June 27, the Supervisory Board of the insurance company “Inter-Policy” terminated the authority of a member of the Board Tatiana Novikova on the basis of her application, reported in the system of the National Commission on Securities and Stock Market (NSCSM).
It was noted that the decision of the Supervisory Board of the company appointed Alexei Shepitko as Acting Member of the Board, who in the past five years has been working as the head of the department of claims settlement of “Guardian” insurance company, the department of property and liability insurance settlement of IC “Inter-Policy”.
As it was informed, IC “Inter-Policy” was founded in 1993. It has 20 licenses for voluntary and compulsory insurance, branches and representative offices in all big regional centers of the country.
The insurance company ARX (Kiev) acted as the insurance partner of the international swimming competition Oceanman Kyiv Kyiv 2023, the first international swimming tournament, which will be held in Kiev since the beginning of the full-scale invasion.
According to the press release of the insurer, the open water swimming competition Oceanman Kyiv Kyiv 2023 will take place on July 15-16, 2023.
Apart from the endurance races – 10, 5, 2 km – there will be a separate charitable 500 m swim, all proceeds from which will be used to purchase a car for the 126th TRO team. The competition program also includes a children’s 500m swim and 3x500m (relay).
It is also noted that ARX insures the participants against accidents and injuries (insurance coverage is up to 100 thousand UAH). 50% of all fees from registrations will be sent to purchase of sports equipment for children and youth sports schools in Kiev. The competitions are supported and promoted by the department of youth and sport of KSCA.
ARX insurance company is the leader of the Ukrainian insurance market, the representative of the Canadian international insurance holding Fairfax. It has been working in Ukrainian market for 27 years. It offers a wide spectrum of insurance services.
As it was informed, ARX insured OCEANMAN Odesa participants against accidents and injuries in 2021.
On June 15, Kirovogradoblenergo announced its intention to enter into a contract with VUSO Insurance Company for compulsory motor third party liability insurance (MTPL).
As reported in the Prozorro e-procurement system, the price bid of the company was UAH 296.8 thousand with an expected purchase price of UAH 660 thousand.
IC “Krajina” also took part in the tender with the offer of UAH 525,9 ths.
IC “VUSO” was founded in 2001. The company owns 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, it is present in all the regions of Ukraine. It is a member of MTSBU and FSA, a member of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
Odessa State University of Internal Affairs has announced its intention to conclude a contract with IC VUSO for insurance of real estate.
As it’s reported in the system of electronic public procurement Prozorro, the price offer of the company was 78,858 thousand UAH, which corresponds to the expected cost of purchasing services.
The company was the only bidder of the tender.
IC “VUSO” was founded in 2001. The company owns 50 licenses: 34 – for voluntary and 16 – for compulsory insurance, represented in all regions of Ukraine. It is a member of MTSBU and FSA, a member of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
The insurance company “Knyazha Life Vienne Insurance Group” (Kiev) in January-March 2023 collected UAH 14.8 mln of insurance payments, which is 3.8% less than during the same period a year earlier.
This is stated at the web-site of rating agency Standard-Rating, which confirmed the financial strength rating/credit rating of the insurance company at the level uaAA+ according to the results of the first quarter of 2023.
According to the message, the volume of payouts and indemnities, performed by the insurer in the specified period has amounted to UAH 8,870 mln, that is 2,45 times more than in the same period of 2022. Therefore, the level of payouts of the insurer has increased by 34,41 p.p. – up to 59,82%.
Acquisition expenses of the insurer have decreased by 12,01% down to UAH 2,359 mln in the Q1 of 2023 in comparison with the same period of 2022. Net profit has amounted to UAH 3,199 mln.
As of April 1, 2023 assets of the company grew by 2.15% up to UAH 757.626 mln, shareholders’ equity increased by 2.68% up to UAH 116.787 mln, liabilities grew by 2.05% up to UAH 640.839 mln, cash and cash equivalents increased by 67.40% up to UAH 8.499 mln.
Thus, as of the beginning of the Q2 2023 shareholders’ equity has covered 18,22% of liabilities of the insurer, and 1,33% of its liabilities have been secured by cash and cash equivalents.
RA notes that on the reporting date the company has formed a portfolio of financial investments in the amount of UAH 704,336 m, including bank deposits (UAH 144,2 m), and investments into government bonds (UAH 560,136 m).
RA emphasizes that the high level of external support of the company is provided by its shareholder – Vienna Insurance Group Wiener Städtische Versicherung AG, an international insurance group with headquarters in Austria, which is represented by 50 companies in 30 countries and is the leader in the insurance market of Central and Eastern Europe.
Insurance Company “Universalna” (Kyiv) collected UAH 335.927 million of gross insurance premiums in January-March 2023, which is 63.7% more than during the same period of 2022, according to the website of rating agency “Standard-Rating”.
This indicates that the agency confirmed the credit rating/rating of financial strength (reliability) of IC “Universalna” at the level “uaAAA” on the national scale, based on the analysis of performance in the specified reporting period.
According to the published data, the revenues from individuals have increased by 72.54% up to UAH 192.742 mln, and from reinsurers – by 23.01%, up to UAH 0.278 mln. Thus physical persons prevail in the client portfolio of the company. At the same time, the largest proportion of premiums (almost 37%) came from voluntary insurance of land transport (except for railway transport).
The premiums sent to reinsurers, in Q1 2023 compared to the same period of 2022 decreased by 4,46% – down to 10,293 million UAH. Therefore, the ratio of reinsurers’ participation in insurance premiums has decreased by 2,19 p.p. – to 3,06%.
Net premiums of the insurer in January-March have increased by 67.50% – up to 325.634 million UAH, and earned premiums have increased by 22.91% – up to 338.852 million UAH.
The volume of insurance payments performed by IC “Universalna” in the first quarter of 2023 compared to the same period of 2022 increased by 37.03% – up to 105,228 million UAH. Given the high growth rate of gross premiums over indemnities and insurance reimbursements, the level of payments has decreased by 6,11 p.p.. – to 31,32%.
Thus, according to the results of the Q1 of 2023 operating profit of the company has amounted to UAH 27,722 mln, that is by 43,38% more than in the Q1 of 2022, and net profit of the insurer has increased in 3,64 times – up to UAH 34,427 mln.
As of April 1, 2023, the assets of the company have decreased by 4,56% down to UAH 1,776 bln, shareholders’ equity has increased by 6% down to UAH 608,643 mln, liabilities have decreased by 9,27% down to UAH 1,168 bln, cash and cash equivalents have reduced by 26,20% down to UAH 174,103 mln.
At that, RA notes that as of the reporting date the company formed a portfolio of current financial investments, which consisted of bank deposits (UAH 603,883 mln) and government bonds (UAH 159,636 mln). Cash and cash equivalents covered 14.91% of liabilities of PJSC IC “Universalna”, liquid assets (cash, bank deposits and OVGZ) covered 80.29% of liabilities of the insurer, and the ratio of shareholders’ equity to liabilities amounted to 52.12%.
IC “Universalna” has an international composition of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70%.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
