Business news from Ukraine

Insurer “Express Insurance” increases number of service station-partners

Since the beginning of 2024 the number of service station-partners of IC “Express Insurance” has increased by 22 stations throughout Ukraine, and as of July 1, 2024 their total number is 83.

As reported in the information of the company, in June 2024 five more new partners in Volyn, Zhytomyr, Cherkassy, Chernovtsy regions and Kiev joined the network of the company.

The company notes that the expansion of the network will allow to provide the best service for customers in a convenient place for them, as well as is an important element of its strategy and a necessary condition for fulfillment of obligations in accordance with the requirements of the new Law on compulsory civil liability insurance of owners of land vehicles.

Express Insurance ALC was founded in 2008 with participation of UkrAVTO Corporation. The company specializes in automobile insurance.

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Shareholders of insurer Greenwood Life Insurance may change distribution of stakes

The Antimonopoly Committee of Ukraine (AMCU) will consider the application of an individual to provide preliminary conclusions on the need to obtain authorization for the acquisition of substantial participation in ALC “IC Greenwood Life Insurance” (Kiev), which will ensure that he exceeds 50% in the supreme governing body of the company, according to the Committee’s website.

As reported, Greenwood Life Insurance has been operating in the Ukrainian life insurance market since 2007 as the legal successor of the insurance company Garantiya Life.

The National Bank of Ukraine in May 2024 applied a measure of influence to IC “Greenwood Life Insurance” in the form of a written reservation and obligations to take measures to eliminate the identified violation until August 13, 2024

The measure of influence was applied due to the fact that the insurer increased the size of the authorized capital without the approval of the National Bank, the report says.



Insurer Guardian increased payments by third

In August 2023, Guardian Insurance Company (Kyiv) collected UAH 109.5 million in payments, which is 22.94% more than in the same period a year earlier, according to the insurer’s website.

It is also reported that in August, the company increased insurance payments by 32.13% compared to the same period a year earlier – up to UAH 35.05 million.

Guardian Insurance Company is a member of the Presidium of the League of Insurance Organizations of Ukraine. In January 2020, it became a full member of the MTIBU and has the right to sell Green Card policies.

In October 2020, by the decision of the general meeting of members of the Nuclear Insurance Pool of Ukraine, Guardian Insurance Company became a member of the pool.


Insurer “PROSTO-strakhovanie” will close 13 regional divisions

On August 22, the shareholders’ meeting of JSC “PROSTO-Insurance” (Kyiv) decided to terminate the activities of 13 regional divisions, according to the company’s information posted in the NSSMC disclosure system.

As reported, the National Bank of Ukraine in May excluded the company from the State Register of Financial Institutions in connection with the revocation of all available licenses to carry out activities on April 27, due to the fact that the ownership structure of the insurer did not meet the requirements of the law.

JSC “PROSTO-strakhovanie” had 23 licenses. According to the company’s latest financial statements for the first quarter of 2023, the volume of insurance premiums amounted to UAH 43.488 million, the value of assets – UAH 561.494 million, insurance reserves – UAH 161.712 million. The company’s market share in terms of insurance premiums amounted to 0.5%.

Insurance Company “PROSTO-Strakhovanie” was registered in 1997. It specializes in providing services in the field of risk insurance.

According to the National Securities and Stock Market Commission, as of the fourth quarter of 2022, 99.998% of the insurer’s shares were owned by Lavidia Limited (Cyprus).


Insurer ARX Life has increased payouts by 32% in first half of year

ALC Insurance Company ARKS Life (ARX Life, Kyiv) has collected insurance premiums in the amount of UAH 152,2 mln in January-June 2023, that is by 11,2% more than in the same period a year earlier, according to the website of RA Standard-Rating. According to RA information on the company’s renewal of credit rating/rating of financial stability (reliability) of the insurer at the level “uaAAA” according to the national scale, the volume of payments and indemnities, performed by the insurer for the first half of 2023, has grown in comparison with the same period of 2022 by 32,05%, to UAH 31,818 mln. Thus, the level of payments of the insurer has increased by 3,32 percentage points (p.p.), up to 20,91%.

At the same time, acquisition costs have grown by 6,51%, up to UAH 77,997 mln.

The company’s net profit for January-June amounted to UAH 33.963 mln, which is 2.44 times more than the profit obtained in the first half of 2022.

Assets as of June 30 increased by 15.77% to UAH 267.289 mln, equity – by 28.38% to UAH 153.655 mln, liabilities – by 2.19% to UAH 113.634 mln, cash and cash equivalents – by 33.25% to UAH 88.221 mln.

RA also notes that as of July 1 of the current year the insurer has made financial investments in the amount of UAH 159,267 mln, which consisted of government bonds (85,09%), OVDP (2,35%) and deposits in banks (12,56%).

ARX Life, like ARX, is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the top 10 companies in the life insurance market in Ukraine.


Insurer “Ridna” has reduced payouts by 5.6 times

Insurance company “Ridna” (Kiev) in January-June 2023 collected UAH 5.456 mln of net insurance premiums, which is 3.95 times less than in the same period a year earlier, according to the annual financial report of the company, published in the information base of the National Commission on Securities and Stock Market (NCSSM).

According to it, the volume of gross insurance premiums for 6 months amounted to UAH 8,153 mln (+13,6%). UAH 2,527 mln (+43,6%) has been transferred to reinsurance.

During the reporting period the company paid UAH 1,013 mln, which is 5,6 times less than in January-June 2022.

Administrative costs of the company for the first half of the year increased by 33.4% to UAH 3.025 million, sales costs amounted to UAH 419 thousand (-18.5%)

It is noted that the company finished the first quarter with net profit of UAH 2,562 mln, which is 2,1 times less than in January-June -2022.

IC “Ridna” was registered in 2006. It specializes on rendering services in the sphere of risk insurance.

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