The meeting of shareholders of “Busin” insurance company (Kyiv) on March 17 intends to terminate the authorities of Denis Ovchinnikov, the head of the board and to appoint Alexander Nepochatov to this position, the insurer reported in the information disclosure system of the National Commission on Securities and Stock Market.
As it was reported, Denis Ovchinnikov owns 12,495% of the company and has been heading the company for the last 5 years.
In March 2021, its shareholders Larisa Nepochatova and Alexey Ovchinnikov reduced their stake from 49.9% to 25%. In turn, Denis Ovchinnikov and Ivan Ovchinnikov have increased their stakes from 0.009% to 12.495%, Alexander Nepochatov – from 0.009% to 24.99%.
IC “Busin” in January-September 2022, the company has collected UAH 151,9 mln of gross premiums, which is by 71,57% less than a year before, net premiums have fallen by 23,70% to UAH 46,682 mln, earned premiums – by 30,91%, to UAH 52,596 mln.
During this period, the company has paid out UAH 649 th of insurance reimbursements, which is 76,59% less than during the same period of 2021. Thus, the level of payments has decreased by 0,09 p.p. – to 0,43%.
The financial result from operating activities of IC has amounted to UAH 11,269 mln, net profit has increased almost in six times – up to UAH 41,863 mln.
IC Busin was incorporated in February 1993. It specializes on risk kinds of insurance. It is a member of several professional and industry associations: League of Insurance Organizations of Ukraine, National Insurance Indemnity Club, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
Insurance company ARX Life (ARX Life, Kyiv) in January-September 2022 collected insurance premiums for UAH 197.7 mln, which is 16.82% less than a year earlier, according to Standard-Rating RA website updated its credit rating/ financial stability (reliability) rating of the insurer on the national scale at uaAAA.
Credit-Rating notes that decrease of gross business of the company has been caused by Russian aggression, introduction of martial law, fall of business activity level in the country and is the general tendency in the insurance market of Ukraine.
The volume of payouts and indemnities of the insurer has grown by 1,36% up to UAH 37,735 mln in the 9 months of 2022 comparing to the same period of 2021. Therefore, the level of payments of the insurer has grown by 3,43 p.p., up to 19,09%.
Acquisition expenses of the insurer have decreased by 17,85% down to UAH 111,458 mln in the first three quarters of 2022 in comparison with the same period of 2021.
According to the results of work during the nine months of 2022 the company has received a net profit of UAH 17,196 mln, that is by 17,74% lower than the profit received in January-September 2021.
As of October 1, 2022 assets of the company increased by 12.3%, to 222.351 million UAH, shareholders’ equity increased by 17.53%, to 115.294 million UAH, liabilities increased by 7.16%, to 107.057 million UAH, cash and cash equivalents increased by 2.89 times and amounted to 74.154 million UAH.
RA notes, that as of the reporting date the insurer has made financial investments in the amount of UAH 126,548 mln, entirely consisting of government bonds. The availability of such investments had a positive impact on the liquid assets of ALC IC ARKS Life, which in the aggregate exceeded its liabilities in 1,87 times.
The Agency draws attention to that JSC IC ARKS has unprecedentedly high level of external support from the main shareholder with headquarters in Toronto (Canada) – Fairfax Financial Holdings Limited – a holding company which through its subsidiaries is mainly engaged in insurance against accidents, property insurance and investment management.
Providna Insurance Company (Kyiv) collected UAH 734.7 million in gross premiums in January-September 2022, which is 23.3% less than the volume for the same period a year earlier, according to the information of the company posted in the information the basis of the National Commission for Securities and the Stock Market (NKTSBFR).
At the same time, it is noted that during the reporting period, the company collected UAH 734.7 million in net premiums (-9.9%). At the same time, premiums transferred to reinsurance increased by 33.8% to UAH 5.309 million
For 9 months In 2022, the company paid UAH 371,167 million, which is 14% less than in the same period a year earlier.
