The leaders of the Ukrainian insurance market in terms of premiums collected in January-September 2025 were the insurance companies SG TAS – UAH 5.717 billion (UAH 3.474 billion in the first nine months of 2024), ARKS – UAH 4.238 billion (UAH 3.150 billion), INGO – UAH 3.830 billion (UAH 2.462 billion), VUSO Insurance Company – UAH 3.728 billion (UAH 2.860 billion), and Unica – UAH 3.572 billion (UAH 2.564 billion), according to data from the PRIMA information exchange project of the National Association of Insurers of Ukraine (NAIU).
Changes in the top five for the specified period compared to the same period last year affected SK INGO, which rose from fifth to third place, swapping places with SK Unica.
According to the association’s website, the top five leaders in terms of premiums collected in the compulsory motor third-party liability insurance market have also changed, and after nine months, the leaders are TAS Insurance Company with UAH 2.958 billion (compared to UAH 1.049 billion in the same period of 2024), Oranta with UAH 2.206 billion (UAH 1.004 billion), Knyazha VIG with UAH 1.807 billion (UAH 764.9 million), INGO with UAH 948.2 million, and USG with UAH 831.1 million, pushing PZU Ukraine and VUSO out of the top five PZU Ukraine and VUSO, respectively.
Similarly insignificant changes in the comparable periods occurred in the Green Card market, where the top five remained unchanged: TAS – UAH 960.5 million (UAH 1.025 billion), USG – UAH 828.7 million (UAH 553.7 million), PZU with UAH 659.2 million (UAH 411 million), and Knyazha VIG with UAH 286.4 million (UAH 475.5 million), which switched places, and VUSO Insurance Company – UAH 208.5 million instead of Oranta, which ceded fifth place in this type of insurance.
Similarly, in the CASCO market: as before, it is led by ARKS Insurance Company – UAH 2.057 billion (UAH 1.737 billion), Arsenal Insurance – UAH 1.940 billion (UAH 1.416 billion), VUSO with UAH 955.2 million (UAH 720.4 million) and Unica with UAH 890 million (UAH 826.7 million), which switched places, and Universal with UAH 839.8 million instead of USG.
The former top five also retained their leadership in voluntary medical insurance: Unica Insurance Company – UAH 1.602 billion (UAH 1.193 billion), followed by VUSO Insurance Company – UAH 887.4 million (UAH 603.2 million), Insurance Company Universalna – UAH 866.4 million (UAH 615.8 million), Insurance Company INGO – UAH 780 million (UAH 525.4 million), and Insurance Group TAS – UAH 652.9 million (UAH 405.7 million).
As reported, as of October 1, 2025, there were 50 risk insurers operating in the Ukrainian insurance market (58 on the same date a year earlier), 10 specializing in life insurance (11), and one with special status (Export Credit Agency, ECA).
INGO, INSURANCE MARKET, LEADER, PREMIUM, TAS, UNICA, VUSO, АРКС
In January-June 2025, PJSC Insurance Company VUSO (Kyiv) collected UAH 2.129 billion in gross premiums, which is 52.6% more than in the same period of 2024, net premiums grew by 54.18% to UAH 1.886 billion, while net earned premiums increased by 40.98% to UAH 1.764 billion.
These figures are provided in the information from Standard-Rating on the confirmation of the company’s financial stability rating at “uaAA” on the national scale for the specified period.
According to the data on the rating agency’s website, the insurer’s revenues from individuals for the specified period increased by 55.36% to UAH 1.374 billion, and from reinsurers – by 17.67% to UAH 21.652 million. Thus, the share of individuals in the insurer’s gross premiums for the first half of 2025 was 64.54%, and the share of reinsurers was 1.02%.
RA notes that accrued reinsurance premiums transferred to reinsurance for the first half of 2025 increased by 41.37% compared to the same period in 2024, to UAH 243.143 million. The reinsurers’ share in insurance premiums decreased by 0.91 percentage points to 11.42%.
In the first six months of 2025, VUSO Insurance Company paid out UAH 787.863 million to its clients, which is 9.08% higher than the volume of insurance payments and reimbursements for the same period in 2024. The payout ratio decreased by 14.77 percentage points to 37.01%.
