Insurance company ARX in January-June 2023 collected UAH 1.7 billion of insurance premiums, which is 43% more than in the same period last year, according to the press release of the insurer.
It is also noted that the sum of gross premiums of ARX and ARX Life for 6 months of 2023 amounted to more than UAH 1,8 billion, which is 40% more than in the past. The profit of the two companies amounted to UAH 345.4 million.
ARX’s payout amounted to UAH 625 million in the first quarter, and it is 26% higher than in 2022. Every day the company pays more than UAH 4.7 mln of insurance indemnities.
Under hull insurance contracts in the reporting period was collected more than UAH 837 million, which is 43% more than last year. CASCO from ARX works abroad, allowing Ukrainians to get the necessary protection of their car outside Ukraine.
The sum of premiums on MTPL insurance is more than UAH 124 mln (+29% ), on medical insurance – UAH 332,6 mln (+16%), property insurance – more than UAH 185 mln (+46%).
ARX notes that it constantly develops new products and services. Within 6 months was launched a new product Pro_Vita – insurance for critical illnesses, which covers cancer at the initial stages (T1N0M0) and is valid in the territory of the whole world, except for Crimea and settlements where the state authorities of Ukraine temporarily do not exercise their powers.
Also an innovative service “CASCO policy without visiting the office” was introduced, which allows, when buying a CASCO policy abroad, to independently carry out photo and video fixation in the application for smartphones MyARX and send the received photos and video files to the insurance company.
IC “ARX” has been working in the insurance market for 26 years. According to its data, the company is the leader of CASCO insurance for the 12th consecutive year. It occupies the first place among insurers of Ukraine on the size of net insurance premiums and net insurance payments for 2021. It is part of the international insurance holding Fairfax Financial Holdings Limited (Canada).
In January-June 2023, InterExpress Insurance Company (Kyiv) collected insurance payments in the amount of UAH 26.099 million, which is 16.79% more than in the same period a year earlier, according to the information of the rating agency Standard-Rating on updating the company’s credit rating / financial strength (reliability) rating of the insurer on the national scale at uaAA.
It is noted that revenues from individuals increased by 46.59% to UAH 10.626 million in the analyzed period, while revenues from reinsurers in the analyzed period amounted to only UAH 19 thousand.
Despite the increase in premiums from individuals, the insurer’s client portfolio is dominated by legal entities, as indicated by their share in gross premiums, which amounted to 59.22% in the first half of 2023.
Insurance payments sent to reinsurers in the first half of 2023 decreased by 28.33% to UAH 2,881 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased by 6.95 p.p. to 11.04%.
Net written premiums increased by 26.69% to UAH 23,218 million, while earned premiums increased by 3.56% to UAH 24,256 million.
The volume of payments and reimbursements made by the insurer in the first half of 2023 compared to the same period of 2022 increased by 1.33% to UAH 9.191 million. Given the higher growth rate of gross premiums compared to claims, the level of payments decreased by 5.37 p.p. to 35.22%.
It is also noted that the company’s activities in the analyzed period were profitable: for the first half of 2023, the financial result from operating activities amounted to UAH 2.306 million, and net profit amounted to UAH 2.497 million.
As of June 30, 2023, the company’s assets increased by 12.75% to UAH 53.997 million, equity showed an increase of 20.60% to UAH 45.307 million, liabilities decreased by 15.81% to UAH 8.690 million, cash and cash equivalents decreased by 35.94% to UAH 4.140 million.
The RA also notes that as of July 1, 2023, PrJSC IC “InterExpress” invested UAH 8,011 million in government bonds. The availability of such investments had a positive impact on the provision of PJSC IC “Interexpress” with liquid assets, which in total exceeded the insurer’s liabilities by 1.4 times.
IC “InterExpress” was registered in 2004 and specializes in risky types of insurance.
Insurance group “TAS” (Kiev) for the first six months of 2023 paid insurance indemnities in the amount of UAH 611.19 million – by 35.6% more than in the first six months of last year, according to the insurer’s website.
According to its data, payments under hull insurance contracts for the specified period increased by 52.2% – up to UAH 188.16 million, which is 30.79% of the total amount of payments for this period.
At the same time, the share of CMTPL insurance in the portfolio of payments amounted to 38.24% (UAH 233.69 million) – by 25.5% more than in the corresponding period last year. Even more – by 78,6% – payments under “Green Card” have grown – up to UAH 106,38 mln, which is 17,41% of the total volume of payments of the group.
In turn, under contracts of voluntary medical insurance SG “TAS” in January – June paid UAH 63,58 mln, which is 10,4% of the total amount of indemnities paid during the reporting period and by 5,3% exceeds the corresponding indicator for six months last year.
In the first half of the year TAS IG paid UAH 4.38 mln under property insurance contracts, and UAH 15 mln under other insurance contracts.
TAS Insurance Group (Kyiv) has paid UAH 508.88 mln under insurance contracts within the first five months of 2023, which is 32.3% more than during the same period last year, according to the insurer’s website.
