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.
In 2023, Universalna Insurance Company (Kyiv) collected UAH 1.891 billion in net insurance premiums, which is 56.3% more than in 2022, according to the website of the Standard Rating agency.
The agency has affirmed the credit rating/financial strength (reliability) rating of Universalna Insurance Company at uaAAA on the national scale based on the analysis of its performance for the specified reporting period.
According to the published data, in 2023, the company collected UAH 2.005 billion of gross premiums, which is 42.87% higher than the amount of premiums received in the same period in 2022.
In the reporting period, revenues from individuals increased by 42.59% to UAH 905.272 million, and from reinsurers – by 2.19 times to UAH 2.267 million. Despite the increase in premiums from individuals, legal entities prevailed in the company’s client portfolio in 2023. At the same time, according to the results of activities during 2023, the largest shares of premiums came from land transport insurance (except for railway) – 32.22%, as well as health insurance (continuous health insurance) – 28.53%.
Insurance payments sent to reinsurers in 2023 decreased by 41.01% compared to the same period in 2022 – to UAH 114.046 million. The ratio of reinsurers’ participation in insurance premiums decreased by 8.09 p.p. to 5.69%.
The volume of insurance claims paid by Universalna in 2023 more than doubled compared to 2022, to UAH 700.220 million. Thus, the level of payments increased by 10.16 percentage points to 34.92%.
The agency also notes that in the reporting period, the company’s net profit decreased by 25.04% to UAH 142.040 million, operating profit by 44.1% to UAH 104.9 million.
As of January 1, 2024, the insurer’s assets increased by 19.68% to UAH 1.471 billion, equity showed an increase of 23.16% to UAH 755.312 million, liabilities – by 16.22% to UAH 716.005 million, cash and cash equivalents decreased by 26.84% to UAH 172.546 million.
RA notes that as of the reporting date, Universalna Insurance Company has formed a portfolio of current financial investments in the amount of UAH 987.923 million, consisting of bank deposits (UAH 640.063 million) and government bonds (UAH 347.860 million). As a result, cash and cash equivalents covered 24.10% of the company’s liabilities, liquid assets (cash, bank deposits and government bonds) exceeded the insurer’s liabilities by 1.62 times, and the company’s liability/equity ratio was 105.49%.
Universalna has an international shareholder base, with the European Bank for Reconstruction and Development holding a 30% stake and Fairfax Financial Holdings Limited holding a 70% stake.
Fairfax Financial Holdings Limited (Canada) is a holding company that, through its subsidiaries, is primarily engaged in accident insurance, property insurance and investment management.
In 2023, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 1.992 billion of insurance payments, which is 62.13% more than in 2022, according to the website of the rating agency “Standard Rating” in the information on the confirmation of the financial strength rating / credit rating of the insurer at the level of “uaAA+” for the specified period.
According to the RA website, during this period, the insurer’s revenues from individuals increased by 58.98% to UAH 1.427 billion, and from reinsurers – by 94.23% to UAH 3.970 million. At the end of 2023, the share of individuals in the company’s gross premiums amounted to 71.65%, and the share of reinsurers – 0.20%.
In 2023, insurance payments sent to reinsurers increased by 68.76% compared to 2022 – up to UAH 698.056 million. Thus, the ratio of participation of reinsurance companies in insurance premiums increased by 1.37 p.p. to 35.04%.
The company’s net written premiums increased by 58.77% to UAH 1.294 billion, while earned premiums increased by 40.54% to UAH 1.122 billion.
The volume of insurance payments and reimbursements made by Knyazha VIG in 2023 increased by 55.39% compared to the same period in 2022, to UAH 634.159 million. The claims ratio decreased by 1.38 p.p. to 31.83%.
RA also notes that in 2023, the insurer’s operations were profitable, and its financial results improved significantly. In particular, the financial result from operating activities amounted to UAH 29.920 million, and net profit amounted to UAH 80.540 million, while in 2022 the insurer received a net and operating loss.
As of January 1, 2024, assets increased by 33.56% to UAH 1.782 billion, equity – by 25.19% to UAH 448.703 million, liabilities showed an increase of 36.63% to UAH 1.334 billion, cash and cash equivalents increased by 0.75% to UAH 50.045 million.
The agency also notes that as of January 1, 2024, the insurer made financial investments in the amount of UAH 939.367 million, consisting of government bonds (73.78% of the investment portfolio), as well as deposits in banks with a high credit rating (26.22% 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%.
INSURANCE COMPANY, Knyazha, PAYMENTS, premiums collection, VIG
In January of this year, Express Insurance (Kyiv) collected insurance premiums in the amount of UAH 59.7 million, which is 12.5% more than in the same period of 2023.
As specified on the insurer’s website, during this period, contracts were concluded 2.5 times more than in 2023, and 2.4 times more than in January 2021.
Premiums for motor hull insurance amounted to UAH 47.723 million (+0.9% compared to January 2013), for MTPL – UAH 9.667 million (2.9 times more), VHI – UAH 1.3 million (+25.8%), and for other types of insurance – UAH 1 million (+97.8%).
As reported, in January, the company paid UAH 270.9 million, which is 53.8% or UAH 10.3 million more than in the same period of 2023. In particular, payments for motor hull insurance amounted to UAH 26 million, which is 58.4% more than in January 2023, for MTPL – UAH 2.842 million (+ 24.3%), VHI – UAH 684.7 thousand (+ 21.5%), and for other types of insurance – UAH 257.2 thousand (2.8 times more).
“Express Insurance” ALC was founded in 2008 and is a part of UkrAuto group of companies. The company specializes in motor insurance. Since April 2012, it has been an associate member of the Motor Transport Insurance Bureau of Ukraine.
In 2023, PZU Ukraine Insurance Company (Kyiv) collected UAH 1.869 billion in premiums, which is 46.1%, or UAH 589.5 million, more than in 2022, according to a press release from the insurer.
The largest increase in payments over the past year was recorded in the Green Card insurance segment by 2.2 times, or by UAH 266 million, voluntary health insurance (VMI) by 70% (+UAH 100 million) and compulsory motor third-party liability insurance (MTPL) by 55% (+UAH 178 million), voluntary motor vehicle insurance (VMTPL) by 29% (+UAH 83 million), and accident insurance by 9% (+UAH 3 million).
The company also reports that the share of MTPL in its portfolio in 2023 amounted to 27%, or UAH 499.4 million, Green Card – 26%, or UAH 488.9 million, CASCO – 20%, or UAH 368.5 million, VHI – 13%, or UAH 243.3 million, other types of insurance – 14%, or UAH 268.9 million.
In 2023, PZU Ukraine paid out UAH 701.4 million in insurance claims, which is 22% more than in 2022.
In the motor hull segment, UAH 167.4 million, or 24% of total claims, was settled last year, UAH 195.0 million (28%) in MTPL, UAH 109.7 million (16%) under Green Card contracts, 21% of all claims were paid out in VHI and 12% in other types of insurance.
The average period of settlement of insurance claims, from the date of the accident to the date of payment, under MTPL contracts was 37 days, and under hull insurance contracts – 14 days.
The company also reported that, according to the auditor’s report, the financial result before tax for 2023 amounted to UAH 103.8 million.
PZU Ukraine has been operating in the Ukrainian market since 1993. PZU Ukraine is supported by one of the largest insurance groups in Central and Eastern Europe – PZU Group (which includes the parent company of PZU Ukraine – PZU S.A.).
The traditions of the PZU Group date back to 1803, when the first insurance company Powszechny Zakład Ubezpieczeń Spółka Akcyjna (PZU SA) was founded in Poland.
