Insurance company Unives (Kyiv) in January-March 2023 collected UAH 1.223 mln of net premiums, which is 9.4 times less than during the same period of 2022. As it is reported in the interim report of the company, placed in the information disclosure system of NSCE, its gross premiums for this period amounted to UAH 144 ths, while during the same period a year earlier it was UAH 6,769 mln. UAH 2 ths was ceded in reinsurance.
The company paid out UAH 1,011 mln in the first three months, which is 3,1 times less than in the same period a year ago.
The company’s administrative costs amounted to UAH 833 th (-18.8%), while sales expenses amounted to UAH 110 th.
Net profit decreased 4,8 times- to UAH 2,121 mln.
IC Unives works in the insurance market of Ukraine since 2003. It is a part of the financial group “Unives”. It specializes in risk insurance. It has 17 licenses for obligatory and voluntary types of insurance.
The authorized capital of the company amounts to UAH 50 mln.
Insurance company ARX (Kyiv), according to the National Bank of Ukraine, according to the results of 2022 took a leading position in four indicators, the company said in a statement.
In particular, the company was the first in terms of net premiums earned and collected more than 2.9 billion UAH, labor costs – 373.6 million UAH, profit – more than 537 million UAH, income tax expenses – 212.6 million UAH.
Besides, the company has taken the second position on payments to customers by reimbursing about 1,04 mln UAH and written premiums – more than 2,7 bn UAH
In total the gross premiums of ARX and ARX Life insurance companies for the year 2022 amounted to more than UAH 3,03 billion. The net profit of the two companies is UAH 559 mln.
IC “ARX” has been working in the insurance market for 26 years. According to its data, the company is the leader in CASCO insurance for the 12th year in a row. It takes the first place among the insurers of Ukraine on the amount of net premiums and net indemnities for 2021. It is a part of the international insurance holding Fairfax Financial Holdings Limited (Canada).
Insurance company “Busin” (Kyiv) in January-September 2022 collected UAH 151.9 million of gross premiums, which is 71.57% less than a year earlier, the rating agency “Standard-Rating” reported in the information on updating the credit rating / financial strength rating of the insurer at the level of “uaAA+” on the national scale based on the analysis of its reporting for the specified period.
It is noted that the proceeds from individuals for this period decreased by 48.05% – to UAH 1.175 million, from reinsurers more than doubled – to UAH 23.714 million.
Insurance payments sent to reinsurers for the first nine months of 2022 compared to the same period of 2021 decreased by 77.76% – to UAH 105.182 million. As a result, the reinsurers’ participation ratio in insurance premiums decreased to 69.26%.
Net premiums decreased by 23.70% – to UAH 46.682 million, earned premiums – by 30.91%, to UAH 52.596 million.
For three quarters of 2022, the company paid UAH 649 thousand of insurance indemnities, which is 76.59% less than in the same period of 2021. Thus, the level of payments decreased by 0.09 p.p. to 0.43%.
The financial result from operating activities of the IC amounted to UAH 11.269 million, net profit increased almost sixfold to UAH 41.863 million.
The company’s assets as of September 30, 2022 decreased by 34.66% to UAH 421.839 million, equity increased by 19.78% to UAH 180.522 million, liabilities decreased by 51.23% to UAH 241.317 million, cash and cash equivalents increased by 13.50% to UAH 197.89 million.
IC “Busin” was registered in February 1993. It specializes in risky types of insurance. It is a member of a number of professional and industry associations – League of Insurance Organizations of Ukraine, National Club of Insurance Payments, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
Insurance company Knyazha Life Vienna Insurance Group (Kyiv) collected UAH 42.764 mln of insurance payments in January-September 2022, which is 18.9% less than during the same period a year earlier.
This was reported by Standard-Rating rating agency, which confirmed financial strength rating/credit rating of the insurance company at the level uaAA+ for three quarters of 2022.
According to the message, the indemnities of the insurer during this period amounted to UAH 9,729 mln, that is by 28,90% lower than the indemnities paid out during nine months of 2021. Thus, the payout ratio has fallen by 3,21 p.p. – to 22,75%.
Acquisition expenses of the insurer has decreased by 15,88% down to UAH 7,8 mln.
Net profit of the insurer has amounted to UAH 8,449 mln, assets have increased by 17,36% up to UAH 712,614 mln, shareholders’ equity has increased by 1,93% up to UAH 107,381 mln, liabilities – by 20,59% up to UAH 605,233 mln, cash and cash equivalents – by 37,60% up to UAH 75,486 mln.
Thus, as of the beginning of the fourth quarter of 2022 shareholders’ equity of Knyazha Life Vienna Insurance Group has covered 17,74% of liabilities, and 12,47% of its liabilities have been secured by cash and cash equivalents.
