Insurance company “KD Life” (Kyiv) plans to increase its authorized capital by UAH 7.267 million, up to UAH 60.569 million (+13.6%), without exercising the preemptive right of shareholders.
According to the information system of the National Securities and Stock Market Commission (NSSMC), it is planned to issue 4,910 thousand shares with a par value of UAH 1,480 thousand, with a selling price of UAH 1.5 thousand.
It is noted that the proceeds from the additional issue will be used to replenish insurance reserves to ensure compliance with the capital adequacy ratio and the company’s solvency. Financial resources will be placed in government bonds and bank deposits – 70% and 30%, respectively.
The report also notes that at the time of the decision, the company’s main shareholder is Volodymyr Polishchuk, who owns 95.99% of the insurer’s shares.
The shares will be sold from August 15 to September 10, 2024.
As reported, KD Life was founded in 2007.
Last year, the company collected UAH 57.6 million in insurance premiums, which is 7.3% more than in 2022. To ensure solvency under the concluded voluntary life insurance contracts, as of December 31, 2023, the company formed insurance reserves in the amount of UAH 428.0 million, which is 21.8% more than a year earlier.
The company’s assets increased by 21.3% to UAH 511.6 million, exceeding insurance reserves by 19.5%, or UAH 83.6 million. The actual solvency margin, calculated according to national standards, exceeds the regulatory solvency margin by 315%.
Investment income received from the placement of life insurance reserves amounted to UAH 34.5 million, which is 6.8% more than a year ago at the same date.
In 2023, the company paid UAH 9.7 million in claims for 244 insured events, which is 37.7% more than in 2022.
Olena Pokolodna has increased her stake in Dolphin Insurance Company (Kharkiv) from 0.7% to 99.3%.
This is reported in the company’s information posted in the information disclosure system of the National Securities and Stock Market Commission.
It is noted that the acquisition took place by way of inheritance on the basis of a certificate of inheritance in connection with the death of a shareholder who owned 98.6% of the company’s shares.
PrJSC IC Dolphin was registered on March 21, 2011.
INGO Insurance Company (Kyiv) has introduced a new service – an interactive medical map for insured persons, which allows the company’s clients to find information about medical institutions in their region or any other place.
According to the insurer’s website, the interactive map shows the location of medical facilities, diagnostic centers, dentists, laboratories and health centers.
The service allows you to select the nearest medical facility using geolocation, add favorite facilities for further quick access, and filter by facility name, type and location.
Along with the map, the website has updated the downloadable file of the medical facilities database, which includes data by department level. Instead of being divided by insurance risks and types of medical care, all information is now presented on one sheet. Risks have a price level from 1 to 4, where 1 is the cheapest (or available to all when covering the corresponding risk), and level 4 is the most expensive.
“INGO is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC).
The shareholders of Forte Life Insurance Company (Kyiv) at a meeting on February 23 decided to increase the authorized capital by UAH 31 million to UAH 48 million, according to the information disclosure system of the National Securities and Stock Market Commission of Ukraine (NSSMC).
It is also noted that the nominal value of one share is UAH 1 thousand, and the placement price is UAH 4,541 thousand.
The purpose of the placement of securities is to bring the authorized capital in line with the Law of Ukraine “On Insurance”. The proceeds will be used to place on deposit accounts in banking institutions, purchase domestic government bonds, and acquire other assets acceptable in accordance with the Law of Ukraine “On Insurance” and the regulations of the National Bank.
The notice also specifies that the placement of shares may lead to a change of ownership of a large block of shares in the issuer. At the time of the decision, the owner of 99.8% of the company’s authorized capital is Oksana Kuleshina.
As reported, Forte Life Insurance Company (formerly Insurance Union Life), registered in 2005, specializes in providing life insurance services.
In February 2021, the company announced that Astrum Ukraine LLC, which owns 99% of the shares of Forte Life Insurance Company (Kyiv), reduced its stake to 0%, and Oksana Kuleshina became the owner of this stake.
In 2023, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 1.992 billion of insurance payments, which is 62.13% more than in 2022, according to the website of the rating agency “Standard Rating” in the information on the confirmation of the financial strength rating / credit rating of the insurer at the level of “uaAA+” for the specified period.
According to the RA website, during this period, the insurer’s revenues from individuals increased by 58.98% to UAH 1.427 billion, and from reinsurers – by 94.23% to UAH 3.970 million. At the end of 2023, the share of individuals in the company’s gross premiums amounted to 71.65%, and the share of reinsurers – 0.20%.
In 2023, insurance payments sent to reinsurers increased by 68.76% compared to 2022 – up to UAH 698.056 million. Thus, the ratio of participation of reinsurance companies in insurance premiums increased by 1.37 p.p. to 35.04%.
The company’s net written premiums increased by 58.77% to UAH 1.294 billion, while earned premiums increased by 40.54% to UAH 1.122 billion.
The volume of insurance payments and reimbursements made by Knyazha VIG in 2023 increased by 55.39% compared to the same period in 2022, to UAH 634.159 million. The claims ratio decreased by 1.38 p.p. to 31.83%.
RA also notes that in 2023, the insurer’s operations were profitable, and its financial results improved significantly. In particular, the financial result from operating activities amounted to UAH 29.920 million, and net profit amounted to UAH 80.540 million, while in 2022 the insurer received a net and operating loss.
As of January 1, 2024, assets increased by 33.56% to UAH 1.782 billion, equity – by 25.19% to UAH 448.703 million, liabilities showed an increase of 36.63% to UAH 1.334 billion, cash and cash equivalents increased by 0.75% to UAH 50.045 million.
The agency also notes that as of January 1, 2024, the insurer made financial investments in the amount of UAH 939.367 million, consisting of government bonds (73.78% of the investment portfolio), as well as deposits in banks with a high credit rating (26.22% of the portfolio).
PrJSC “IC “Knyazha Vienna Insurance Group” is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.
INSURANCE COMPANY, Knyazha, PAYMENTS, premiums collection, VIG
In 2023, Universalna Insurance Company (Kyiv) collected UAH 2.005 billion in insurance premiums, which is 42.9% more than in 2022.
According to the company’s website, last year the company increased the collection of payments under hull insurance contracts by 29.2% to UAH 648.212 million, VHI – three times, to UAH 579.294 million, property insurance – by 43.9%, to UAH 104.150 million, personal insurance – by 65%, to UAH 238 million, other insurance – by 2.9 times, to UAH 133.131 million.
The company reduced the collection of payments for motor third party liability insurance to UAH 147.844 million (-0.7%), for agricultural insurance to UAH 502 thousand (down 28.4 times), for aviation insurance to UAH 119.051 million (-43.8%), and for travel insurance to UAH 34.873 million (-10.7%).
Universalna has an international shareholder base, with the European Bank for Reconstruction and Development holding 30% of the shares and Fairfax Financial Holdings Limited 70%.
Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance and investment management.
