In 2023, the largest alcohol producers increased their income tax payments by 1.7 times compared to 2022, and their income tax efficiency increased from 1.4% in 2022 to 2.0% in 2023, said Danylo Hetmantsev, chairman of the Parliamentary Committee on Finance, Taxation and Customs Policy.
“Measures to de-shadow the alcoholic beverage market, despite the fierce resistance of black market areas (the so-called ‘business defenders’ and ‘sofa experts’), are yielding positive results in the form of budget revenues,” he wrote on Telegram.
The committee chairman named National Vodka Company LLC (Bayadera Group), LVN Limited LLC (TM Nemiroff), Lviv Distillery, and Shustov-Spirt ALC as the leaders in terms of tax efficiency.
According to him, Global Spirit Group has significantly improved its VAT tax efficiency from 3.5% in 2022 to 6.1% in 2023 and 9.4% in 2 months of 2024.
According to Mr. Hetmantsev, the largest alcohol producers have improved their performance not only in terms of income tax, but also in terms of VAT. For two months of this year, VAT payable has already been declared by 28.1% more than in the same period last year.
At the same time, the VAT tax efficiency increased to 6.2% in two months of 2024 from 4.9% in two months of 2023. At the same time, this figure increased by 5.2% compared to 2023.
In January-February 2024, TAS Insurance Group (Kyiv) collected UAH 669.95 million in insurance payments, which is 37.7% more than in the same period last year, according to the insurer’s website.
Thus, CASCO sales increased by 22% to UAH 121.81 million in insurance premiums, which is 18.18% of the company’s fees in January-February.
MTPL accounted for 29.26% of the total volume, or UAH 196.04 million (+34.7%), Green Card – 26.34%, or UAH 176.43 million (+73.3%), VHI – 16.24%, or UAH 108.78 million (+22.2%).
Under property insurance contracts, TAS Group has raised UAH 16.7 million in insurance premiums over the past two months, which is 41.5% more than in January-February last year.
Under other insurance contracts, the company collected UAH 50.18 million in premiums during the reporting period (+30.9%).
As reported, in January-February 2024, the company paid UAH 308.81 million under the concluded insurance contracts, which is 57.9% more than the company’s indemnities for the same two months of the previous year.
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 of 28 regional directorates and branches.
In January-February 2024, TAS Insurance Group (Kyiv) paid UAH 308.81 million under the concluded insurance contracts, which is 57.9% more than the company’s claims for the same two months last year.
According to the insurer’s website, the company’s payments under hull insurance contracts reached UAH 88.43 million, which is 28.64% of the total amount of the insurer’s payments and 38% higher than the corresponding figure for the same period in 2023.
Motor TPL claims increased by 57.7% to UAH 111.05 million, which is equal to 35.96% of the company’s total claims for the reporting period. At the same time, the share of “Green Card” in the insurer’s claims portfolio in January-February amounted to 16.82% or UAH 51.93 million (+49.3%).
VHI payments increased 2.3 times to UAH 47.7 million (15.45% of total claims).
In January-February, the company paid UAH 2.12 million under property insurance contracts and UAH 7.58 million under other insurance contracts.
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 of 28 regional directorates and branches.
In February 2024, TAS Insurance Group (Kyiv) paid UAH 148.73 million under the concluded insurance contracts, which is 55.2% more than the company’s claims in February last year.
According to the insurer’s website, 31.99%, or UAH 47.58 million, was accounted for by motor hull insurance, which is 31.3% more than in the same period in 2023, 35.57%, or UAH 52.9 million, by MTPL, which is 49.5% more.
Payments under the Green Card increased by 79.9% to UAH 20.45 million, which is equal to 13.75% of the total amount of payments made by the insurer for the month.
At the same time, the company paid UAH 22.65 million under voluntary health insurance contracts in February, which is 15.23% of the company’s total payments for the month and 2.21 times higher than the corresponding figure for the same period in 2023.
Last month, TAS Group paid UAH 1.02 million under the concluded property insurance contracts. The volume of payments made by the insurer under other insurance contracts in the reporting period amounted to UAH 4.13 million.
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 of 28 regional directorates and branches.
In 2023, InterExpress Insurance Company (Kyiv) collected insurance premiums in the amount of UAH 58.616 million, which is 21.15% more than a year earlier.
This is reported by the rating agency Standard-Rating on the update of the company’s credit rating / financial strength (reliability) rating of the insurer on the national scale at the level of uaAA.
Revenues from individuals for the year decreased by 5.20% to UAH 23.223 million, and revenues from reinsurers in the analyzed period amounted to only UAH 132 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 60.15% in 12 months of 2023.
Insurance payments sent to reinsurers decreased by 37.35% to UAH 4,649 million. Thus, the ratio of reinsurers’ participation in insurance premiums decreased by 7.41 p.p. to 7.93%.
The company’s net written premiums increased by 31.75% to UAH 53.967 million, while earned premiums increased by 22.13% to UAH 53.111 million.
The volume of payments and reimbursements made by the insurer in 2023 decreased by 1.35% compared to 2022 – to UAH 17.065 million. Thus, the level of payments decreased by 6.64 p.p. to 29.11%.
In the analyzed period, IC Interexpress’ activities were profitable, while the insurer’s financial results showed a significant increase. Thus, the operating profit of IC “Interexpress” increased by UAH 23.408 million to UAH 24.340 million, and the net profit – by UAH 19.153 million to UAH 20.005 million.
As of January 1, 2024, the insurer’s assets increased by 53.88% to UAH 73.695 million, equity – by 56.31% to UAH 58.721 million, liabilities increased by 45.07% to UAH 14.974 million, cash and cash equivalents – by 56.09% to UAH 10.088 million.
RA also notes that as of the reporting date, the company has formed a portfolio of current investments in government bonds in the amount of UAH 5,828 mln.
InterExpress Insurance Company, registered in 2004, specializes in risky types of insurance.
In 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 64.4 million of insurance payments, which is 6.69% more than in 2022.
This is reported on the website of the rating agency Standard-Rating, which confirmed the financial strength rating/credit rating of the company at uaAA+ at the end of 2023.
The volume of insurance payments and reimbursements made by the company in 2023 amounted to UAH 34.352 million, which is 2.1 times higher than in 2022. Thus, the insurer’s claims ratio increased by 26.21 p.p. to 53.38%.
In 2023, the insurer’s acquisition expenses decreased by 6.55% compared to 2022 – to UAH 9.459 million.
The insurer’s net profit for 2023 amounted to UAH 35.128 million, while in 2022 it made a net loss. This is due to the recalculation of 2022 figures for the purpose of their comparability in connection with the first application of IFRS 9 and IFRS 17.
As of January 1, 2024, the company’s assets increased by 12.65% to UAH 797.322 million, equity showed an increase of 40.24% to UAH 274.978 million, liabilities – by 2.07% to UAH 522.344 million, funds and their equivalents decreased by 30.09% to UAH 2.504 million (the decrease is due to an increase in current financial investments).
The Agency notes that as of the beginning of 2024, the company’s equity capital covered 52.64% of the insurer’s liabilities, and 0.48% of its liabilities were secured by cash and cash equivalents.
Last year, the insurer formed a portfolio of financial investments in the amount of UAH 783.353 million, which included bank deposits (UAH 133.2 million) and investments in government bonds (UAH 650.153 million). Thus, as of the beginning of 2024, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 150.45% of the insurer’s liabilities, which indicates a very high level of liquidity of the company.
RA emphasizes 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.
