Business news from Ukraine

Business news from Ukraine

KRAYINA INSURER INCREASES GROSS PREMIUMS BY 24.6%

Gross insurance premiums of PJSC Insurance Company Krayina (Kyiv) in January-September 2020 amounted to UAH 392.6 million, which is 24.6% more compared to the same period in 2019, the Expert-Rating agency said, reporting on the renewal of the company’s rating at the level “uaAA + ” on the national scale for the specified period.
According to the report, the share of the company’s insurance premiums held by reinsurers decreased by 19.30%, and their share in the company’s gross premiums fell to 2.29%.
In the three quarters of 2020, the company made 20.48% more insurance payments and compensations than in the three quarters of 2019 – UAH 182.8 million. The level of payments during the specified period decreased 1.59 percentage points, and at the end of the first nine months of 2020 amounted to 46.56%.
As of September 30, the equity capital of Krayina grew by 33.85%, to UAH 155.050 million, and gross liabilities – by 3.79%, to UAH 137.33 million. Due to a significant excess of the growth rate of equity capital in comparison with the growth of the company’s liabilities, the level of coverage by equity capital of the insurer’s liabilities increased 25.36 percentage points, to 112.91%.
The volume of cash and cash equivalents in the accounts of Krayina as of September 30, 2020 amounted to UAH 88.050 million, which is 37.75% more than as of the same date in 2019. Significant cash growth rates amid insignificant growth of the insurer’s gross liabilities led to an increase in the rate of coverage of the company’s liabilities by 15.80 percentage points, to 64.11%.
In the reporting period, profit from operating activities increased 1.86 times, to UAH 39.910 million, and the company’s net profit increased 3.32 times and amounted to UAH 25.860 million.
The agency said that, according to the reports provided, during the analyzed period, the insurer adhered to the criteria and standards of solvency and capital adequacy, liquidity, profitability, asset quality and the riskiness of the insurer’s operations established by law.

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METLIFE INSURER REPLACES BOARD CHAIRPERSON

Chairperson of the Board of PJSC MetLife insurer (Kyiv) Monika Barbara Spadlo-Kolano on October 8 was dismissed from the position of her own free will, according to the official information of the insurance company in the information base of the National Securities and Stock Market Commission of Ukraine.
It is also reported that Inna Belianska has been appointed acting chairperson of the board. She holds the position of director of the department of individual sales, head of the department of sales, member of the board of MetLife.
PrJSC MetLife was registered in 2002. It is a member of the international group of companies MetLife, Inc.
The shareholder who owns 99.9988% of the voting shares of PrJSC MetLife is the Swiss company MetLife Global Holding Company II LLC, which is part of the global holding corporation MetLife (the Unite States). American Life Insurance Company (the United States) remains an indirect shareholder of PrJSC MetLife.
The charter capital of the company is UAH 102.925 million.

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BROKBUSINESS LIFE INSURER COULD BE RENAMED

The shareholders of PJSC Brokbusiness Life Insurance Company (Kyiv) at a meeting on October 27 will consider the issue of amendments to the charter of the company, including the change of name to JSC Brokbusiness-Life, according to the official information of the insurer.
In addition, during the meeting, it is planned to make changes to the types of activities of the company by excluding life insurance (65.11), while including the following activities: 66.22 – activities of insurance agents and brokers (main), 63.99 – other information services, 66.29 – other auxiliary activities in insurance, 70.22 – business and management consulting, 73.20 – market research and public opinion research, 82.30 – organization of congresses and trade shows.
As reported, the National Financial Services Market Regulation Commission, by an order dated April 28, 2020, excluded information about PJSC Brokbusiness Life Insurance Company (Kyiv) from the public register of financial institutions and canceled the registration certificate at the request of the company.
The company had been operating in the insurance market since November 2007.

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INGO LIFE INSURER INCREASES PREMIUM COLLECTION BY 4.4%

INGO Life Insurance Company (Kyiv) in January-June 2020 collected UAH 23.7 million of insurance premiums, which is 4.4% more compared to the same period a year earlier, the insurer said in a press release.
According to the report, the total amount of paid insurance claim fees by the company for this period was UAH 6.2 million, of which for death cases some UAH 286,500, for cases of disability some UAH 394,200, for cases of hospitalization and temporary loss of working capacity some UAH 1.6 million, due to critical illness some UAH 3.648 million.
It is also indicated that in the first half of the year, payments were made under long-term accumulative insurance contracts related to the survival of the insured person until the end of the insurance period for a total amount of UAH 224,400.
The largest payments for the first quarter were UAH 1 million, UAH 734,300 and UAH 605,300 in connection with the diagnosis of a critical illness.
In November 2007, INGO Life received a perpetual license to carry out life insurance activities. Since April 26, 2013, INGO Life has been representing the interests of Generali Employee Benefits (GEB) in Ukraine.

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EUROINS UKRAINE INSURER INCREASES PREMIUM COLLECTION BY 32%

PrJSC Euroins Ukraine Insurance Company for the seven months of 2020 attracted UAH 197.9 million of insurance premiums, which is 32% more than in the same period of 2019, according to a press release from the insurer.
The most popular types of insurance are KASKO with UAH 37.1 million, OSAGO with UAH 91.7 million, voluntary medical insurance with UAH 14.7 million.
In addition, it increased the volume of premiums for insurance against fire risks, accidents, property insurance and insurance of liability to third parties.
The volume of insurance payments by Euroins Ukraine from January to July 2020 amounted to UAH 62.6 million, in particular, UAH 20.5 million were paid under KASKO agreements, UAH 35 million for OSAGO, and UAH 5.4 million for voluntary medical insurance.
As of June 30, 2020, the company’s insurance reserves amounted to UAH 175.003 million, assets UAH 380.359 million.
According to data from chairman of the board Yanko Nikolov, which are given in a press release, in 2020 the company, following legal requirements, plans to increase insurance premiums to UAH 320 million.

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INGO INSURER RAISES PREMIUM COLLECTION IN H1

INGO Insurance Company (Kyiv) in January-June 2020 collected more than UAH 766 million of insurance premiums, which is 2.3% more than in the same period a year earlier, according to a press release from the insurer.
It is noted that premiums for motor insurance amounted to more than UAH 341 million, personal insurance more than UAH 237 million, complex insurance (property and liability) more than UAH 155 million, special lines almost UAH 30 million, other types more than UAH 2.7 million.
The company reports on the continued high dynamics of annual growth in demand for health insurance. The current situation with COVID-19 has only increased the importance of health protection, so insurance premiums and voluntary medical insurance payments are steadily increasing even in the conditions of a “quarantine” economy. Monthly sales are growing by 20-25% compared to previous months, and up to 40% compared from 2019.
The decline in demand in the corporate segment of motor insurance from INGO began at the end of March and reached its peak in April (minus 45% compared to the same period in 2019). At the same time, in May and June the deferred demand worked and the indicators for KASKO recovered to the level of 2019. There was no reduction in business activities in the OSAGO segment.
Sales of Green Card insurance contracts and insurance of people traveling abroad have dropped significantly.
The company notes that due to changes in legislation on alternative energy, the volume of construction of new solar and wind plants has significantly decreased. The development of the industry, which was the driver of growth in property insurance in 2019, actually stopped. At the same time, there is a noticeable increase in infrastructure construction (roads, bridges).

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