Gross profit increased by 12.5%, to UAH 290.443 million, administrative expenses by 2.4%, to UAH 43.673 million, financial result from operating activities increased by 87%, to UAH 144.946 million, net profit increased by 75.5%, to UAH 130.503 million
The key shareholder of PrJSC IC Providna is IIC Ukraine BV (Netherlands), which owns 99.999692% of the shares of the insurer, and the ultimate beneficial owner is Willem Jakob Westerlaken.
On October 21, the National Bank of Ukraine resumed temporarily suspended licenses of SK EKTA LLC (Kyiv), according to the regulator’s website.
Earlier, on August 19 of this year, the National Bank applied a measure of influence to the company in the form of suspension of licenses for insurance activities for violation of mandatory financial standards (solvency, capital adequacy and risk of operations). Violations were discovered based on the analysis of the IC’s reporting for the first quarter of 2022, which the insurer had to eliminate by September 20, 2022.
The company eliminated the violations within the specified period, after which the NBU renewed the licenses, the National Bank said in a statement.
IC “EKTA” was registered in 2018 and specializes in risk insurance.
In the first half of this year, the insurer collected UAH 94.2 million of insurance payments and paid out UAH 6.5 million of insurance payments. The authorized capital is UAH 37 million.
Shareholders of IC Mega-Garant JSC (Kyiv) have decided to terminate the powers of the head of the Supervisory Board Roman Kipot, members of the Supervisory Board Oleksandr Batrak, Natalia Titova.
According to the company’s announcement in the information disclosure system of the National Securities and Stock Market Commission, in addition, Alexander Volokhin, who has been director of Akvis Trade LLC, Kars Technoservice LLC, and Ivan Nizhnik, director of Nizhbud LTD LLC, has been appointed members of the Supervisory Board for the last five years.
As reported, the Motor (Transport) Insurance Bureau of Ukraine announced the company’s loss of associate member status from October 5, 2022. In connection with the temporary suspension of the licenses of IC “Mega-Garan”, including for the implementation of activities on compulsory insurance of civil liability.
Earlier, on August 1, the NBU temporarily suspended the licenses for insurance activities of IC Mega-Garant JSC due to violation of mandatory financial standards.
As the regulator noted, a significant part of the assets of Mega-Garant IC was placed with Megabank JSC, which was classified as insolvent, according to the decision of the NBU dated June 3, 2022.
As a result, IC Mega-Garant lost a large amount of eligible assets that ensure the solvency of the insurer, which led to the fact that, as of June 7, 2022, the insurer does not comply with the solvency and capital adequacy ratio, as well as the risk ratio of operations.
The NBU notes that the insurer has been given a period until September 30, 2022 to eliminate the violations that became the basis for applying the enforcement measure.
JSC “IC “Mega-Garant” is a part of the banking group JSB “Megabank”. It operates in the non-life segment, including OSAGO.
In the first quarter of 2022, the insurer collected UAH 116.4 million in insurance payments (more than 80% of which are OSAGO) and paid out UAH 4.5 million in insurance payments.
The company ranks 28th among the largest Ukrainian companies operating in the OSAGO market and has a 1.24% market share in insurance premiums for this type of insurance.
TAS Insurance Group (Kyiv) in January-August 2022 paid UAH 589.22 million as compensation, which is 19.3% less than in the same period a year earlier (UAH 730.58 million), according to the company’s website.
At the same time, it is noted that 27.1% of the total insurer’s payments fall on KASKO (UAH 159.66 million), 40.19% – on OSAGO (UAH 236.81 million), 14.97% – on Green Card (UAH 88.21 million).
Voluntary medical insurance accounted for 13.34% of all payments, or UAH 8.61 million.
At the same time, under property insurance agreements, TAS paid UAH 5.42 million for the specified period, which is 5.6% more than a year ago.
The volumes of payments under other insurance contracts also increased by 20.9%: in January-August of this year, TAS paid a total of UAH 20.51 million on them.
TAS was registered in 1998. It is a universal company offering customers over 80 types of insurance products for various types of voluntary and compulsory insurance. It has an extensive regional network: 28 regional directorates and branches and 450 sales offices throughout Ukraine.