Based on the results for January-June 2025, operating profit increased by 34.13% compared to the same period in 2024, to UAH 135.494 million, while net profit grew 2.95 times to UAH 102.332 million.
As of July 1, 2025, the company’s assets grew by 20.21% to UAH 2.305 billion, equity increased by 7.59% to UAH 813.212 million, liabilities increased by 28.43% to UAH 1.491 billion, cash and cash equivalents increased by 24.43% to UAH 944.106 million.
According to RA data, as of the beginning of the third quarter of 2025, the company had a capitalization level of 54.52% and a cash coverage ratio of 63.30%. In addition, as of the reporting date, IC “VUSO” had formed a portfolio of investments in government bonds in the amount of UAH 326.025 million, which together covered 85.16% of the company’s liabilities. In addition, the balance of funds in centralized insurance reserve funds (MTIBU) amounted to UAH 522.123 million, which also had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. It has 50 insurance licenses, 34 representative offices, 2 branches, and more than 20 agency sales centers throughout Ukraine, with over 700 professionals. It is a member of the MTIBU, NASU, and the Nuclear Insurance Pool.
In January-June 2025, Insurance Guarantees of Ukraine (IGU, Kyiv) collected UAH 784,000 in gross premiums, which is 20.8% more than in the same period of 2024, according to data from the rating agency Expert-Rating confirming the insurer’s financial stability rating for the first half of 2025 at “uaAA” on the national scale.
The information notes that during this period in 2025, the company did not make any insurance payments.
SGU’s equity capital for the reporting period decreased by 7.31% to UAH 50.86 million, while gross liabilities increased by 42.2% to UAH 1.46 million.
The amount of cash and cash equivalents in SGU’s accounts as of July 1, 2025, was UAH 43.77 million, which is 7.96% less than on the same date a year ago. At the same time, as of the beginning of the second half of 2025, the company was very well provided with highly liquid assets, the volume of which exceeded the insurer’s gross liabilities by almost 30 times, the RA notes.
The company’s activities in the first half of 2025 were unprofitable: the insurer incurred a net loss of UAH 1.232 million and an operating loss of UAH 2.025 million.
PJSC “SGU” was registered in November 2005. It has licenses to conduct 15 types of insurance activities: four for compulsory insurance and 11 for voluntary insurance.
In January-June 2025, ARX Insurance Company (Kyiv) collected net premiums in the amount of UAH 2.575 billion, which is 35.17% more than in the same period a year ago, and increased gross premiums to UAH 2.731 billion (+39.7%).
These statistics are provided on the website of RA “Standard-Rating” regarding the update of the company’s credit rating/financial stability (reliability) rating at the level of “uaААА” on the national scale based on the results of the first half of 2025.
According to the published data, revenues from individuals increased in the insurer’s portfolio by 37.89% to UAH 1.579 billion, while revenues from reinsurers decreased by 33.56% to UAH 3.846 million. Thus, the share of individuals in the gross premiums of the insurance company was 57.83%, and the share of reinsurers was 0.14%.
Insurance payments sent to reinsurers in the first half of 2025 increased more than threefold compared to the same period in 2024, to UAH 155.850 million, The reinsurers’ share in insurance premiums increased to 5.71% in the first half of 2025.
The volume of insurance payments made by the insurer during this reporting period increased by 16.86% compared to January-June 2024, to UAH 1 billion. Given the higher growth rate of gross premiums compared to insurance payments, the level of payments decreased by 7.16 percentage points (pp) to 36.63%.
The RA notes that, based on the results of the first half of 2025, ARKS Insurance Company’s activities were profitable: the company received UAH 61.608 million in operating profit and UAH 198.688 million in net profit.
As of July 1, 2025, its assets increased by 12.71% to UAH 5.883 billion, equity showed an increase of 7.55% to UAH 2.832 billion, liabilities increased by 17.96% to UAH 3.051 billion, and cash and cash equivalents increased by 42.01% to UAH 1.161 billion.
According to RA data, as of the beginning of the third quarter of 2025, the company had a capitalization level of 92.81%, and 38.05% of its liabilities were covered by cash and cash equivalents.
