In 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 64.4 million of insurance payments, which is 6.69% more than in 2022.
This is reported on the website of the rating agency Standard-Rating, which confirmed the financial strength rating/credit rating of the company at uaAA+ at the end of 2023.
The volume of insurance payments and reimbursements made by the company in 2023 amounted to UAH 34.352 million, which is 2.1 times higher than in 2022. Thus, the insurer’s claims ratio increased by 26.21 p.p. to 53.38%.
In 2023, the insurer’s acquisition expenses decreased by 6.55% compared to 2022 – to UAH 9.459 million.
The insurer’s net profit for 2023 amounted to UAH 35.128 million, while in 2022 it made a net loss. This is due to the recalculation of 2022 figures for the purpose of their comparability in connection with the first application of IFRS 9 and IFRS 17.
As of January 1, 2024, the company’s assets increased by 12.65% to UAH 797.322 million, equity showed an increase of 40.24% to UAH 274.978 million, liabilities – by 2.07% to UAH 522.344 million, funds and their equivalents decreased by 30.09% to UAH 2.504 million (the decrease is due to an increase in current financial investments).
The Agency notes that as of the beginning of 2024, the company’s equity capital covered 52.64% of the insurer’s liabilities, and 0.48% of its liabilities were secured by cash and cash equivalents.
Last year, the insurer formed a portfolio of financial investments in the amount of UAH 783.353 million, which included bank deposits (UAH 133.2 million) and investments in government bonds (UAH 650.153 million). Thus, as of the beginning of 2024, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 150.45% of the insurer’s liabilities, which indicates a very high level of liquidity of the company.
RA emphasizes that a high level of external support for the company is provided by its shareholder, Vienna Insurance Group Wiener Städtische Versicherung AG, an international insurance group headquartered in Austria, represented by 50 companies in 30 countries and a leader in the insurance market of Central and Eastern Europe.
In January-September 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 46.04 million of insurance payments, which is 7.66% more than in the same period of 2022.
This is reported on the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ for the first nine months of 2023.
The volume of insurance payments and reimbursements made by the company for the first nine months of 2023 amounted to UAH 26.172 million, which is 2.69 times higher than the volume of payments for the same period in 2022. Thus, the insurer’s claims ratio increased by 34.10 p.p. to 56.85%.
The insurer’s acquisition expenses for the three quarters of 2023 decreased by 19.71% to UAH 6.263 million compared to the same period of 2022. According to the results of the reporting period, the company’s operations were profitable. In particular, the insurer’s net profit increased to UAH 11.124 million.
As of October 30, 2023, the company’s assets increased by 5.92% to UAH 785.635 million, equity showed an increase of 13.03% to UAH 128.557 million, liabilities increased by 4.64% to UAH 657.078 million, cash and cash equivalents amounted to UAH 2.625 million (a decrease of 95.01% due to an increase in current financial investments).
Thus, as of the beginning of the fourth quarter of 2023, equity capital covered 19.56% of the insurer’s liabilities, and 0.4% of its liabilities were secured by cash and cash equivalents.
At the same time, RA notes that as of October 1, 2023, the insurer formed a portfolio of financial investments in the amount of UAH 741.204 million, which included bank deposits (UAH 168.9 million) and investments in government bonds (UAH 572.304 million). Thus, as of the beginning of the fourth quarter of 2023, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 113.20% of the insurer’s liabilities.
RA emphasizes that a high level of external support for the company 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 of Central and Eastern Europe.
In January-June 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 29.3 million of insurance payments, which is 6.66% more than in the same period a year earlier.
This was reported on the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ in the first half of 2023.
According to the report, the volume of payments and reimbursements of the insurer for six months amounted to UAH 19.636 million, which is 3.27 times higher than the volume of payments for the same period in 2022. Thus, the level of payments increased by 45.21 p.p. to 67.13%.
In the first six months of 2023, the company’s acquisition expenses decreased by 16.84% to UAH 4,347 million compared to the same period in 2022.
In the first six months of 2023, the insurer’s net profit increased to UAH 7.444 million, assets – by 4.06% to UAH 771.825 million, equity – by 8.49% to UAH 123.387 million, liabilities – by 3.26% to UAH 648.438 million, while cash and cash equivalents decreased by 97.49% to UAH 1.320 million.
As of the beginning of the second half of 2023, the equity of Prince Life Insurance Group covered 19.03% of liabilities, and 0.2% of the company’s liabilities were covered by cash and cash equivalents.
At the same time, the RA notes that as of July 1, 2023, the insurance company has formed a portfolio of financial investments in the amount of UAH 729.759 million, including bank deposits (UAH 156.7 million), investments in government bonds (UAH 573.059 million).
RA emphasizes that a high level of external support for the company 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 of Central and Eastern Europe.
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%.
