In January-September 2024, Express Insurance (Kyiv) made payments in the amount of UAH 379.2 million, which is 61.6% or UAH 143.8 million more than in the same period of 2023, according to the insurer’s website.
In particular, payments for hull insurance amounted to UAH 319 million (+55.5%), for MTPL – UAH 49.8 million (2.3 times more), for voluntary health insurance – UAH 4.5 million (-11.1%), payments under other insurance contracts – UAH 5.9 million (+65.2%).
At the same time, the company reports that in September 2024, payments to customers amounted to UAH 39 million (+35.9%) more than in September 2023. In particular, the company paid UAH 31.6 million (+28.9%) under hull insurance contracts and UAH 5.5 million (+58.4%) under MTPL contracts.
Express Insurance ALC was founded in 2008 and is part of the UkrAVTO group of companies. The company specializes in motor insurance. The consistently high speed of claims settlement in the IC is ensured by optimal interaction with partner service stations.
Since April 2012, Express Insurance has been an associate member of the Motor Transport Insurance Bureau of Ukraine.
In January-June 2024, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 28.843 million of insurance payments, which is 1.4% less than in the same period a year earlier.
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 reporting period.
The volume of insurance payments and reimbursements made by the company for the first half of 2024 amounted to UAH 11.8 million, which is 39.9% less than the volume of payments for the first half of 2023.
Thus, the insurer’s claims ratio decreased by 26.22 percentage points to 40.91%. The insurer’s acquisition expenses for the first six months of 2024 amounted to UAH 0.790 million, which is 81.83% less than in the same period of 2023.
According to RA, the company’s operations were profitable in the first half of 2024. In particular, the insurer’s net profit for the first half of 2024 amounted to UAH 5.267 million.
As of July 1, 2024, the company’s assets increased by 6.88% to UAH 852.216 million, equity – by 1.16% to UAH 278.167 million, liabilities – by 9.90% to UAH 574.049 million, while cash and cash equivalents decreased by 28.31% to UAH 1.795 million.
Thus, as of the beginning of the second half of 2024, equity capital covered 48.46% of the insurer’s liabilities, and 0.31% of its liabilities were secured by cash and cash equivalents.
Also, as of July 1, 2024, the insurer formed a portfolio of financial investments in the amount of UAH 825.354 million, which included bank deposits and investments in government bonds. Thus, as of the beginning of the second half of 2024, liquid assets (cash and cash equivalents, bank deposits and government bonds) were 1.44 times higher than the insurer’s liabilities.
RA notes 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-August 2024, TAS Insurance Group (Kyiv) paid UAH 1.253 billion under the concluded insurance contracts, which is 53.8% more than the amount of the company’s indemnities for the first eight months of last year, according to the insurer’s website.
More than a quarter of the total amount of payments, or 27.4%, accounted for hull insurance – UAH 343.7 million, which is 35.1% higher than the corresponding figure for 8 months. In 2023, 33.1%, or UAH 414.3 million, was accounted for by MTPL (+33.3%), 21.5%, or UAH 269.6 million, by Green Card (+98.4%).
The share of VHI in the company’s claims portfolio amounted to 14.4%, or UAH 179.9 million (2.04 times more) over the past eight months.
Under property insurance contracts, TAS IG paid UAH 7.34 million (+49.7%) in the reporting period.
Under other insurance contracts, the company paid UAH 37.9 million (+84.1%).
TAS Insurance Group was registered in 1998. It is a universal company that offers its clients more than 80 types of insurance products in various types of voluntary and compulsory insurance. It has an extensive regional network: 28 regional directorates and branches and 450 sales offices throughout Ukraine.
In August 2024, TAS Insurance Group (Kyiv) paid UAH 149.7 million under the concluded insurance contracts, which is 30.7% more than the amount of the company’s indemnities for the same month last year, according to the insurer’s website.
More than a quarter of the volume of payments, or 28.7%, fell on hull insurance – UAH 42.9 million, which is 10.2% more than the corresponding figure for August 2023, 34.1%, or UAH 51.04 million – on MTPL (+25.8%), 16.7%, or UAH 25 million – on the Green Card (+37.8%).
The share of VHI in the company’s claims portfolio amounted to 14.9%, or UAH 22.23 million (+66.6%) for the first seven months of the year.
