The insurance company “Prince Life Vienna Insurance Group” (Kyiv) collected UAH 14.275 million in insurance payments in January-March 2022, which is 21.84% less than in the same period a year earlier.
This was reported on the website of the Standard-Rating rating agency, which confirmed the financial strength/credit rating of the UK at uaAA+ in the first quarter of 2022.
According to the report, the volume of payments and compensations made by the insurer for the specified period amounted to UAH 3.627 million, which is 41.21% lower than the volume of payments for the first quarter of 2021. Thus, the level of payments decreased by 8.37 percentage points. – up to 25.41%.
Acquisition costs of the insurer decreased by 16.76% – to UAH 2.681 million.
At the same time, the insurer received a net profit of UAH 3.556 million, which is 3.10% higher than the profit for the first three months of 2021.
As of March 31, 2022, the company’s assets increased by 4.49% – to UAH 634.504 million, equity showed an increase of 1.79% – to UAH 107.241 million, liabilities increased by 5.06% – to UAH 527.263 million, cash and their equivalents – by 98.74%, up to UAH 109.027 million.
At the beginning of the second quarter of 2022, equity covered 20.34% of the insurer’s liabilities, of which 20.68% were secured by cash and cash equivalents.
At the same time, it is noted that as of April 1, 2022, the insurer formed a portfolio of investments in bank deposits in the amount of UAH 39.900 million, as well as investments in government bonds in the amount of UAH 445.808 million. Thus, at the beginning of the second quarter, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 112.80% of the insurer’s liabilities, which indicates a very high level of the company’s provision with liquid assets.
The RA notes that the company’s high level of external support is provided by its shareholder, the international insurance group headquartered in Austria, Vienna Insurance Group Wiener Städtische Versicherung AG., which is represented by 50 companies in 30 countries and is the leader in the insurance market in Central and Eastern Europe.
According to preliminary data from VIG for the first quarter of 2022, premiums increased by 11.2% compared to the same period in 2021 to 3.45 billion euros, profit before tax decreased by 3.3% to 124 million euros, and combined ratio improved by 0.6 p.p. – up to 94.6%.
Insurance company “Universalna” (Kyiv) in January-March 2022 collected UAH 205.182 million of gross insurance premiums, which is 18.53% less than in the same period a year earlier, according to the website of the Standard-Rating rating agency “.
The report also states that the agency has updated the credit/financial stability (reliability) rating of IC Universalna at uaААА 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 19.54% to UAH 111.709 million, and from reinsurers, on the contrary, decreased by 46.45% to UAH 0.226 million.
Given the increase in premiums from individuals, in the first quarter of 2022, individuals dominate the company’s client portfolio. At the same time, according to the results of activities during the first three months of 2022, the largest share of premiums (more than 43%) came from voluntary land transport insurance (CASCO).
Insurance payments sent to reinsurers for the first quarter of 2022 compared to the first quarter of 2021 decreased by 72.97% to UAH 10.773 million. Thus, the coefficient of participation of reinsurers in insurance premiums decreased by 10.58 percentage points. up to 5.25%.
The insurer’s net premiums decreased by 8.29% to UAH 194.409 million, while earned premiums increased by 24.96% to UAH 275.683 million.
In the first quarter of 2022, IC Universalna paid out UAH 76.793 million to its customers, which is 6.67% lower than in the same period in 2021. Considering the high rate of reduction in gross premiums over insurance claims, the level of payments increased by 4.76 percentage points. to 37.43%.
The RA also reports that the financial result from operating activities amounted to UAH 19.335 million, which is almost three times higher than in the first quarter of 2021, and the insurer’s net profit in the period under review increased by 95.71% to UAH 9.449 million.
As of March 31, 2022, the company’s assets decreased by 7.32% to UAH 1.227 billion, equity increased by 2.37% to UAH 408.599 million, liabilities decreased by 11.50% to UAH 818.733 million, cash and equivalents decreased by 18.75% to UAH 76.799 mln.
As of April 1, 2022, IC Universalna formed a portfolio of bank deposits in the amount of UAH 437.741 million, and the insurer invested UAH 118.980 million in government bonds. Cash and cash equivalents covered 9.38% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) covered 77.38% of the insurer’s liabilities, and the Company’s equity coverage of liabilities was 49.91%.
The RA draws attention to the fact that PJSC IC Universalna 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) – a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management Fairfax Financial Holdings Limited.
As of the beginning of the second quarter of 2022, the holding’s consolidated assets were $88.587 billion, Fairfax’s consolidated gross business (premiums) for the first quarter of 2022 was $6.663 billion, and profit before tax for the first quarter of 2022 was $249 million.
PJSC “Insurance company “ARKS” (ARX, Kyiv) in 2021 collected insurance premiums in the amount of UAH 3.405 billion, which is 27.06% more than a year earlier, according to the website of RA “Standard-Rating” about updating the company’s credit rating / rating of financial stability (reliability) of the insurer at the level of “uaAAA” on the national scale based on the results of work for the past year.
It is noted that receipts from individuals increased by 31.57% – up to UAH 2.108 billion, from reinsurers – by 57.56%, up to UAH 2.272 million. Thus, the share of individuals in the gross premiums of the insurer increased by 2.12 p.p. – up to 61.91%, and the share of reinsurers – up to 0.07%.
Insurance payments sent to reinsurers for 2021 compared to 2020 increased by 9.99% to UAH 163.795 million. Taking into account the high growth rate of gross premiums over payments sent to reinsurers, the coefficient of participation of reinsurers in insurance premiums decreased by 0.75 percentage points. – up to 4.81%.
