 35.03 p.p.
The insurer’s net written premiums increased 3.88 times to UAH 32.765 million, and earned premiums increased 4.69 times to UAH 33.326 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2023 compared to the same period in 2022 increased 9.97 times to UAH 3.996 million. Thus, the level of payments increased by 5.31 p.p. to 5.97%.
The company’s profit from operating activities for the reporting period increased to UAH 21.904 million, and the insurer’s net profit increased to UAH 20.411 million.
As of July 1, 2023, the company’s assets increased by 30.75% to UAH 79.488 million, equity showed an increase of 41.58% to UAH 69.497 million, liabilities decreased by 14.65% to UAH 9.991 million, cash and cash equivalents increased 2.78 times to UAH 37.195 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 Q4 2022, the company’s shareholders were 8 individuals with 9.5%, one with 5%, and another with 19%.
Insurance company “Universalna” (Kiev) in January-June 2023 collected UAH 982.4 million of gross insurance premiums, which is 2.06 times more than in the same period of 2022, according to the website of the rating agency “Standard-Rating”.
It is indicated that the agency confirmed the credit rating / financial strength (reliability) rating of IC “Universalna” at the level of “uaAAA” on the national scale based on the analysis of work for the reporting period.
According to the published data, receipts from individuals increased by 83.83% to UAH 430.9 mln, and from reinsurers – by 72.43% to UAH 838 thousand. Despite the growth of premiums from individuals, following the results of H1 2023 legal entities prevailed in the client portfolio of the company. At the same time, the largest share of premiums received (more than 35%) came from voluntary health insurance (continuous health insurance).
Insurance payments sent to reinsurers in the first half of 2023 compared to the same period of 2022 decreased by 3,86% – to UAH 32,909 mln. Thus, the ratio of reinsurers’ participation in insurance premiums has decreased by 3,86 p.p. – to 3,35%.
Net premiums of the insurer have grown in 2,15 times – up to UAH 949,471 mln, and earned premiums have shown growth by 40,43% – up to UAH 747,399 mln.
The volume of insurance payments made by IC “Universalna” for the first half of 2023 compared to the same period of 2022 has grown by 86,48% – up to UAH 288,5 mln. Taking into account the high growth rates of gross premiums over insurance payments and indemnities, the level of payments decreased by 3,22 p.p. – to 29,36%.
RA notes that following the results of the first half of 2023 the operating profit of the insurer has amounted to UAH 50,661 mln, and net profit – UAH 63,681 mln.
Assets of the company on June 30, 2023 have grown by 9,20% – up to UAH 2,032 billion, shareholders’ equity has shown growth by 11,09% – up to UAH 637,9 million, liabilities have increased by 8,35% – up to UAH 1,395 billion, cash and cash equivalents have grown by 1,34% – up to UAH 239,1 million.
As of the reporting date, the company has formed a portfolio of current financial investments, consisting of bank deposits (UAH 564,829 mln) and government bonds (UAH 227,905 mln). As of the beginning of H2 2023, cash and cash equivalents covered 17.14% of the company’s liabilities, liquid assets – 73.99%, and the indicator of coverage of liabilities by its capital in the company amounted to 45.74%.
IC “Universalna” has an international structure of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70% of shares.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
Private JSC “Insurance Guarantees of Ukraine” (SGU) has collected UAH 350 th. of gross premiums in January-June 2023, that is by 23,4% more than in the same period a year earlier, follows from the information of rating agency “Expert Rating” on confirmation of insurer’s financial strength rating/credit rating on national scale at the level “uaAA” following the results of its work for the specified period.
It is noted that insignificant volumes of gross premiums of the insurer in the analyzed period, among other things, are connected with specialization of “SGU” in cargo insurance and with essential reduction of transportation of those in need of insurance due to attack of Russia and introduction of martial law in Ukraine.
The company did not make any payments during this period.
As of June 30, 2023 shareholders’ equity of the company has grown by 6,03% – up to UAH 38,75 mln, gross liabilities – by 17,74%, up to UAH 18,75 mln, that has led to decrease of equity/liabilities ratio by 22,82 p.p. to 206,63%. – to 206,63%. The volume of cash and cash equivalents has grown by 3,46% and has amounted to UAH 47,01 mln, and the level of cash coverage of the insurer’s liabilities has decreased by 34,62 p.p. to 250,68%. – To 250,68%.
“Consequently, as of the beginning of the second half of 2023 Private JSC “SGU” had a very high level of provision with highly liquid assets, the volume of which in 2,51 times exceeded gross liabilities of the insurer”, – stated in the message.
Following the results of the first half of 2023 the activity of Private JSC “SGU” was unprofitable: the insurer received net loss in the amount of UAH 1,399 mln (for 6 months of 2022 – UAH 665 thousand) and operating loss – UAH 2,165 mln (UAH 1,320 mln).
Private JSC “SGU” was registered in November, 2005. It has licenses for 15 types of insurance activities, including four licenses for compulsory insurance and 11 licenses for voluntary insurance.
The National Bank of Ukraine (NBU) has fined IC Kredo (Zaporizhzhya) 153 thousand UAH for violation of requirements in the sphere of financial monitoring.
