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.
On February 26, Khmelnytsky municipal enterprise Electrotrans announced its intention to conclude contracts with Grave Ukraine Insurance Company for voluntary insurance of land transport and compulsory insurance of civil liability of owners of land vehicles, according to the ProZorro electronic public procurement system.
Contracts will also be concluded for compulsory insurance against transport accidents, compulsory insurance of employees of departmental and rural fire protection and members of volunteer fire brigades (teams).
The total expected value of the procurement of services was UAH 1.336 million, and the company’s price offer amounted to UAH 1.335 million.
On April 10, 2008, INPRO Insurance Company became a member of the Austrian financial concern GRAWE (Grazer Wechselseitige Versicherung AG) and was renamed into PrJSC Insurance Company Grave Ukraine. The company’s regional network includes about 23 customer service centers in Ukraine.
ELECTROTRANS, Grave Ukraine, INSURANCE COMPANY, insure risks
Swiss insurance company Chubb Ltd. with the bulk of its operations in the United States plans to increase its quarterly dividend by 5.8% to $0.91 per share.
According to the company’s press release, the board of directors recommended that shareholders at the annual meeting approve this amount of dividends for the current year.
Payments for the fourth quarter of $0.86 per share will be made on April 5. The share register is scheduled to close on March 15.
The dividend yield on Chubb’s securities after the increase in payments will be about 1.4% based on the quotes at the close of trading on Wednesday ($251.96).
The price of the insurer’s securities during the previous session on Thursday fell by 0.7%. Over the past three months, the company’s capitalization has increased by 11.2% (to $102.2 billion), while the S&P 500 stock index has added 9.3% over the same period.
Insurance company KD Life (KD Life, Kyiv) has increased its authorized capital by 48% to UAH 53.302 million, according to the insurer’s website.
It is noted that the additional issue of shares was registered by the decision of the National Securities and Stock Market Commission on January 19, 2024.
“The company continues to implement new standards and procedures in accordance with the requirements of the new legislation, actively adapts its internal processes and policies, directing all efforts to comply with the new regulations,” the statement said.
KD Life is a Ukrainian company founded in 2007 by KD Group holding.
KD Group Holding is a leader in the financial market of Eastern Europe, with almost 130 years of successful experience in life and risk insurance, financial management and investment funds.
Currently, the company’s services are offered by more than 3 thousand consultants throughout Ukraine.
The shareholders’ meeting of Avangard Insurance Company (Kyiv) has decided to increase the authorized capital by 4 times, up to UAH 48 million, by holding a share issue worth UAH 36 million, according to the insurer’s official information posted in the information database of the National Securities and Stock Market Commission (NSSMC).
It is noted that during the private issue it is planned to place 36 thousand shares with a par value of UAH 1 thousand.
Avangard Insurance Company was registered in November 2004. It specializes in risk insurance.
The company’s shareholders are LLC “AVT-Boutique” (Kyiv) with 47.51% and six individuals with stakes ranging from 9.5% to 9.8%.
The authorized capital is UAH 12 million.
