In January-March 2024, ALC Insurance Company ARX Life (ARX Life, Kyiv) collected insurance premiums in the amount of UAH 79.085 million, which is 0.13% less than in the same period a year earlier, according to the website of RA Standard Rating, which updated the company’s credit rating/financial strength (reliability) rating at uaAAA on the national scale.
The volume of payments and reimbursements made by the insurer in the first quarter decreased by 5.29% to UAH 17.01 million. Thus, the claims ratio decreased by 1.17 p.p. to 21.51%.
The insurer’s acquisition expenses for the first three months of 2024 decreased by 9.07% to UAH 43.567 million compared to the same period in 2023.
During the reporting period, the company generated a net profit of UAH 19.631 million, which is 55.43% more than in the first quarter of 2023.
As of April 1, 2024, the company’s assets increased by 7.19% to UAH 305.616 million, equity increased by 9.27% to UAH 231.404 million, liabilities increased by 1.17% to UAH 74.212 million, and cash and cash equivalents increased by 34.51% to UAH 53.069 million.
Thus, as of the beginning of the second quarter of 2024, the company’s capitalization level amounted to 311.81%, and the level of coverage of its liabilities by cash and cash equivalents was 71.51%.
At the same time, the Agency notes that as of the reporting date, the insurer made financial investments in the amount of UAH 246.039 million, which consisted of government bonds (91.90%) and deposits in banks (8.10%).
ARX Life 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.
Insurance company “Ukrainian Insurance Group” (Kiev) in 2023 collected UAH 2.036 billion of net premiums, which is 10.7% less than in 2022, and UAH 2.936 billion of gross premiums (-7.3%).
This is reported on the website of the rating agency “Standard-Rating”, which confirmed the financial strength rating/credit rating of the insurance company at the level of “uaAA+” at the end of the reporting period.
At the same time receipts from individuals have decreased by 16.82% – to UAH 1.773 bln, and from reinsurers, on the contrary, have increased in 2.33 times – to UAH 10.112 mln, hence the share of individuals in gross premiums of the company has amounted to 60.36%, and the share of reinsurers – 0.34%.
Insurance payments sent to reinsurers for 2023 have increased by 1,55% compared to 2022 – up to UAH 900,401 mln. Thus, the ratio of participation of reinsurance companies in insurance premiums has increased by 2,67 p.p. – up to 30,66%.
The volumes of insurance payments and indemnities made by IC “USG” in 2023 have amounted to UAH 1,478 billion, that has exceeded the volume of payments and indemnities in 2022 by 87,63%. At the same time the level of payments has increased up to 50,33%.
RA also notes that following the results of 2023 the company has received a negative financial result from operating activities in the amount of UAH 321,997 mln, and the net loss of the insurer has amounted to UAH 38,515 mln.
Assets of the company as of December 31, 2023 have increased by 2,44% – to UAH 3,522 billion, shareholders’ equity has decreased by 12,01% – to UAH 566,501 million, liabilities have increased by 5,77% – to UAH 2,955 billion, cash and cash equivalents have decreased by 43,68% – to UAH 825,414 million.
Thus, as of the beginning of 2024 the company had a satisfactory level of capitalization (19.17%), and cash covered 27.93% of its liabilities. At the same time RA notes that on the reporting date the insurer has formed a portfolio of financial investments in the amount of UAH 1,087 billion, consisting of government bonds (57,89% of the portfolio) and deposits in banks with high credit rating (42,11% of the portfolio). The presence of such investments in aggregate covered 64,73% of the insurer’s liabilities.
As it was informed, the controlling shareholder of IC USG is an international insurance group headquartered in Austria Vienna Insurance Group, which is represented by 50 companies in 30 countries and is the leader of the insurance market of Central and Eastern Europe.
In 2023, VUSO Insurance Company (Kyiv) collected UAH 2.677 billion in gross premiums, which is 62.6% more than in 2022, the rating agency (RA) Standard Rating reported in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the information on the RA website, in particular, revenues from individuals increased by 48.98% to UAH 1.724 billion during the reporting period, and from reinsurers – by 60.62% to UAH 32.205 million. Thus, the share of individuals in the insurer’s gross written premiums for the twelve months of 2023 amounted to 64.39%, and the share of reinsurers – 1.20%.
Insurance payments sent to reinsurers increased by 19.75% to UAH 204.246 million. The ratio of reinsurers’ participation in insurance premiums decreased by 2.73 p.p. to 7.63%.
Net written premiums for the reporting period increased by 67.57% to UAH 2.473 billion, while earned premiums increased by 75.59% to UAH 2.337 billion.
VUSO paid UAH 972.7 million to its clients in 2023, which is more than twice the amount of insurance payments and reimbursements in 2022. Thus, the level of payments increased by 8.15 percentage points to 36.33%.
At the end of 2023, profit from operating activities increased by 19.34% to UAH 49.904 million, and net profit increased 2.7 times to UAH 44.048 million.
As of December 31, 2023, the company’s assets increased by 71.40% to UAH 1.748 billion, equity by 66.80% to UAH 634.114 million, liabilities by 74.13% to UAH 1.114 billion, and cash and cash equivalents by 26.10% to UAH 552.918 million.
At the same time, RA notes that the growth of the company’s equity was due to an increase in the authorized capital by UAH 187.585 million in the first quarter of 2023. In particular, in May 2023, the issue of ordinary registered shares in the amount of UAH 187.585 million was registered, which is 100% of the authorized capital of PJSIC ASKA, and in July 2023, the conversion of PJSIC ASKA shares into shares of VUSO Insurance Company was completed.
As reported, the decision to merge ASKA with VUSO and to continue working under a single brand was made during the general meeting of both insurance companies in March 2023, and the acquisition was announced by VUSO shareholders in August 2022.
The RA also reports that as of the beginning of 2024, the company had a sufficient level of capitalization (56.92%) and a good level of cash coverage of liabilities (49.63%). The company has formed a portfolio of investments in domestic government bonds in the amount of UAH 204.037 million, which increased the level of the insurer’s liquid assets, which together covered 67.95% of the company’s liabilities. In addition, the balance of funds in the centralized insurance reserve funds (MTIBU) as of the reporting date amounted to UAH 293.449 million, including UAH 219.978 million of additional guarantee premiums for the company’s liquidity.
VUSO was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. It is a member of MTIBU and USIF, a party to the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
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, 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.
In 2023, Euroins Ukraine Insurance Company (Kyiv) increased premiums by 20.4% compared to 2022, up to UAH 565 million, according to the insurer’s information.
Last year, the company concluded more than 662 thousand insurance contracts, which is 17% more than in the previous year.
The largest growth was recorded in hull insurance – by 24.3%, or UAH 69.737 million, health insurance (VHI) – by 109.9% (UAH 56.285 million), accident insurance – by 24.4% (UAH 2.528 million), and civil liability insurance for owners of land transport (including carrier liability) – by 2.6% (UAH 305 thousand).
The volume of paid indemnities in 2023 increased by 41.5% compared to 2022 to UAH 265.343 million.
“Euroins Ukraine is a universal insurance company that has been operating in the Ukrainian market since 1992. It is a part of the Bulgarian insurance group Euroins, which is one of the largest independent insurance groups operating in Central, Eastern and South-Eastern Europe. EIG is a subsidiary of Eurohold Bulgaria, a leading energy and financial group in Central, Eastern and South-Eastern Europe.
