CC Continental City Capital LTD (Cyprus) has announced the acquisition of 40% and 19.08% of the shares of Point insurer (Kyiv), according to information base of the National Securities and Stock Market Commission of Ukraine.
It is also noted that the contract for the purchase and sale of securities with Joint Century Ltd. (Belize) according to which CC Continental City Capital LTD becomes the owner of 392 voting shares or 40% of the charter capital of the insurer was concluded on June 14. On the same day, a sale and purchase agreement was signed with citizen of Georgia Armazi Tavadze on the acquisition of 187 voting shares or 19.08% of Point.
As reported, on April 30, 2021, the National Bank of Ukraine allowed Rati Tchelidze to acquire a significant stake in Point insurer by indirectly owning 56.02% of the shares.
As reported, the supervisory board of the insurance company on April 9, 2021 terminated the powers of chairman of the board Levan Bezhashvili and appointed Daria Havrylytsia to this position.
PJSC Point insurer is the legal successor of CJSC Soborny Capital insurer. It has been working in the insurance market since 2003. The company specializes in risk insurance.
PrJSC Insurance company Alfa Insurance (Kyiv) in January-March of this year collected UAH 355.6 million of gross premiums, which is 22.99% more than in the first quarter a year earlier, the Standard-Rating agency said in the information on the confirmation of the company’s financial strength rating at the level of “uaAA+” on the national scale based on the results of work for the first quarter of 2021.
According to the press release, receipts from individuals for the reporting period increased by 32.58%, to UAH 223.622 million, and from reinsurers – by UAH 591,000, to UAH 666,000. Thus, individuals continue to dominate in the insurer’s client portfolio, as evidenced by their share in gross premiums of 62.88%.
Insurance premiums sent to reinsurers in the first quarter of 2021 more than doubled compared to the same period in 2020, to UAH 2.634 million. As a result, the coefficient of participation of reinsurers in insurance premiums increased by 0.30 percentage points, to 0.74%.
Net premiums collected by the company in January-March increased by 22.62%, to UAH 352.985 million, and earned – by 15.95%, to UAH 308.261 million.
In the first quarter, the company made payments and reimbursements to its policyholders in the amount of UAH 96.590 million (more by 20.78%). Taking into account the outstripping growth rates of gross premiums over insurance payments and compensation, the level of payments decreased by 0.50 p.p., to 27.16%.
The financial result from the operating activities of Alfa Insurance amounted to UAH 2.4 million, and the company’s net profit – UAH 2.309 million.
The insurer’s assets increased by 3.53%, to UAH 785.212 million, equity capital increased by 0.76%, to UAH 307.928 million, liabilities increased by 5.41%, to UAH 477.284 million, cash and cash equivalents decreased by 14.46%, to UAH 367.217 million.
At the same time, the rating agency notes that as of April 1, 2021, the insurer formed a portfolio of government bonds in the amount of UAH 177.559 million, which had a positive effect on its provision with liquid assets, which covered 114.14% of liabilities.
Insurance company Krona (Kyiv) in 2020 collected UAH 117.5 million of insurance premiums, which is 58.35% more than in the same period a year earlier, the rating agency Expert-Rating reported in materials about updating the company’s financial strength rating on the national scale at the level “uaAA-“. According to its data, part of insurance premiums belonging to reinsurers increased by 85.80%, and their share in the structure of gross premiums by 5.20 percentage points, to 35.23%.
The volume of insurance payments and compensations made by the company in 2020 amounted to UAH 34.530 million, which is 18.55% higher than the volume of payments in 2019. At the same time, the level of payments for the year was 29.38%.
The equity capital of Krona for 2020 increased by 24.44%, to UAH 54.110 million, gross liabilities – by 45.59%, up to UAH 29 million. The volume of cash and cash equivalents increased by 19.10%, to UAH 16.160 million. At the same time, taking into account the high growth rates of gross liabilities, the cash coverage of the insurer’s liabilities decreased by 12.39 percentage points and as of the end of 2020 amounted to 55.74%.
