PJSC IC “Inter-Policy” (Kiev) plans to increase the authorized capital by 14.160 million UAH (87.5%) by increasing the nominal value of the shares from 300 UAH to 560 UAH per share , according to the agenda of the shareholders meeting scheduled for August 3, 2023, according to the NKTSBFR system.
It is also noted that the issue will be carried out at the expense of sending to the share capital part of the share premium, received in 2016 in the total amount of 14.160 million UAH.
As it was reported, IC “Inter-Policy” was founded in 1993. It has 20 licenses for voluntary and compulsory insurance, branches and representative offices in all major regional centers of the country.
Authorized capital UAH 16,182 mln.
Insurance company “Quorum” (Kyiv) in January-March 2023 collected insurance premiums for UAH 10.6 mln, which is 43.04% less than during the same period a year earlier, Standard-Rating RA said in its update to the credit rating/ financial strength rating of the company on the national scale at “uaAA”.
At that, it is specified that the rating has been updated on the basis of the analysis of the company’s results for the mentioned reporting period.
Proceeds from individuals for this period have decreased by 77,52% – to UAH 6,696 m and there were no receipts from reinsurers. The proportion of individuals in gross premiums following the results of Q1 2023 constituted 62,90%, i.e. individuals prevailed in the client portfolio of IC “Quorum”.
The insurance payments sent to reinsurers, in Q1 2023 have constituted UAH 3,588 m, which is more than twice higher than in the same period of 2022. Thus, the ratio of reinsurers’ participation in insurance premiums has grown by 10,19 p.p. – up to 33,71%.
Net premiums of the insurer in the first quarter have increased by 23,98% – up to UAH 7,057 mln, and the earned premiums – by 7,31%, up to UAH 6,884 mln.
The volume of insurance indemnities of the company in the first quarter of 2023 has decreased by 61,09% – down to UAH 1,255 mln, and the level of payments has decreased by 31,55 p.p., compared to the same period of 2022. – to 11.79%.
It is also noted that the operating profit of the company for the first quarter of 2023 increased by 24.74% to UAH 3.136 million, and net profit increased by 71.51% to UAH 3.780 million.
Assets of the company grew by 3.08% to UAH 52.809 mln, shareholders’ equity increased by 8.79% to UAH 46.799 mln, liabilities reduced by 26.81% to UAH 6.010 mln, cash and cash equivalents increased by 4.64% to UAH 31.401 mln.
The National Bank of Ukraine on May 11 has cancelled all licenses of ALC Insurance Company Speir (Kyiv) to provide financial services.
According to the message on the website of the regulator, an unscheduled inspection carried out by the NBU in February-March this year found a repeated violation of license conditions – the insurer does not comply with mandatory standards.
The countermeasure for similar violations of license conditions to ALC “IC “Speir” was already applied on September 2, 2022.
The decision on revocation of the license shall come into force on May 12, 2023.
As previously reported, the rating agency “Standard-Rating” has withdrawn the credit rating / financial stability rating of the insurer SK “Speir” on February 9, 2023.
By results of H1 2022 ADO IC Speir received UAH 5,5 m of insurance premiums, 95% of which – from natural persons, and carried out UAH 22,8 th of insurance payments. The market share of the company according to the results of H1 2022 – 0,06%.