Insurance company “Quorum” (Kyiv) in January-June 2024 collected insurance premiums in the amount of UAH 30 million, which is 29.97% more than in the same period of 2023, the rating agency (RA) “Standard-Rating” reported in information on updating the credit rating / financial strength rating of the company on the national scale at the level of “uaAA”.
At the same time, it was clarified that the rating was updated based on the analysis of the company’s performance for the specified reporting period.
During this period, revenues from individuals increased by 26.38% to UAH 18.320 million, while there were no revenues from reinsurers. The share of individuals in gross premiums amounted to 61%.
Insurance payments sent to reinsurers in the first half of 2024 amounted to UAH 9,710 million, which is 29.24% higher than in the first half of 2023. The ratio of reinsurers’ participation in insurance premiums decreased by 0.19 pp to 32.33%.
The insurer’s net written premiums increased by 30.33% to UAH 20.322 million, and net earned premiums increased by 30.72% to UAH 20.165 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2024 compared to the same period in 2023 increased by 24.38% to UAH 3,449 million, while the level of payments decreased by 0.52 percentage points to 11.48%.
RA notes that the company’s activities in the analyzed period were profitable. In particular, the profit from operating activities amounted to UAH 6.946 million, and net profit – UAH 6.644 million.
As of July 1, 2024, the company’s assets increased by 0.25% to UAH 64.127 million, equity – by 6.68% to UAH 59.776 million, liabilities showed a decrease of 45.18% to UAH 4.351 million, cash and cash equivalents increased by 2.95% to UAH 45.718 million.
Quorum Insurance Company was established in March 2014 and specializes in risk insurance.
In January-September of this year, businessman Alexander Yaroslavsky’s DCH Group increased its payments to the budgets of all levels by 14.5%, or UAH 210 million, compared to the same period last year, to more than UAH 1.65 billion.
According to the PR department of DCH, the total amount of taxes paid by the group’s companies since the beginning of Russia’s full-scale invasion has reached almost UAH 5.5 billion.
It is specified that the main increase in tax payments compared to 9 months of 2023 was provided by JSC Bank Credit Dnipro – by UAH 95 million, Kharkiv Tractor Plant (HTZ) – by UAH 32 million, and ORANTA Insurance Company – by UAH 70 million.
It is also reported that in particular, in January-September 2024, DMZ reduced the production of rolled metal products by 56.9% compared to the same period last year, while the production of metallurgical coke decreased by 0.4%.
In the first 9 months of 2024, Sukha Balka Mine commissioned 8 new blocks with total reserves of 906 thousand tons of ore.
Since the beginning of Russia’s full-scale invasion of Ukraine, KHARTSYZSK PIPE has been in the war zone and the plant’s territory has been under constant shelling. Nevertheless, KHARTSYZSK PIPE continues to maintain production, electricity, gas and water supply to the plant and the city area, and continues to produce machinery for agriculture and the country’s critical infrastructure.
In June of this year, Bank Credit Dnipro, together with the Independent Association of Banks of Ukraine and 18 major commercial banks, signed a memorandum of bank lending for energy infrastructure rehabilitation projects, which is dictated by the country’s strategic need to ensure energy independence.
A significant challenge for manufacturing companies is the outflow of personnel, in particular due to the mobilization of personnel. Since the beginning of the war, 465 employees of Sukhoi Balka and 268 employees of DMZ have joined the Armed Forces of Ukraine. The companies’ operations are also affected by periodic power outages, when they have to reduce or stop production completely.
Today, DCH Group employs over 7.6 thousand people. 912 employees of the group serve in the Ukrainian Armed Forces, 55 of those who joined the ranks of the Armed Forces were killed.
DCH Investment Management is a financial and industrial group of companies that manages investments in ore mining and metallurgy, machine building, real estate, insurance, banking and hospitality.
In September 2024, TAS Insurance Group (Kyiv) collected UAH 418 million in insurance premiums, which is 31% more than in the same period in 2023.
According to the insurer’s website, motor hull insurance premiums amounted to 18.2% of the total, or UAH 76.13 million, which is 6.4% more than in September 2023; motor third party liability insurance premiums – 32.3%, or UAH 134.9 million (+24.3%), and Green Card premiums – 31.9%, or UAH 133.2 million (+43.8%).
In September, TAS Group collected UAH 35.08 million in premiums under voluntary health insurance contracts, which is 8.4% of the total premiums and 2.6 times higher than in the same period last year.
In turn, UAH 6.17 million of insurance premiums were collected under property insurance contracts. Under other insurance contracts in September 2024, the company collected UAH 32.51 million in premiums, an increase of 29.3%.
The company also reports that as part of its obligations to conclude insurance contracts in September, it paid UAH 174.85 million, which is 47.6% more than in the same period a year earlier.
At the same time, payments under hull insurance increased by 66.3% to UAH 53.72 million, motor third party liability insurance – by 36.8% to UAH 54 million, Green Card – by 40.4% to UAH 38.39 million, VHI – by 49.8% to UAH 23.08 million, property insurance – by 2.45 times to UAH 2.28 million.
Under other insurance contracts, TAS paid UAH 3.42 million, which is 10.5% more than in September last year.
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.
