In January-September 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 46.04 million of insurance payments, which is 7.66% more than in the same period of 2022.
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 first nine months of 2023.
The volume of insurance payments and reimbursements made by the company for the first nine months of 2023 amounted to UAH 26.172 million, which is 2.69 times higher than the volume of payments for the same period in 2022. Thus, the insurer’s claims ratio increased by 34.10 p.p. to 56.85%.
The insurer’s acquisition expenses for the three quarters of 2023 decreased by 19.71% to UAH 6.263 million compared to the same period of 2022. According to the results of the reporting period, the company’s operations were profitable. In particular, the insurer’s net profit increased to UAH 11.124 million.
As of October 30, 2023, the company’s assets increased by 5.92% to UAH 785.635 million, equity showed an increase of 13.03% to UAH 128.557 million, liabilities increased by 4.64% to UAH 657.078 million, cash and cash equivalents amounted to UAH 2.625 million (a decrease of 95.01% due to an increase in current financial investments).
Thus, as of the beginning of the fourth quarter of 2023, equity capital covered 19.56% of the insurer’s liabilities, and 0.4% of its liabilities were secured by cash and cash equivalents.
At the same time, RA notes that as of October 1, 2023, the insurer formed a portfolio of financial investments in the amount of UAH 741.204 million, which included bank deposits (UAH 168.9 million) and investments in government bonds (UAH 572.304 million). Thus, as of the beginning of the fourth quarter of 2023, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 113.20% of the insurer’s liabilities.
RA emphasizes that a high level of external support for the company is provided by its shareholder, the international insurance group headquartered in Austria, Vienna Insurance Group Wiener Städtische Versicherung AG, which is represented by 50 companies in 30 countries and is the leader in the insurance market of Central and Eastern Europe.
In January-September 2023, PZU Ukraine Insurance Company (Kyiv) increased gross written premiums by 41.98% to UAH 1.314 billion, and net written premiums by 52.2% to UAH 1.271 billion.
According to RA Standard-Rating, which updated the company’s credit rating/financial strength (reliability) rating on the national scale at uaAAA following the results of the specified period, in the first nine months of 2023, revenues from individuals increased by 49.90% to UAH 933.5 million. Thus, the share of individuals in the insurer’s gross premiums amounted to 71.02%, and the share of reinsurers amounted to 0.40%.
Insurance payments sent to reinsurers in the first nine months of 2023 decreased by 52.2% to UAH 43.464 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased by 6.51 p.p. to 3.31%.
During the reporting period, the company paid UAH 484.8 million in claims, which is 13.24% more than in the same period of 2022. At the same time, the payout ratio decreased by 9.36 p.p. to 36.89%.
In January-September 2023, the operating profit of PZU Ukraine amounted to UAH 54.583 million (-50.2%), and net profit increased by 5.8% to UAH 112.202 million.
As of September 30, 2023, the company’s assets increased by 7.57% to UAH 2.605 billion, equity – by 18.45% to UAH 1.027 billion, liabilities – by 1.50% to UAH 1.578 billion, cash and cash equivalents – decreased by 21.72% to UAH 285.292 million.
Thus, as of the beginning of the fourth quarter of 2023, the company had a good level of capitalization (65.09%), and 18.08% of its liabilities were covered by cash and cash equivalents, RA notes.
As of October 1, 2023, the insurer made financial investments in the amount of UAH 693.870 million, consisting of government bonds (UAH 237.509 million) and bank deposits (UAH 456.361 million), which had a positive impact on its provision with liquid assets, which as of the reporting date covered 62.06% of the liabilities of “PZU Ukraine”.
IC “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.).
Accrued insurance premiums under international insurance contracts “Green Card”, concluded by member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTSBU), in January-September 2023 increased by 37.97% compared to the same period of 2022 – up to UAH 4.008 billion.
According to the MTSBU website, the number of concluded “Green Card” contracts for this period increased by 3.48% – up to 1.247 million.
At the same time, the amount of indemnities paid on claims increased 2.4 times – up to EUR33.088 mln, while the number of paid claims – 2.1 times, up to 10.742 thousand.
MTSBU is the only association of insurers, which provides compulsory insurance of civil liability of owners of land vehicles for damage caused to third parties.
