In November 2023, TAS Insurance Group (Kyiv) increased the volume of premiums collected by 40.1% to UAH 299.31 million compared to the same period in 2022, according to the group’s website.
The collected premiums under hull insurance contracts for the period amounted to UAH 71.66 million, which is 23.94% of the company’s total premiums and 16.5% higher than the corresponding figure for November 2022.
MTPL accounted for 35.81% of the premiums collected, or UAH 107.18 million of premiums, which is 31.8% more than last year, while Green Card accounted for 27.14% or UAH 81.23 million of payments (+88.3%).
In turn, under voluntary health insurance contracts, TAS IG attracted UAH 6.89 million of insurance premiums, which is 63.2% more, under property insurance contracts – UAH 6.09 million of insurance payments, under other insurance contracts – UAH 26.26 million, which is 52.4% more than last 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 November 2023, the company increased payments by 96.1% to UAH 145 million.
In January-September 2023, PJSC “Ukrainian Agrarian Insurance Company” (UASC, Kyiv) collected UAH 17.863 million in gross premiums, which is 56.2% more than in the same period of 2022, according to the rating agency “Standard Rating”, confirming the company’s financial strength rating at the level of “uaAA” on the national scale.
According to a report on the RA website, in particular, revenues from individuals decreased by 22.41% to UAH 180 thousand, and there were no premiums from reinsurers in the period under review.
Insurance payments sent to reinsurers for the three quarters of 2023 compared to the same period of 2022 increased by 65.52% to UAH 8.592 million, and the reinsurer participation ratio in insurance premiums increased by 2.70 p.p. to 48.1%.
In addition, the insurer’s net written premiums increased by 48.53% to UAH 9,271 million, and earned premiums by 27.71% to UAH 10,540 million.
In the first nine months of 2023, the company paid UAH 2,761 million in insurance claims and reimbursements to its customers, which is 32.68% higher than in the first nine months of 2022. Given the higher growth rate of gross premiums compared to insurance claims, the level of payments in the analyzed period decreased by 2.74 p.p. to 15.46%.
According to the results of January-September 2023, the company received a net profit of UAH 1.099 million. Its assets increased by 13.64% to UAH 89.405 million, equity showed an increase of 1.86% to UAH 60.316 million, liabilities increased by 49.52% to UAH 29.089 million, cash and cash equivalents decreased by 76.92% to UAH 1.738 million.
RA informs that as of October 1, 2023, the company has formed a portfolio of current financial investments in the amount of UAH 78.054 million, consisting of deposits in banks with a credit rating of at least uaAA (UAH 18 million) and investments in government bonds (UAH 60.054 million).
IC Ukrainian Agricultural Insurance Company (formerly IC Salamandra-Dnipro) has been operating in the country’s market since 1995.
According to the company, 84.75% of its authorized capital is owned by Dobrobut Agrofirm, 5.5% by Astarta-Kyiv Firm LLC, and 9.75% by Poltavazernoproduct LLC.
As reported, in August this year, the NBU approved Astarta Holding PLS’s indirect ownership of 100% of the insurer’s shares.
In January-September, VUSO Insurance Company (VUSO, Kyiv) collected about UAH 2.005 billion in insurance premiums, which is 78% more than in the same period in 2022 (UAH 1.126 billion).
According to the insurer’s press release, the improvement in the level of insurance premiums is observed in almost all areas, in particular, VHI by 3.4 times to UAH 391.8 million, travel insurance by 15% to UAH 74.9 million, hull insurance by 70% to UAH 497.4 million, MTPL by 26% to UAH 260.4 million. The total amount of insurance premiums under the Green Card for this period amounted to UAH 171.1 million.
The company also reports that it has paid UAH 679.9 million in nine months, which is 2.1 times more than the same period last year (UAH 324.4 million). In particular, payments under voluntary health insurance amounted to UAH 177.4 million (up 4.9 times), MTPL – UAH 116.6 million (+69%), hull insurance – UAH 189.8 million (+45.5%). The level of payments for the Green Card amounted to UAH 91.8 million, and for travel insurance – UAH 20.2 million.
During this time, the company also announced the launch of updated products, including Medical Concierge, Give Yourself a Life critical illness insurance, and Patriot 2.0 Unlimited hull insurance with military risk coverage.