Under other insurance contracts, the company paid UAH 8.43 million (+2.4 times).
TAS Insurance Group was registered in 1998. It is a universal company offering more than 80 types of insurance products in various types of voluntary and compulsory insurance. It has an extensive regional network: 28 regional directorates and branches and 450 sales offices throughout Ukraine.
In January-June 2024, PJSC “Insurance Company ‘ARX’ (ARX, Kyiv) collected gross insurance premiums in the amount of UAH 1.955 billion, which is 14.38% more than in the same period a year earlier, according to the website of RA ‘Standard-Rating’ on updating the company’s credit rating/financial strength (reliability) rating at the level of ‘uaAAA’ on the national scale for 6 months. 2024.
It is noted that revenues from individuals increased by 7.93% to UAH 1.145 billion, and from reinsurers – by 2.13 times to UAH 5.789 million. Thus, in the first half of 2024, the share of individuals in the insurer’s gross premiums amounted to 58.58%, and the share of reinsurers – 0.30%.
Insurance payments sent to reinsurers in the first half of 2024 compared to the first half of 2023 increased by 34.43% to UAH 50.028 million, and the ratio of their participation in insurance premiums of IC “ARKS” increased by 0.38 p.p. to 2.56%.
The RA also notes that net written premiums increased by 13.94% to UAH 1.905 billion, and net earned premiums increased by 23.50% to UAH 1.902 billion.
The volume of insurance payments made by the insurer in the first half of 2024 compared to the same period in 2023 increased by 36.83% to UAH 856.077 million, the level of payments increased by 7.19 percentage points to 43.79%.
According to the results of the first six months, the company’s profit from operating activities amounted to UAH 53.192 million, and net profit amounted to UAH 287.453 million.
As of July 1, 2024, the company’s assets increased by 7.10% to UAH 4.750 billion, equity showed an increase of 13.18% to UAH 2.468 billion, liabilities increased by 1.21% to UAH 2.282 billion, cash and cash equivalents increased by 45.15% to UAH 284.967 million.
Thus, as of the beginning of the second half of 2024, 12.49% of the company’s liabilities were covered by cash and cash equivalents. At the same time, as of the reporting date, the insurer made financial investments in the amount of UAH 3.09 billion, which consisted of domestic government bonds and government bonds (90.46% of the investment portfolio) and deposits in banks with investment grade credit ratings (9.54% of the portfolio).
ARKS Insurance Company is part of the international insurance holding Fairfax Financial Holdings Ltd. The company has been a leader in the hull insurance segment of the Ukrainian market for 13 years.
In January-March 2024, VUSO Insurance Company PrJSC (Kyiv) collected UAH 641.63 million in gross premiums, which is 5.15% more than in the same period of 2023, according to the rating agency (RA) Standard Rating in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the RA website, in particular, the insurer’s revenues from individuals increased by 0.79% to UAH 413.554 million, and from reinsurers – by 55.66% to UAH 10.283 million. Thus, the share of individuals in the insurer’s gross written premiums amounted to 64.45%, and the share of reinsurers – 1.60%.
Insurance premiums paid to reinsurers increased 5.17 times in the first quarter to UAH 106.327 million, which resulted in a 13.20 percentage point increase in the reinsurance participation ratio to 16.57%.
Net written premiums decreased by 9.22% to UAH 535.303 million, while earned premiums increased by 16.90% to UAH 563.796 million.
During the reporting period, the company paid out UAH 318.957 million to customers, which is 55.35% higher than the volume of insurance payments and reimbursements for the same period in 2023. The level of payments increased by 16.06 percentage points to 49.71%.
RA also notes that the profit from operating activities of VUSO Insurance Company amounted to UAH 18.111 million, and net profit increased 4.66 times to UAH 13.491 million.
As of April 1, 2024, the insurer’s assets decreased by 1.51% to UAH 1.501 billion, equity showed an increase of 2.19% to UAH 630.748 million, liabilities decreased by 4.03% to UAH 870.649 million, cash and cash equivalents – by 14.06% to UAH 479.132 million.
The RA also notes that as of the reporting date, VUSO formed a portfolio of investments in government bonds in the amount of UAH 221.735 million, which in total covered 80.50% of the company’s liabilities. The balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 310.453 million, which also had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. It is a member of MTIBU and USIF, a participant in the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
