In January-March 2024, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 543.5 million of insurance payments, which is 41.54% more than in the same period a year earlier, according to the message of the rating agency “Standard Rating” on the confirmation of the financial strength rating/credit rating of the insurer at the level of “uaAA+” for the specified period.
As reported on the RA website, during the period under review, the insurer’s revenues from individuals increased by 45.71% to UAH 376.64 million, and from reinsurers – by 27.81% to UAH 0.579 million. At the end of the quarter, the share of individuals in the company’s gross premiums amounted to 69.30%, and the share of reinsurers – 0.11%.
Insurance payments sent to reinsurers in the first quarter of 2024 increased by 46.48% to UAH 182.286 million compared to the same period in 2023, while the participation ratio of reinsurance companies in insurance premiums increased by 1.13 percentage points to 33.54%.
Net written premiums increased by 39.16% to UAH 361.221 million, while earned premiums increased by 47.24% to UAH 451.132 million.
Insurance claims and reimbursements increased by 63.25% to UAH 217.704 million. Thus, the claims ratio increased by 5.33 percentage points to 40.06%.
The insurer’s net profit for the first quarter of 2024 amounted to UAH 18.094 million.
At the same time, assets increased by 3.97% to UAH 1.853 billion, equity increased by 3.09% to UAH 462.559 million, liabilities increased by 4.27% to UAH 1.391 billion, cash and cash equivalent decreased by 37.72% to UAH 31.166 million.
The RA notes that as of April 1, 2024, the insurer made financial investments in the amount of UAH 930.821 million, consisting of government bonds (78.15% of the investment portfolio), as well as deposits in banks with a high credit rating (21.85% of the portfolio).
PrJSC “IC “Knyazha Vienna Insurance Group” is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.
In January-March 2024, PJSC “Ukrainian Agrarian Insurance Company” (UASC, Kyiv) collected UAH 1.289 million of gross premiums, which is 7.33% less than in the same period a year earlier.
The rating agency Standard-Rating reported, confirming the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the report on the RA website, in particular, revenues from individuals increased by 9.33% to UAH 0.082 million, and there were no premiums from reinsurers in the period under review. Thus, taking into account the share of individuals in gross premiums at 6.36%, legal entities prevailed in the insurer’s client portfolio.
Insurance payments sent to reinsurers for the first quarter of 2024 decreased by 19.18% to UAH 0.316 million compared to the same period in 2023, and the reinsurer participation ratio in insurance premiums decreased by 3.59 p.p. to 24.52%.
The company’s net written premiums in the analyzed period decreased by 2.70% to UAH 0.973 million.
In the first three months of 2024, the company paid UAH 1,741 million in insurance claims and indemnities to its clients, which is 74.97% higher than in the same period of 2023. The level of payments in the reporting period increased by 63.54 p.p. to 135.07%.
The financial result from operating activities amounted to UAH 3.515 million, and net profit amounted to UAH 6.842 million.
As of April 1, 2024, the insurer’s assets decreased by 1.25% to UAH 75.967 million, equity showed an increase of 11.57% to UAH 65.974 million, liabilities decreased by 43.85% to UAH 9.993 million, cash and cash equivalents decreased by 82.79% to UAH 3.604 million.
RA also reported that as of the reporting date, the company had formed a portfolio of current financial investments in the amount of UAH 68.666 million, which consisted of investments in government bonds.
IC Ukrainian Agricultural Insurance Company (formerly IC Salamandra-Dnipro) has been operating in the country’s market since 1995.
According to the Unified State Register of Legal Entities and Individual Entrepreneurs, 84.750% of UASC’s authorized capital is owned by Dobrobut Agrofirm, Astarta-Kyiv LLC owns 5.5%, and Poltavazernoprodukt Investment and Industrial Company LLC owns 9.75%.
Metinvest Mining and Metallurgical Group, including its associates and joint ventures, increased its payments of taxes and fees to the budgets of all levels in Ukraine by 56% year-on-year to UAH 9.9 billion in January-June this year.
According to the company’s press release on Monday, the largest payment is the subsoil use fee, which more than tripled to UAH 2.9 billion in the first half of 2023. The second largest payment was the unified social tax of UAH 1.8 billion, up 19%. The top three largest payments were made in the form of UAH 1.7 billion in personal income tax, up 16% year-on-year.
At the same time, Metinvest’s Ukrainian enterprises paid UAH 1.4 billion in corporate income tax in January-June 2024, up 26% compared to January-June 2023. Land payments increased by 7% to UAH 631 million and environmental tax by 22% to UAH 368 million.
