In 2023, PZU Ukraine Insurance Company (Kyiv) collected UAH 1.563 billion in net premiums, which is 40.8% more than in 2022, according to the insurer’s interim data posted in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
At the same time, written premiums for the reporting period increased by 46.1% to UAH 1.869 billion. UAH 53.215 million was ceded for reinsurance, which is half as much as a year earlier.
In 2023, the company paid claims in the amount of UAH 713.490 million, which is 78.2% more than in 2022.
Gross profit increased by 19.7% to UAH 848.982 million, administrative expenses by 26.4% to UAH 277.7 million, and sales expenses by 24.1% to UAH 491 million.
The financial result before taxation for the past year amounted to UAH 103.752 million, while a year earlier it was UAH 205.406 million.
The company also reports that it ended 2022 with a net profit of UAH 46.479 million, which is 2.4 times less than in 2022.
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.).
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, “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).
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.).
In January-June 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 29.3 million of insurance payments, which is 6.66% more than in the same period a year earlier.
This was reported on the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ in the first half of 2023.
According to the report, the volume of payments and reimbursements of the insurer for six months amounted to UAH 19.636 million, which is 3.27 times higher than the volume of payments for the same period in 2022. Thus, the level of payments increased by 45.21 p.p. to 67.13%.
In the first six months of 2023, the company’s acquisition expenses decreased by 16.84% to UAH 4,347 million compared to the same period in 2022.
In the first six months of 2023, the insurer’s net profit increased to UAH 7.444 million, assets – by 4.06% to UAH 771.825 million, equity – by 8.49% to UAH 123.387 million, liabilities – by 3.26% to UAH 648.438 million, while cash and cash equivalents decreased by 97.49% to UAH 1.320 million.
As of the beginning of the second half of 2023, the equity of Prince Life Insurance Group covered 19.03% of liabilities, and 0.2% of the company’s liabilities were covered by cash and cash equivalents.
At the same time, the RA notes that as of July 1, 2023, the insurance company has formed a portfolio of financial investments in the amount of UAH 729.759 million, including bank deposits (UAH 156.7 million), investments in government bonds (UAH 573.059 million).
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.