“Green Card” is a system of insurance coverage for victims of road traffic accidents regardless of the country of their residence and the country of vehicle registration. “Green Card” covers the territory of 45 countries in Europe, Asia and Africa.
According to the decision adopted by the General Assembly of the Council of the Bureau of the International Motor Insurance System “Green Card” in Luxembourg in May 2004, Ukraine has been a full member of this system since January 1, 2005.
In September, TAS Insurance Group (Kyiv) paid out a total of UAH 118.5 million under the concluded insurance contracts, which is 37.1% more than the amount of the company’s indemnities in September last year.
According to the company’s website, payments under hull insurance contracts increased by 37.7% to UAH 32.29 million compared to the reporting period of 2022, which is 27.25% of the insurer’s total payments for September this year, MTPL – by 31.1% to UAH 39.43 million (33.27%), Green Card – by 22.5% to UAH 27.35 million (23.08% of total payments).
At the same time, VHI payments increased by 86.4% to UAH 15.41 million, which is 13% of the total amount of payments made by the insurer for the reporting period.
Under other insurance contracts, TAS IG paid UAH 4.02 million in insurance indemnities for the month, which is 75% more than a year ago.
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.
From January 1 to June 30, 2023, VUSO Insurance Company (VUSO, Kyiv) received insurance premiums of UAH 1.188 billion, which is 79% more than in the same period in 2022.
According to the insurer’s press release, the largest revenues were for voluntary health insurance and exceeded the figures for the same period last year by 3.2 times – up to UAH 197.2 million, for the Green Card – by half, up to UAH 126.9 million, hull insurance – by 80.5%, up to UAH 301.8 million, MTPL – by 32.4%, up to UAH 159.5 million.
The total amount of travel insurance premiums for this period amounted to UAH 34.8 million.
The company also reports that in the first half of the year it paid UAH 438.7 million (+99%), including UAH 102.7 million (up 4.7 times) for voluntary health insurance, UAH 79 million (twice as much) for Green Card, UAH 78.1 million (+77.43%) for MTPL, and UAH 118.3 million (+31.7%) for hull insurance.
At the same time, the IC emphasized that along with its main activities, it actively provides volunteer support for Ukrainian defenders, purchasing the necessary equipment and vehicles to perform combat missions.
During the reporting period, there were changes in the company’s activities: at the end of March 2023, during the general meeting of VUSO and UASK ASKA, it was decided to join the insurance company ASKA to VUSO and continue to work under a single brand.
VUSO is a Ukrainian company established in 2001. It holds 50 licenses (30 for voluntary and 17 for compulsory insurance).
The company specializes in motor, health, and travel insurance for both corporate clients and individuals. It is a member of the MTIBU, the Nuclear Pool, a participant in the Direct Settlement project, and a member of the National Association of Insurers of Ukraine.
In January-June 2023, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 879.7 million of insurance payments, which is 69.8% more than in the same period a year earlier, 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 63.57% to UAH 616.2 million, and from reinsurers – by 205.44% to UAH 1,347 million. In the first half of 2023, the share of individuals in the company’s gross written premiums amounted to 70.04%, and the share of reinsurers – 0.15%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 71.15% to UAH 298.9 million compared to the same period in 2022. Thus, the ratio of participation of reinsurance companies in insurance premiums increased by 0.26 p.p. to 33.98%.
The company’s net written premiums increased by 69.19% to UAH 580.8 million, and earned premiums increased by 33.04% to UAH 504.3 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2023 compared to the same period in 2022 increased by 53.53% to UAH 272.72 million. The payout ratio decreased by 3.30 p.p. to 31.00%.
In the first six months of 2023, the company received a net profit of UAH 17.324 million. Its assets increased by 19.11% to UAH 2.310 billion, equity increased by 4.83% to UAH 417.27 million, liabilities increased by 22.80% to UAH 1.892 billion, cash and cash equivalents decreased by 68.10% to UAH 51.532 million.
At the same time, the RA notes that as of July 1, 2023, the insurer made financial investments in the amount of UAH 914.8 million, which consisted of government bonds (UAH 663.7 million), as well as deposits in banks with a high credit rating (UAH 251.1 million).
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%.