VUSO Insurance Company was founded in 2001. The company currently has a financial strength rating of uaAA. It is represented in all regions of Ukraine. The company is a member of the MTIBU and the Ukrainian Insurance Fund, a party to the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
In January-September 2023, ALC Insurance Company ARX Life (ARX Life, Kyiv) collected insurance premiums in the amount of UAH 234.7 million, which is 18.71% more than in the same period of 2022, according to the website of RA Standard Rating.
According to the RA’s information on updating the company’s credit rating/financial strength (reliability) rating at uaAAAA according to the national scale, the volume of payments and reimbursements made by the insurer for the first nine months of 2023 increased by 31% to UAH 49.426 million compared to the same period in 2022. Thus, the insurer’s claims ratio increased by 1.97 p.p. to 21.06%.
The insurer’s acquisition expenses for the first nine months of 2023 increased by 5.15% compared to the same period in 2022 – up to UAH 117.201 million.
According to the results of January-September, the company received a net profit of UAH 53.214 million, which is 3.09 times more than the profit received in the first nine months of 2022.
As of September 30, 2023, the insurer’s assets increased by 24.42% to UAH 287.277 million, equity increased by 44.46% to UAH 172.906 million, liabilities showed an increase of 2.86% to UAH 114.371 million, cash and cash equivalents decreased by 30.90% to UAH 45.745 million.
Thus, as of the beginning of the fourth quarter of 2023, the company had a very high level of capitalization (151.18%) and a sufficient level of coverage of its liabilities by cash and cash equivalents (40.00%).
At the same time, the RA notes that as of October 1, 2023, the insurer made financial investments in the amount of UAH 216.102 million, which consisted of government bonds (81.18%), government bonds (9.57%) and deposits in banks (9.25%).
ARX Life, like ARX, 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-September 2023, “Nadiina” Insurance Company (Kyiv) collected insurance premiums in the amount of UAH 99.575 million, which is 1.68% more than in the same period last year.
Such data was published in the information of RA Standard Rating on the update of the company’s credit rating/financial strength (reliability) rating at uaA+ on the national scale.
At the same time, premiums from individuals amounted to UAH 0.501 million, and premiums from reinsurers amounted to UAH 2 thousand. Thus, according to the results of nine months of 2023, the insurer’s client portfolio in terms of gross premiums was mainly formed by legal entities.
Insurance payments sent to reinsurers in the first nine months of 2023 decreased by 33.68% to UAH 55.145 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased from 84.91% to 55.38%, or by 29.53 percentage points.
The insurer’s net written premiums increased by 3.01 times to UAH 44.430 million, and earned premiums by 3.55 times to UAH 44.086 million.
The volume of insurance payments and reimbursements made by the company in the first nine months of 2023 compared to the same period in 2022 increased by 3.04 times to UAH 5.721 million. Thus, the payout ratio increased by 3.83 p.p. to 5.75%.
Profit from operating activities in January-September 2023 increased to UAH 27.042 million, and the insurer’s net profit increased to UAH 25.198 million.
As of September 30, 2023, the insurer’s assets increased by 46.66% to UAH 89.159 million, equity showed an increase of 51.33% to UAH 74.284 million, liabilities – by 27.07% to UAH 14.875 million, cash and cash equivalents increased 2.87 times to UAH 38.415 million.
As reported, the company was registered in the Unified State Register of Legal Entities and Individual Entrepreneurs in 2006. The authorized capital is UAH 15 million.
According to the NSSMC, as of the fourth quarter of 2022, the company’s shareholders were eight individuals with 9.5%, one with 5%, and another with 19%.
In January-September 2023, Grave Ukraine Life Insurance (Kyiv) collected UAH 286.5 million in net premiums, which is 10.3% more than in the same period of 2022.
According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its gross written premiums for the period amounted to UAH 334.6 million, which is 10.8% more than in the first nine months of 2022. UAH 48.154 million (+13.8%) was ceded for reinsurance.
For the first nine months, the company paid UAH 110.904 million, which is 29.4% more than in the same period last year.
The company’s administrative expenses amounted to UAH 30.299 million (+34.6%), and sales expenses amounted to UAH 126.9 million (+76.5%).
The financial result before tax amounted to UAH 50.769 million, which is 5.4 times more than in the first nine months of the previous year.
Net profit amounted to UAH 40.021 million (almost 10 times more).
As reported, Grave Ukraine Life Insurance and Grave Ukraine Insurance Company are part of the Grave Ukraine Financial Group, the ultimate beneficiary of which is GRAWE-Vermögensverwaltung (Austria).
