PJSC “European Insurance Alliance” (Kyiv) has collected UAH 146,098 mln of gross premiums in January-June 2023, which exceeded by 39,43% the volume of premiums for the same period of 2022.
In the message of Rating Agency “Standard-Rating” on updating the financial stability rating (credit rating) of the company for the first half of 2023 on the national scale at the level of “uaAА” it is indicated that receipts from individuals have increased by 61.51% – to UAH 37.957 mln, and from reinsurers, on the contrary, have decreased by 24.10% to UAH 0.444 mln.
Thus, following the results of the first half of 2023 legal entities continue to prevail in the client portfolio of the company.
Net premiums collected by the company grew by 41.9% to UAH 125.6 mln, earned premiums – by 32.6% to UAH 113 mln.
During the reporting period, the company paid UAH 51.7 mln, which is 28.3% more than in the same period last year.
Net profit has amounted to UAH 1,9 mln (+76,3%), financial result from operating activities – UAH 3,95 mln (+20,3%).
Assets of the insurer as of June 30, 2023 have amounted to UAH 229,2 mln (+15,5%), shareholders’ equity – UAH 85,6 mln (-0,17%), cash and cash equivalent – UAH 74 mln (+29%).
PJSC ‘European Insurance Alliance’ has been working in the insurance market of Ukraine since 1994. It is a member of the Audit Commission of the ITSBU, a participant of the Agreement on direct settlement of losses on compulsory insurance of civil liability of owners of land vehicles and a member of the Council of the Nuclear Insurance Pool of Ukraine.
The Company provides 30 types of voluntary and compulsory insurance, including property, automobile, liability and personal insurance.
In January-July 2023, Express Insurance (Kyiv) paid out UAH 77.9 million, which is 45.5%, or UAH 55.6 million, more than in 2022 and 29.4% more than in January-July 2021, the insurer’s website reports.
In particular, motor hull insurance payments amounted to UAH 156.2 million or 87.8% of all payments, and MTPL payments amounted to UAH 15 million (8.4% of payments).
The company’s insurance payments for the period amounted to UAH 381.8 million, which is 74.6% more than in the same period a year earlier.
Including payments on motor hull insurance amounted to UAH 332.6 million (+70.9%), and on MTPL – UAH 38.3 million (2.4 times more).
The company’s assets for 7 months of 2023 increased by 11.4% and amounted to UAH 693.9 million, of which UAH 629.4 million are concentrated in cash or cash equivalents.
Shareholders’ equity increased by 11.2% to UAH 278.4 million, and the company’s actual solvency margin exceeded the regulatory indicator set by the Law of Ukraine “On Insurance” by more than 2.5 times and reached UAH 277.7 million.
Founded in 2008, Express Insurance ALC 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 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%.