Thus, UAH 158,5 mln was paid out on CASCO contracts, which makes 31,15% of the total reimbursements of the insurer and exceeds the mentioned index for the five months of 2022 by 50,9%.
More than a third or 38,09% corresponded to CMTPL – UAH 193,82 mln (+19%), 17,34% to payments on “Green Card” (UAH 88,25 mln, +94,8%), 10,08% to the contracts of voluntary medical insurance (UAH 51,3 mln).
TAS IG has paid UAH 4,11 mln. according to the property insurance contracts for five months. The Company’s payments under other insurance contracts in January-May amounted to 12.9 mln.
TAS IG was registered in 1998. It is a universal company offering customers more than 80 types of insurance products in various types of voluntary and compulsory insurance. It has an extensive regional network of 28 regional directorates and branches.
Insurance company “Quorum” (Kyiv) in January-March 2023 collected insurance premiums for UAH 10.6 mln, which is 43.04% less than during the same period a year earlier, Standard-Rating RA said in its update to the credit rating/ financial strength rating of the company on the national scale at “uaAA”.
At that, it is specified that the rating has been updated on the basis of the analysis of the company’s results for the mentioned reporting period.
Proceeds from individuals for this period have decreased by 77,52% – to UAH 6,696 m and there were no receipts from reinsurers. The proportion of individuals in gross premiums following the results of Q1 2023 constituted 62,90%, i.e. individuals prevailed in the client portfolio of IC “Quorum”.
The insurance payments sent to reinsurers, in Q1 2023 have constituted UAH 3,588 m, which is more than twice higher than in the same period of 2022. Thus, the ratio of reinsurers’ participation in insurance premiums has grown by 10,19 p.p. – up to 33,71%.
Net premiums of the insurer in the first quarter have increased by 23,98% – up to UAH 7,057 mln, and the earned premiums – by 7,31%, up to UAH 6,884 mln.
The volume of insurance indemnities of the company in the first quarter of 2023 has decreased by 61,09% – down to UAH 1,255 mln, and the level of payments has decreased by 31,55 p.p., compared to the same period of 2022. – to 11.79%.
It is also noted that the operating profit of the company for the first quarter of 2023 increased by 24.74% to UAH 3.136 million, and net profit increased by 71.51% to UAH 3.780 million.
Assets of the company grew by 3.08% to UAH 52.809 mln, shareholders’ equity increased by 8.79% to UAH 46.799 mln, liabilities reduced by 26.81% to UAH 6.010 mln, cash and cash equivalents increased by 4.64% to UAH 31.401 mln.
Insurance Company “Universalna” (Kyiv) collected UAH 335.927 million of gross insurance premiums in January-March 2023, which is 63.7% more than during the same period of 2022, according to the website of rating agency “Standard-Rating”.
This indicates that the agency confirmed the credit rating/rating of financial strength (reliability) of IC “Universalna” at the level “uaAAA” on the national scale, based on the analysis of performance in the specified reporting period.
According to the published data, the revenues from individuals have increased by 72.54% up to UAH 192.742 mln, and from reinsurers – by 23.01%, up to UAH 0.278 mln. Thus physical persons prevail in the client portfolio of the company. At the same time, the largest proportion of premiums (almost 37%) came from voluntary insurance of land transport (except for railway transport).
The premiums sent to reinsurers, in Q1 2023 compared to the same period of 2022 decreased by 4,46% – down to 10,293 million UAH. Therefore, the ratio of reinsurers’ participation in insurance premiums has decreased by 2,19 p.p. – to 3,06%.
Net premiums of the insurer in January-March have increased by 67.50% – up to 325.634 million UAH, and earned premiums have increased by 22.91% – up to 338.852 million UAH.
The volume of insurance payments performed by IC “Universalna” in the first quarter of 2023 compared to the same period of 2022 increased by 37.03% – up to 105,228 million UAH. Given the high growth rate of gross premiums over indemnities and insurance reimbursements, the level of payments has decreased by 6,11 p.p.. – to 31,32%.
Thus, according to the results of the Q1 of 2023 operating profit of the company has amounted to UAH 27,722 mln, that is by 43,38% more than in the Q1 of 2022, and net profit of the insurer has increased in 3,64 times – up to UAH 34,427 mln.
As of April 1, 2023, the assets of the company have decreased by 4,56% down to UAH 1,776 bln, shareholders’ equity has increased by 6% down to UAH 608,643 mln, liabilities have decreased by 9,27% down to UAH 1,168 bln, cash and cash equivalents have reduced by 26,20% down to UAH 174,103 mln.
At that, RA notes that as of the reporting date the company formed a portfolio of current financial investments, which consisted of bank deposits (UAH 603,883 mln) and government bonds (UAH 159,636 mln). Cash and cash equivalents covered 14.91% of liabilities of PJSC IC “Universalna”, liquid assets (cash, bank deposits and OVGZ) covered 80.29% of liabilities of the insurer, and the ratio of shareholders’ equity to liabilities amounted to 52.12%.
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 – 70%.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
