Insurance company “Quorum” (Kyiv) in January-June 2024 collected insurance premiums in the amount of UAH 30 million, which is 29.97% more than in the same period of 2023, the rating agency (RA) “Standard-Rating” reported in information on updating the credit rating / financial strength rating of the company on the national scale at the level of “uaAA”.
At the same time, it was clarified that the rating was updated based on the analysis of the company’s performance for the specified reporting period.
During this period, revenues from individuals increased by 26.38% to UAH 18.320 million, while there were no revenues from reinsurers. The share of individuals in gross premiums amounted to 61%.
Insurance payments sent to reinsurers in the first half of 2024 amounted to UAH 9,710 million, which is 29.24% higher than in the first half of 2023. The ratio of reinsurers’ participation in insurance premiums decreased by 0.19 pp to 32.33%.
The insurer’s net written premiums increased by 30.33% to UAH 20.322 million, and net earned premiums increased by 30.72% to UAH 20.165 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2024 compared to the same period in 2023 increased by 24.38% to UAH 3,449 million, while the level of payments decreased by 0.52 percentage points to 11.48%.
RA notes that the company’s activities in the analyzed period were profitable. In particular, the profit from operating activities amounted to UAH 6.946 million, and net profit – UAH 6.644 million.
As of July 1, 2024, the company’s assets increased by 0.25% to UAH 64.127 million, equity – by 6.68% to UAH 59.776 million, liabilities showed a decrease of 45.18% to UAH 4.351 million, cash and cash equivalents increased by 2.95% to UAH 45.718 million.
Quorum Insurance Company was established in March 2014 and specializes in risk insurance.
In January-June 2024, Universalna Insurance Company (Kyiv) collected a little more than UAH 1 billion in net insurance premiums, which is 20.6% more than in the same period in 2023, gross premiums showed an increase of 22.2% to UAH 1.2 billion, according to the website of the Standard Rating agency.
The agency has updated the credit rating/financial strength (reliability) rating of Universalna Insurance Company at uaAAA on the national scale based on the analysis of its performance for the specified period.
According to the published data, revenues from individuals increased by 23.69% to UAH 533.021 million, and from reinsurers – by 8.91 times (by UAH 6.627 million) to UAH 7.465 million.
Despite a significant increase in premiums from individuals, legal entities prevailed in the company’s client portfolio in the first half of 2024.
Insurance payments sent to reinsurers in the first half of 2024 increased by 67.43% compared to the same period in 2023 to UAH 55.1 million, the reinsurer participation ratio in insurance premiums increased by 1.24 percentage points to 4.59%.
The volume of insurance claims paid by the company increased by 46.36% to UAH 422.204 million, while the claims ratio increased by 5.82 percentage points to 35.18%.
In the first six months of 2024, compared to the same period in 2023, the insurer’s operating profit increased by 3.16 times to UAH 120.391 million, and net profit by 2.06 times to UAH 126.707 million.
As of July 1, 2024, the company’s assets increased by 14.16% to UAH 1.680 billion, equity increased by 17.11% to UAH 867.087 million, liabilities increased by 11.17% to UAH 812.56 million, cash and cash equivalents increased by 54.41% to UAH 266.432 million.
As of the said date, the insurer’s equity exceeded its liabilities by 6.71%. The current financial investment portfolio of UAH 1.121 billion consisted of bank deposits (UAH 748.698 million) and domestic government bonds (UAH 373.213 million), which covered 32.79% of the company’s liabilities.
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.
On September 9, the State Protection Department of Ukraine opened a tender for voluntary motor vehicle hull insurance.
According to the electronic public procurement system Prozorro, the lowest price offer was made by Ultra Alliance Insurance Company – UAH 1.897 million against the expected cost of UAH 6.6 million. In this regard, the organizer of the tender asks the company to justify the abnormally low offer by September 11.
The tender is also attended by IC Persha with an offer of UAH 5.08 million.
As reported, the tender was announced on August 9. The complaint of Ultra Alliance Insurance Company (Kyiv) was submitted to the Antimonopoly Committee of Ukraine (AMCU) for consideration on August 13. On August 26, the AMCU ordered the State Protection Department of Ukraine to amend the tender documents.
Ultra Alliance Insurance Company was registered in 2004 and specializes in risk insurance.
In January-March 2024, VUSO Insurance Company PrJSC (Kyiv) collected UAH 641.63 million in gross premiums, which is 5.15% more than in the same period of 2023, according to the rating agency (RA) Standard Rating in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the RA website, in particular, the insurer’s revenues from individuals increased by 0.79% to UAH 413.554 million, and from reinsurers – by 55.66% to UAH 10.283 million. Thus, the share of individuals in the insurer’s gross written premiums amounted to 64.45%, and the share of reinsurers – 1.60%.
Insurance premiums paid to reinsurers increased 5.17 times in the first quarter to UAH 106.327 million, which resulted in a 13.20 percentage point increase in the reinsurance participation ratio to 16.57%.
Net written premiums decreased by 9.22% to UAH 535.303 million, while earned premiums increased by 16.90% to UAH 563.796 million.
During the reporting period, the company paid out UAH 318.957 million to customers, which is 55.35% higher than the volume of insurance payments and reimbursements for the same period in 2023. The level of payments increased by 16.06 percentage points to 49.71%.
RA also notes that the profit from operating activities of VUSO Insurance Company amounted to UAH 18.111 million, and net profit increased 4.66 times to UAH 13.491 million.
As of April 1, 2024, the insurer’s assets decreased by 1.51% to UAH 1.501 billion, equity showed an increase of 2.19% to UAH 630.748 million, liabilities decreased by 4.03% to UAH 870.649 million, cash and cash equivalents – by 14.06% to UAH 479.132 million.
The RA also notes that as of the reporting date, VUSO formed a portfolio of investments in government bonds in the amount of UAH 221.735 million, which in total covered 80.50% of the company’s liabilities. The balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 310.453 million, which also had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. It is a member of MTIBU and USIF, a participant in the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
In January-March 2024, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 543.5 million of insurance payments, which is 41.54% more than in the same period a year earlier, according to the message of the rating agency “Standard Rating” on the confirmation of the financial strength rating/credit rating of the insurer at the level of “uaAA+” for the specified period.
As reported on the RA website, during the period under review, the insurer’s revenues from individuals increased by 45.71% to UAH 376.64 million, and from reinsurers – by 27.81% to UAH 0.579 million. At the end of the quarter, the share of individuals in the company’s gross premiums amounted to 69.30%, and the share of reinsurers – 0.11%.
Insurance payments sent to reinsurers in the first quarter of 2024 increased by 46.48% to UAH 182.286 million compared to the same period in 2023, while the participation ratio of reinsurance companies in insurance premiums increased by 1.13 percentage points to 33.54%.
Net written premiums increased by 39.16% to UAH 361.221 million, while earned premiums increased by 47.24% to UAH 451.132 million.
Insurance claims and reimbursements increased by 63.25% to UAH 217.704 million. Thus, the claims ratio increased by 5.33 percentage points to 40.06%.
The insurer’s net profit for the first quarter of 2024 amounted to UAH 18.094 million.
At the same time, assets increased by 3.97% to UAH 1.853 billion, equity increased by 3.09% to UAH 462.559 million, liabilities increased by 4.27% to UAH 1.391 billion, cash and cash equivalent decreased by 37.72% to UAH 31.166 million.
The RA notes that as of April 1, 2024, the insurer made financial investments in the amount of UAH 930.821 million, consisting of government bonds (78.15% of the investment portfolio), as well as deposits in banks with a high credit rating (21.85% 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 “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.