It is noted that on the reporting date the insurer has formed a portfolio of investments into bank deposits in the amount of UAH 71,6 mln, and investments into government bonds in the amount of UAH 528,228 mln.
It is noted that a high level of external support for the company is provided by its shareholder – an international insurance group with headquarters in Austria Vienna Insurance Group Wiener Städtische Versicherung AG, which is represented by 50 companies in 30 countries and is the insurance market leader in Central and Eastern Europe.
Universalna Insurance Company (Kyiv) collected UAH 945.9 million in gross insurance premiums in January-September 2022, which is 6.7% more than in the same period last year, according to the website of the rating agency “Standard Rating”.
At the same time, it is indicated that the agency confirmed the credit rating / financial stability (reliability) rating of IC “Universalna” at the level of “uaAAA” on the national scale based on the analysis of work for the specified reporting period.
According to the published data, income from individuals increased by 19.97% to UAH 415.740 million over six months, and from reinsurers, on the contrary, decreased by 51.83% to UAH 0.946 million. Despite the increase in premiums from individuals, according to the results of the first nine months of 2022, legal entities dominate the company’s client portfolio. At the same time, according to the results of activities during the first three quarters of 2022, the largest share of premiums (more than 36%) came from voluntary land transport insurance (CASCO).
Insurance payments sent to reinsurers for the nine months of 2022 compared to the same period in 2021 decreased by 6.67% to UAH 148.722 million. Thus, the coefficient of participation of reinsurers in insurance premiums decreased by 2.25 percentage points. up to 15.72%.
In the analyzed period, the insurer’s net premiums increased by 9.63% to UAH 797.206 million, while earned premiums showed an increase of 13.90% to UAH 817.514 million.
The volume of insurance payments made by IC Universalna for the first three quarters of 2022 decreased by 11.26% to UAH 240.593 million compared to the same period in 2021. Thus, the level of payments decreased by 5.15 p.p. up to 25.43%.
In the first nine months of 2022, the financial result from operating activities amounted to UAH 178.169 million, which is 5.14 times higher than in the nine months of 2021, while the insurer’s net profit increased 5.2 times to UAH 147.472 million.
As of October 1, 2022, the company’s assets increased by 27.83% to UAH 1.693 billion, equity increased by 36.95% to UAH 546.622 million, liabilities increased by 23.90% to UAH 1.146 million, cash and cash equivalents increased by 2.79 times to UAH 263.789 mln.
The RA also notes that as of the reporting date, the company formed a portfolio of bank deposits in the amount of UAH 429.048 million, and the insurer invested UAH 141.485 million in government bonds. As of the beginning of the fourth quarter of 2022, cash and cash equivalents covered 23.01% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) covered 72.79% of the insurer’s liabilities, and the company’s capital coverage ratio of liabilities was 47 .69%.
IC “Universalnaya” has an international composition of shareholders, in particular, the European Bank for Reconstruction and Development (owns 30% of shares) and Fairfax Financial Holdings Limited (owns 70% of shares). Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management. As of the beginning of the third quarter of 2022, the holding’s consolidated assets amounted to $88.460 billion, and Fairfax’s consolidated gross business (premiums) for the first six months of 2022 amounted to $13.971 billion.
Shareholders of the National Insurance Company “Oranta” (Kyiv) re-elected the composition of the Supervisory Board at the meeting on September 20, the company reported in the information disclosure system of the National Securities and Stock Market Commission.
At the same time, Aleksey Bolkhovitinov, Artem Lisitsky, Aleksey Zosimov retained their membership in the Supervisory Board. Nikolai Safyannikov and Mikhail Ponomarenko dropped out of its membership, and Alexander Chorny (director of NS-Finance LLC) and Igor Gordienko (head of the board of IC INGO) were introduced.
As reported, Oranta collected UAH 1.182 billion in premiums in 2021, which is 24% more than in 2020. UAH 58.861 million (+13.8%) was transferred to reinsurance, of which UAH 39.470 million was transferred to residents, which is 37% more than a year earlier, UAH 19.391 million (-16%) to non-residents.
In the same year, the company made payments for UAH 442.930 million, which is 14.4% more than a year earlier. Payments from reinsurers amounted to UAH 21,660 thousand (2.5 times less).
As of December 31, 2021, the insurer’s reserves amounted to UAH 675.380 million (+11.9%), of which the part of reinsurers in insurance reserves amounted to UAH 64.501 million. Equity capital – UAH 322.485 million (+12.4%).
The company ended last year with a net profit of UAH 17.536 million, which is 2.6 times less than in 2020.
The authorized capital of the company has not changed and amounts to UAH 159 million.
JSC “NASK” Oranta “is the legal successor of “Ukrgosstrakh”, founded on November 25, 1921.
The main beneficiary of the LLC with 99.99% voting rights is Alexander Yaroslavsky.