Yuriy Ryzhenkov, CEO of Metinvest, stated that the group has overcome many challenges during the war, but many challenges are still ahead.
“Our efforts to rebuild our business to operate in the new environment and our ability to turn problems into opportunities have paid off – tax payments are growing. This is our contribution to supporting the economy of Ukraine and the regions near the frontline where the company’s enterprises operate. We allocate significant resources to help the army and civilians, continue to make plans for a peaceful future and are ready to participate in the post-war revival of the country,” the top manager emphasized.
As reported earlier, Metinvest almost doubled its tax payments to the Ukrainian budget in the first quarter of 2024 to UAH 4.2 billion. In 2023, the company paid UAH 14.6 billion to the Ukrainian budget.
“Metinvest is a vertically integrated group of steel and mining companies. The Group’s enterprises are mainly located in Donetsk, Luhansk, Zaporizhzhia and Dnipro regions.
The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%), which jointly manage it.
Metinvest Holding LLC is the management company of Metinvest Group.
In January-March 2024, ALC Insurance Company ARX Life (ARX Life, Kyiv) collected insurance premiums in the amount of UAH 79.085 million, which is 0.13% less than in the same period a year earlier, according to the website of RA Standard Rating, which updated the company’s credit rating/financial strength (reliability) rating at uaAAA on the national scale.
The volume of payments and reimbursements made by the insurer in the first quarter decreased by 5.29% to UAH 17.01 million. Thus, the claims ratio decreased by 1.17 p.p. to 21.51%.
The insurer’s acquisition expenses for the first three months of 2024 decreased by 9.07% to UAH 43.567 million compared to the same period in 2023.
During the reporting period, the company generated a net profit of UAH 19.631 million, which is 55.43% more than in the first quarter of 2023.
As of April 1, 2024, the company’s assets increased by 7.19% to UAH 305.616 million, equity increased by 9.27% to UAH 231.404 million, liabilities increased by 1.17% to UAH 74.212 million, and cash and cash equivalents increased by 34.51% to UAH 53.069 million.
Thus, as of the beginning of the second quarter of 2024, the company’s capitalization level amounted to 311.81%, and the level of coverage of its liabilities by cash and cash equivalents was 71.51%.
At the same time, the Agency notes that as of the reporting date, the insurer made financial investments in the amount of UAH 246.039 million, which consisted of government bonds (91.90%) and deposits in banks (8.10%).
ARX Life is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the TOP-10 companies in the life insurance market in Ukraine.
In January-April 2024, TAS Insurance Group (Kyiv) paid UAH 628.6 million in insurance claims under the concluded insurance contracts, which is 57.2% more than the total amount of the company’s payments for the corresponding period last year, according to the insurer’s website.
In addition, it is noted that 27.58% or UAH 173.34 million of payments were made on hull insurance, which is 40.4% more than in the same period last year, for MTPL – by 35.07%, or UAH 220.46 million (+44.4%), Green Card – by 19.34%, or UAH 121.56 million (+75.7%).
VHI payments increased even more – in fact, by 2.3 times – to UAH 93.42 million, which is 14.86% of the total amount of payments made by the insurer in the reporting period.
TAS IG paid UAH 3.43 million under property insurance contracts and UAH 16.39 million under other insurance contracts.
TAS IG 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.
Insurance group “TAS” (Kiev) for January-March 2024 paid out under the concluded insurance contracts indemnities in the amount of UAH 465,89 mln, which is 50,8% more than in the same period of the previous year.
According to the insurer’s website, more than a quarter of its payments (27,54% or UAH 128,31 mln) following the results of the first quarter fell on CASCO, which is 33% higher than the corresponding indicator for the same period of the last year, 35,46% or UAH 165,21 mln – on MTPL insurance (+ 40,1%), 18,91% or UAH 88,12 mln – on voluntary medical insurance (+62,6%)
At the same time, the company has paid UAH 2,8 mln of indemnities under property insurance contracts during the reporting period – by 38,3% more than in the first three months of the last year.
The volume of payments under other insurance contracts amounted to UAH 10.92 mln, which is 30.9% higher than in the same period of 2023.
SG “TAS” was registered in 1998. It is a universal company offering its clients more than 80 types of insurance products on various types of voluntary and compulsory insurance. It has an extensive regional network: 28 regional directorates and branches and 450 sales offices throughout Ukraine.