At the same time, as of July 1, 2025, the insurer made financial investments in the amount of UAH 2.889 billion, consisting of government bonds and municipal bonds (63.27% of the investment portfolio), as well as deposits in banks with an investment-grade credit rating (36.73% of the portfolio). Thus, as of the reporting date, liquid assets exceeded the liabilities of ARKS Insurance Company by 1.33 times.
ARKS is part of the international insurance holding company Fairfax Financial Holdings Ltd.
The Vienna Insurance Group (VIG) reported a 10.5% increase in pre-tax profit to €531.4 million in the first half of 2025 compared to the same period in 2024, partly due to significantly lower overall claims development.
According to the Reinsurance News website, citing data from the insurer, gross written premiums also increased to €8.57 billion (up 8.7%).
According to VIG, all areas of its business recorded growth, with the highest rates observed in life insurance (+32.7%) and life insurance linked to investment funds and indices (+26.4%).
Meanwhile, health insurance grew by 15.0% and motor vehicle liability insurance by 12.5%.
VIG also added that premiums in special markets grew by 19%, with Turkey (23.8%), Poland (15.2%), and the wider Central and Eastern Europe region (10.1%) being the main growth drivers, with Romania (+14.4%) and the Baltic states (+10.7%) making the largest contributions to this figure.
At the same time, insurance premiums grew by 6.7% in the Czech Republic and 5.2% in Austria.
As reported, VIG’s net combined ratio for the first half of 2025 improved to 91.9% compared to 93.3% in the first half of 2024. This is due to significantly lower costs caused by weather conditions and natural disasters during the period.
In Ukraine, VIG is represented by PJSC “IC ”Knyazha Vienna Insurance Group“, PJSC ”IC “Ukrainian Insurance Group” and PJSC “IC ”Knyazha LIFE Vienna Insurance Group”.
The leaders of the Ukrainian insurance market in terms of premiums collected in January-July 2025 were insurance companies SG TAS with UAH 4.213 billion in premiums collected, ARKS with UAH 3.270 billion, and INGO with UAH 3.101 billion. Unica attracted UAH 2.897 billion, and VUSO attracted UAH 2.613 billion, according to the website of the National Association of Insurers of Ukraine (NAIU). It is noted that compared to the same period last year, INGO surpassed Unica, pushing it out of third place.
The top five companies in the compulsory motor third-party liability insurance market in terms of premiums collected in January-July this year are TAS (UAH 2.245 billion), Oranta (UAH 1.708 billion), Knyazha VIG (UAH 1.368 billion), INGO Insurance Company (UAH 724.1 million), and USG (UAH 619.1 million).
The leaders in the Green Card market in terms of premiums collected for the period are TAS (UAH 753.9 million), USG (UAH 651.2 million), PZU (UAH 427.7 million), which rose from fourth to third place, ahead of Knyazha VIG (UAH 216.1 million), and SK INGO (UAH 152.8 million) instead of SK Oranta, which left the top five.
There were also minor changes in the CASCO market. As before, it is led by ARKS Insurance (UAH 1.539 billion), Arsenal Insurance (UAH 1.425 billion), VUSO (UAH 723 million), which swapped places with Unica (UAH 658.3 million), and Universalna (UAH 640.8 million), which took the place of USG.
At the same time, there were no changes among the leaders in voluntary medical insurance: Unika Insurance Company (UAH 1.412 billion) remains the leader in this segment, followed by Universalna (UAH 710.3 million), INGO (UAH 646 million), VUSO (UAH 493.9 million), and ARKS (UAH 370.6 million).
There were minor changes in the top five life insurance companies in January-July. As a year ago, MetLife Insurance Company (UAH 1.693 billion) ranks first. The next places were taken by IC TAS (UAH 500.6 million), Grave Life (UAH 341.8 million), PZU Life (UAH 221 million), and Arks Life (UAH 203.4 million). At the same time, Unica Life, which was in fourth place at the end of the first seven months of 2024, dropped out of the top five leaders in this market.
As reported, as of the end of July 2025, there were 51 risk insurers operating in the Ukrainian insurance market (compared to 69 on the same date in 2024), 10 specializing in life insurance (down from 12), and one with special status (Export-Credit Agency, ECA).