As reported on the website of the regulator, the fine was imposed, in particular, for improper fulfillment of obligations to develop and implement internal documents on prevention and counteraction, for failure to provide training activities for agents of the institution (their employees) in order to understand their responsibilities and procedures.
As well as for violations of NBU regulations, in terms of providing the National Bank with information (statistical reporting) on prevention and counteraction with errors, and in terms of improper fulfillment of the obligation to apply a risk-oriented approach in its activities.
Among the violations also named improper fulfillment of the obligation to permanently form and enter in electronic form a list of clients with established by the institution levels of risk of business relations and facts of identification of the client’s belonging to the category of politically exposed persons, family members or persons related to a politically exposed person.
IC Kredo, registered in 2004, specializes on rendering services in the sphere of risk insurance.
According to the data of the company as of the beginning of the current year its shareholders are Steelbrok LLC -41,984%, Scientific and Production Limited Liability Company Neon -14,149%, Victor Krivtsun -12,287% and Vitaliy Chaika -33,835%.
In January-June 2023, InterExpress Insurance Company (Kyiv) collected insurance payments in the amount of UAH 26.099 million, which is 16.79% more than in the same period a year earlier, according to the information of the rating agency Standard-Rating on updating the company’s credit rating / financial strength (reliability) rating of the insurer on the national scale at uaAA.
It is noted that revenues from individuals increased by 46.59% to UAH 10.626 million in the analyzed period, while revenues from reinsurers in the analyzed period amounted to only UAH 19 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 59.22% in the first half of 2023.
Insurance payments sent to reinsurers in the first half of 2023 decreased by 28.33% to UAH 2,881 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased by 6.95 p.p. to 11.04%.
Net written premiums increased by 26.69% to UAH 23,218 million, while earned premiums increased by 3.56% to UAH 24,256 million.
The volume of payments and reimbursements made by the insurer in the first half of 2023 compared to the same period of 2022 increased by 1.33% to UAH 9.191 million. Given the higher growth rate of gross premiums compared to claims, the level of payments decreased by 5.37 p.p. to 35.22%.
It is also noted that the company’s activities in the analyzed period were profitable: for the first half of 2023, the financial result from operating activities amounted to UAH 2.306 million, and net profit amounted to UAH 2.497 million.
As of June 30, 2023, the company’s assets increased by 12.75% to UAH 53.997 million, equity showed an increase of 20.60% to UAH 45.307 million, liabilities decreased by 15.81% to UAH 8.690 million, cash and cash equivalents decreased by 35.94% to UAH 4.140 million.
The RA also notes that as of July 1, 2023, PrJSC IC “InterExpress” invested UAH 8,011 million in government bonds. The availability of such investments had a positive impact on the provision of PJSC IC “Interexpress” with liquid assets, which in total exceeded the insurer’s liabilities by 1.4 times.
IC “InterExpress” was registered in 2004 and specializes in risky types of insurance.
Insurance company “Guardian” (Kyiv) has collected UAH 673,8 mln of gross insurance premiums in January-June 2023, that is by 90,4% more than in the same period a year earlier, reported the rating agency “Expert Rating”, which updated the insurer’s financial strength rating at the level of “uaAA” on the national scale following the results of the mentioned period.
It is noted that net premiums of the company for six months have increased by 84,7% – up to UAH 603,3 mln. Of them “Green Card” accounts for 63,19%, compulsory motor liability insurance – 22,9%, VHI – 4,99%.
The level of indemnities of IC “Guardian” following the results of the first half of 2023 compared to the first half of 2022 has grown by 10,27 p.p. and has amounted to 26,74%.
According to RA data, shareholders’ equity of the company as of June 30, 2023 has grown by 25,91% – up to UAH 248,71 mln, gross liabilities – by 88,88% – up to UAH 672,32 mln. The high growth rates of gross liabilities have led to decrease in the ratio between shareholders’ equity and liabilities of IC “Guardian” by 18,50 p.p.. Thus, as of the beginning of H2 2023 this indicator has amounted to 36,99% that indicates an acceptable level of shareholders’ equity coverage of the insurer’s liabilities.
The volume of cash and cash equivalents on the company’s accounts throughout the reporting period has grown by 29,85% – to UAH 188,098 mln, and the level of cash coverage of liabilities has decreased by 12,71 p.p., to 27,98%. – to 27,98%.
RA also informs that the financial results of the insurer have decreased in the reviewed period. In particular, following the results of the first half of 2023 the company has received an operating loss in the amount of UAH 5,88 mln, and its net profit has amounted to UAH 3,68 mln, that is by 92,44% less than the net profit for the first half of 2022.
At the same time RA notes that as of June 30, 2023 the insurer has formed a portfolio of current financial investments in the amount of UAH 171,62 mln, which consisted of OVDP and OZDP. Presence in the portfolio of investments in government bonds has positively influenced its provision with liquid assets, which in aggregate covered 53,5% of insurer liabilities.
The Agency notes that according to the statements provided by the insurer, IC “Guardian” has complied with the criteria and norms of solvency and capital adequacy, liquidity, profitability, quality of assets and riskiness of insurer operations established by the legislation.
IC “Guardian” is a member of the Presidium of the League of Insurance Organizations of Ukraine. Since January 2020 it has received the status of a full member of the ITSBU, has the right to sell “Green Card” policies.
