Insurance company Kniazha Life Vienna Insurance Group (Kyiv) in 2020 collected UAH 277.247 million in insurance premiums, which is 5.13% more than a year earlier, according to a posting on the website of the Standard-Rating agency.
The agency has affirmed the financial reliability/credit rating of the insurer at “uaAA +,” guided by the results of 2020.
During the year, insurance payments and compensations by the company amounted to UAH 20.252 million, which is almost twice the amount of payments made in 2019. Thus, the level of payments increased from 13.84% to 26.22%, or by 12.38 percentage points.
The insurer’s acquisition costs amounted to UAH 10.826 million, which is 33.57% less than in 2019.
The net profit of PrJSC Kniazha Life Vienna Insurance Group last year amounted to UAH 13.554 million, which is 2.82 times higher than the figure for the previous year.
The company’s assets as of December 31, 2020 grew by 30.49%, to UAH 582.887 million, equity – by 60.17%, to UAH 95.278 million, liabilities – by 25.92%, to UAH 487.609 million, cash and their equivalents fell by 63.60% to UAH 31.091 million due to reallocation of funds into current financial investments, which expanded by 90.8%
As of the beginning of 2021, the insurer’s equity capital was 19.54% covered by its liabilities, and 6.38% of liabilities were secured by cash and cash equivalents. As of January 1, 2021, it formed noncurrent and current financial investments in the amount of UAH 497.672 million, which consisted of 34.91% of bank deposits (UAH 173.749 million) and 64.83% of government bonds (UAH 322.661 million).
Vienna Insurance Group is represented in Ukraine by Ukrainian Insurance Group, Kniazha Vienna Insurance Group and Kniazha Life Vienna Insurance Group.
The supervisory board of Kniazha Life Vienna Insurance Group (Kyiv) on July 9 approved the acquisition of government domestic loan bonds for the amount of UAH 56 million by the company, which is 13.24% of the cost of its assets (UAH 422.896 million), according to information in the database of the National Commission for Securities and the Stock Market.
The company saw UAH 360.4 million in net profit in 2018, which is 12.5% more than a year ago. Its assets grew by 10.9%, to UAH 422.9 million.
Retained profit totaled UAH 83.149 million, while a year ago it was UAH 67.225 million. Net worth grew by 26.5%, to UAH 123.9 million. Total bills receivable fell by 17%, to UAH 3.185 million.
Noncurrent liabilities expanded to UAH 53.081 million, while current remained unchanged at UAH 33.551 million.
PrJSC Kniazha Life VIG was established in 1999 and specializes in life insurance.
