Insurance company Knyazha Life Vienna Insurance Group (Kyiv) collected UAH 42.764 mln of insurance payments in January-September 2022, which is 18.9% less than during the same period a year earlier.
This was reported by Standard-Rating rating agency, which confirmed financial strength rating/credit rating of the insurance company at the level uaAA+ for three quarters of 2022.
According to the message, the indemnities of the insurer during this period amounted to UAH 9,729 mln, that is by 28,90% lower than the indemnities paid out during nine months of 2021. Thus, the payout ratio has fallen by 3,21 p.p. – to 22,75%.
Acquisition expenses of the insurer has decreased by 15,88% down to UAH 7,8 mln.
Net profit of the insurer has amounted to UAH 8,449 mln, assets have increased by 17,36% up to UAH 712,614 mln, shareholders’ equity has increased by 1,93% up to UAH 107,381 mln, liabilities – by 20,59% up to UAH 605,233 mln, cash and cash equivalents – by 37,60% up to UAH 75,486 mln.
Thus, as of the beginning of the fourth quarter of 2022 shareholders’ equity of Knyazha Life Vienna Insurance Group has covered 17,74% of liabilities, and 12,47% of its liabilities have been secured by cash and cash equivalents.
It is noted that on the reporting date the insurer has formed a portfolio of investments into bank deposits in the amount of UAH 71,6 mln, and investments into government bonds in the amount of UAH 528,228 mln.
It is noted that a high level of external support for the company is provided by its shareholder – an international insurance group with headquarters in Austria Vienna Insurance Group Wiener Städtische Versicherung AG, which is represented by 50 companies in 30 countries and is the insurance market leader in Central and Eastern Europe.