According to the report, the insurer’s net premiums increased by 28.07% to UAH 3.242 billion, while earned insurance premiums increased by 23.01% to UAH 2.886 billion.
In 2021, the company paid out UAH 1.341 billion to customers, which is 30.53% higher than the volume of insurance payments and indemnities for 2020. Thus, the level of payments increased from 38.35% to 39.39%, or by 1.04 percentage points.
At the end of 2021, the insurer’s profit from operating activities amounted to UAH 202.657 million, net profit – UAH 197.436 million.
As of December 31, 2021, the company’s assets increased by 20.95% – up to UAH 3.698 billion, equity – by 20.62%, up to UAH 1.155 billion, liabilities – by 21.10%, up to UAH 2.544 billion, cash and cash equivalents decreased by 30.13% – up to UAH 328.445 mln.
It is noted that as of the beginning of 2022, the insurer made financial investments in the amount of UAH 1.8 billion, consisting of government bonds (81.81% of the investment portfolio) and deposits in banks with an investment grade credit rating (18.19% of the portfolio) This is positive affected its provision with liquid assets, which covered 83.68% of the company’s liabilities.
IC “ARKS” has a high level of external support from the main shareholder headquartered in. Toronto, Canada – Fairfax Financial Holdings Limited – a holding company that, through its subsidiaries, is primarily engaged in casualty insurance, property insurance and investment management
As of the beginning of 2022, the holding’s consolidated assets amounted to $86.645 billion. Fairfax’s consolidated gross business (premiums) for 2021 amounted to $23.910 billion, profit before tax for the year increased to $4.393 billion.
Gross insurance premiums of PJSC “Insurance company “Kraina” (Kyiv) in 2021 amounted to UAH 642.139 million, which is 16.7% more compared to 2020, Expert-Rating reports in the information on updating the company’s rating at the level of “uaAA+” on the national scale at the end of 2021.
According to the agency, the share of the company’s insurance premiums owned by reinsurers increased by 24.75%, and their share in the structure of the company’s gross premiums increased by 0.17 percentage points. up to 2.52%.
In 2021, JSC IC “Kraina” made UAH 354.31 million of insurance payments and indemnities, which exceeded the amount of payments for 2020 by 30.62%. In turn, the level of payments of the insurer increased to 55.18%, which exceeds the average indicator for the insurance market of Ukraine.
At the end of 2021, the company received a net profit in the amount of UAH 0.81 million, which is 93.29% less than in 2020. At the same time, the insurer received a loss from operating activities in the amount of UAH 8.62 million, while at the end of 2020, an operating profit was received in the amount of UAH 33.71 million.
In 2021, the equity capital of IC Krajina increased by 1.80% to UAH 152.296 million, and its gross liabilities increased by 13.64% to UAH 184.61 million. The high growth rates of gross liabilities led to a decrease in the level of coverage of the insurer’s liabilities by equity capital by 9.59 percentage points. up to 82.50%.
The volume of cash and cash equivalents during the analyzed period increased by 5.63% and amounted to UAH 90.71 million, while the indicator of coverage of the insurer’s obligations by cash decreased by 3.73 percentage points. up to 49.14%.
At the same time, the Agency notes that as of December 31, 2021, the insurer invested UAH 17.710 million in government bonds, which had a positive effect on the provision with liquid assets, which together covered 58.73% of the insurer’s liabilities.
The agency notes that, according to the reports provided by IC Krajina, as of the end of .2021, the insurer adhered to the criteria and standards established by law for solvency and capital adequacy, liquidity, profitability, asset quality and riskiness of the insurer’s operations.
IC “Kraina” has been operating in the insurance market of Ukraine since 1994. It has licenses for 23 types of insurance.
In January-June 2021, ARX Insurance Company (Kyiv) paid out UAH 603 million of insurance indemnities to clients, which is 30% more than in 2020, of which 80.7% is vehicle insurance.
As reported on the company’s website, in the KASKO segment, payments over the first half of the year amounted to about UAH 425 million, which is 46% more than in the same period in 2020, OSAGO – more than UAH 62 million (more by 37%).
It is also noted that payments on voluntary medical insurance for the indicated six months amounted to more than UAH 89 million of insurance claims, which is 12% more than in 2020.
The company also reports that a large-scale project with Visa was launched in February 2021. Holders of VISA Platinum, Signature and Infinite premium cards received a free bonus – telemedicine consultations from ARX.
The company pays out about UAH 4 million to its clients every day. On average, the company pays more than UAH 100 million per month, the main categories remain KASKO, OSAGO and healthcare.
As reported, ARX has been operating in the insurance market for 26 years and has been the leader in KASKO insurance for the 12th year in a row. It ranked first among Ukrainian insurers in terms of net insurance premiums and net insurance payments for 2019. It is part of the international insurance holding Fairfax Financial Holdings Limited (Canada).
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has excluded U.B.I.-COOP Insurance Group (Kyiv) from the associated members of the Bureau.
As reported on the MTIBU website, the reason for this decision was the insurer’s debt to pay the guarantee fee to the MTIBU funds.
In this regard, from September 1, the company has no right to conclude contracts for compulsory civil liability insurance of land vehicle owners (OSAGO).
At the same time, the Bureau notes that the termination of U.B.I.-COOP insurer’s membership in MTIBU does not relieve the insurer from fulfilling obligations under the OSAGO contracts concluded by it.
As reported, the rating agencies Standard-Rating and Expert-Rating at the end of April 2021 decided to suspend the financial stability rating of U.B.I.-COOP Insurance Group due to the temporary suspension of all licenses of the insurer by the National Bank of Ukraine on April 19, 2021.
U.B.I.-COOP, registered in 2000, specializes in providing services in the field of risk insurance.