The formed current financial investments of the insurer amounted to UAH 3.830 million. They consisted of deposits in banks with investment grade of credit ratings (49.06% of the investment portfolio) and with government bonds (50.94% of the portfolio).
Over 2020, the insurer’s operating profit amounted to UAH 3.030 million, which was 26% less than in 2019. Net profit increased to UAH 870,000.
According to the statements, as of December 31, 2020, the company complied with the criteria and standards established by law for solvency and capital adequacy, liquidity, profitability, asset quality and the riskiness of operations.
PrJSC Insurance Company Persha (Kyiv) in 2020 collected UAH 451.6 million of gross premiums, which is 12.11% less than a year earlier.
According to Expert-Rating, confirming the financial stability rating of the company at the level of “uaAA” on the national scale, when updating the rating, the agency took into account the analysis of the insurer’s activities for 2020.
At the same time, it is noted that part of insurance premiums belonging to reinsurers decreased by 9.27%, UAH 112.410 million, and their share in the structure of the company’s gross premiums increased by 0.78 percentage points, to 24.89%.
Last year, Persha carried out UAH 215.430 million of insurance payments and compensations, which is 1.98% less than in 2019. At the same time, the level of payments increased by 4.93 percentage points, to 47.7%.
The company’s net worth in 2020 increased by 9.16%, to UAH 136.580 million, and its gross liabilities increased by 7.29%, to UAH 623.970 million.
Cash and cash equivalents on the accounts of Persha as of December 31, 2020 increased by 7.58%, to UAH 318.950 million.
Based on the results of activities in 2020, the company received a net profit of UAH 7.32 million, which is 48.73% less than in 2019. At the same time, the company received loss from operating activities in the amount of UAH 7.17 million.
The uncovered loss of Providna Insurance Company (Kyiv) in 2020 decreased by 16%, to UAH 486.637 million, follows from the agenda of the shareholders’ meeting on April 16, promulgated in the information disclosure system of the National Securities and Stock Market Commission.
According to the statement, the company’s net profit in 2020 amounted to UAH 93.731 million against a net loss of UAH 21.889 million in 2019. The company’s shareholders plan to keep the net profit unallocated.
The company also said that as of December 31, 2020, its assets increased by 24.6%, to UAH 715.310 million, cash and their equivalent decreased 60%, to UAH 59.053 million, equity capital increased by 48.3%, to UAH 292.178 million, accounts receivable increased by 35.1%, to UAH 215.044 million.
The company’s long-term liabilities over the year increased by 6.8%, to UAH 375.913 million, current by 86.9%, to UAH 47.219 million.
Insurance Company MetLife (Kyiv) in 2020 made insurance payments in the amount of more than UAH 211.9 million, which is 27% more than a year earlier, according to a press release from the insurer.
At the same time, it is noted that the bulk of payments fell on situations related to the insurance protection of health of the company’s clients.
The company reports that in 2020, some 29 large payments were made, including 22 payments each in the amount of more than UAH 500,000, six payments in the amount of more than UAH 1 million and one payment in the amount of more than UAH 2 million. The number of insured events for which payments were made also increased by 14%.
In addition, during 2020, some 21,095 payments were made to the insured under life and health protection programs. Among the main reasons for payments in 2020, there were surgical interventions (6,028) and injuries (5,214) – they account for 53% of all appeals.
The company also reports that since the beginning of MetLife’s operations in Ukraine (2003-2020), the total payments to the company’s clients have exceeded UAH 857.845 million.
According to the industry rating Insurance TOP, during 2019-2020 MetLife is the constant leader in terms of the volume of insurance payments of all life insurance companies in Ukraine.
PrJSC MetLife was registered in 2002, it is a member of the international group of companies MetLife, Inc.
