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%.
In January-June 2023, PrJSC “Insurance Company “Nadiina” (Kyiv) collected insurance premiums in the amount of UAH 66.943 million, which is 10.14% more than in the same period a year earlier, according to the information of RA “Standard Rating” on updating the company’s credit rating/financial strength (reliability) rating at uaA+ according to the national scale.
At the same time, premiums from individuals amounted to UAH 267 thousand, and premiums from reinsurers – UAH 2 thousand. Thus, according to the results of the first half 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 half of 2023 decreased by 34.69% to UAH 34.178 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased from 86.09% to 51.06%, or by 35.03 p.p.
The insurer’s net written premiums increased 3.88 times to UAH 32.765 million, and earned premiums increased 4.69 times to UAH 33.326 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 9.97 times to UAH 3.996 million. Thus, the level of payments increased by 5.31 p.p. to 5.97%.
The company’s profit from operating activities for the reporting period increased to UAH 21.904 million, and the insurer’s net profit increased to UAH 20.411 million.
As of July 1, 2023, the company’s assets increased by 30.75% to UAH 79.488 million, equity showed an increase of 41.58% to UAH 69.497 million, liabilities decreased by 14.65% to UAH 9.991 million, cash and cash equivalents increased 2.78 times to UAH 37.195 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 Q4 2022, the company’s shareholders were 8 individuals with 9.5%, one with 5%, and another with 19%.
In January-June 2023, PZU Ukraine Insurance Company (Kyiv) increased net premiums by 33.3% to UAH 744 million compared to the same period a year earlier, according to a press release from the insurer.
It is also noted that the largest increase in payments in the reporting period was recorded in the Green Card segments – by 69.7% to UAH 177 million or 23.8% of the total, hull insurance – by 57.3% to UAH 160 million (21.5%), VHI – by 51.5% to UAH 107 million (14.4% of the portfolio).
At the same time, the share of MTPL in the company’s portfolio amounted to 24.5% or UAH 182 million of payments, which is 36.2% more than last year.
In January-June, PZU Ukraine’s revenues from other insurance contracts amounted to UAH 118 million.
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.).
Insurance company “Universalna” (Kiev) in January-June 2023 collected UAH 982.4 million of gross insurance premiums, which is 2.06 times more than in the same period of 2022, according to the website of the rating agency “Standard-Rating”.
It is indicated that the agency confirmed the credit rating / financial strength (reliability) rating of IC “Universalna” at the level of “uaAAA” on the national scale based on the analysis of work for the reporting period.
According to the published data, receipts from individuals increased by 83.83% to UAH 430.9 mln, and from reinsurers – by 72.43% to UAH 838 thousand. Despite the growth of premiums from individuals, following the results of H1 2023 legal entities prevailed in the client portfolio of the company. At the same time, the largest share of premiums received (more than 35%) came from voluntary health insurance (continuous health insurance).
Insurance payments sent to reinsurers in the first half of 2023 compared to the same period of 2022 decreased by 3,86% – to UAH 32,909 mln. Thus, the ratio of reinsurers’ participation in insurance premiums has decreased by 3,86 p.p. – to 3,35%.
Net premiums of the insurer have grown in 2,15 times – up to UAH 949,471 mln, and earned premiums have shown growth by 40,43% – up to UAH 747,399 mln.
The volume of insurance payments made by IC “Universalna” for the first half of 2023 compared to the same period of 2022 has grown by 86,48% – up to UAH 288,5 mln. Taking into account the high growth rates of gross premiums over insurance payments and indemnities, the level of payments decreased by 3,22 p.p. – to 29,36%.
RA notes that following the results of the first half of 2023 the operating profit of the insurer has amounted to UAH 50,661 mln, and net profit – UAH 63,681 mln.
Assets of the company on June 30, 2023 have grown by 9,20% – up to UAH 2,032 billion, shareholders’ equity has shown growth by 11,09% – up to UAH 637,9 million, liabilities have increased by 8,35% – up to UAH 1,395 billion, cash and cash equivalents have grown by 1,34% – up to UAH 239,1 million.
As of the reporting date, the company has formed a portfolio of current financial investments, consisting of bank deposits (UAH 564,829 mln) and government bonds (UAH 227,905 mln). As of the beginning of H2 2023, cash and cash equivalents covered 17.14% of the company’s liabilities, liquid assets – 73.99%, and the indicator of coverage of liabilities by its capital in the company amounted to 45.74%.
IC “Universalna” has an international structure of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70% of shares.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
In January-June 2023, InterExpress Insurance Company (Kyiv) collected insurance payments in the amount of UAH 26.099 million, which is 16.79% more than in the same period a year earlier, according to the information of the rating agency Standard-Rating on updating the company’s credit rating / financial strength (reliability) rating of the insurer on the national scale at uaAA.
It is noted that revenues from individuals increased by 46.59% to UAH 10.626 million in the analyzed period, while revenues from reinsurers in the analyzed period amounted to only UAH 19 thousand.
Despite the increase in premiums from individuals, the insurer’s client portfolio is dominated by legal entities, as indicated by their share in gross premiums, which amounted to 59.22% in the first half of 2023.
Insurance payments sent to reinsurers in the first half of 2023 decreased by 28.33% to UAH 2,881 million compared to the same period in 2022. Thus, the ratio of reinsurers’ participation in insurance premiums decreased by 6.95 p.p. to 11.04%.
Net written premiums increased by 26.69% to UAH 23,218 million, while earned premiums increased by 3.56% to UAH 24,256 million.
The volume of payments and reimbursements made by the insurer in the first half of 2023 compared to the same period of 2022 increased by 1.33% to UAH 9.191 million. Given the higher growth rate of gross premiums compared to claims, the level of payments decreased by 5.37 p.p. to 35.22%.
It is also noted that the company’s activities in the analyzed period were profitable: for the first half of 2023, the financial result from operating activities amounted to UAH 2.306 million, and net profit amounted to UAH 2.497 million.
As of June 30, 2023, the company’s assets increased by 12.75% to UAH 53.997 million, equity showed an increase of 20.60% to UAH 45.307 million, liabilities decreased by 15.81% to UAH 8.690 million, cash and cash equivalents decreased by 35.94% to UAH 4.140 million.
The RA also notes that as of July 1, 2023, PrJSC IC “InterExpress” invested UAH 8,011 million in government bonds. The availability of such investments had a positive impact on the provision of PJSC IC “Interexpress” with liquid assets, which in total exceeded the insurer’s liabilities by 1.4 times.
IC “InterExpress” was registered in 2004 and specializes in risky types of insurance.
Insurance Company “Universalna” (Kyiv) collected UAH 335.927 million of gross insurance premiums in January-March 2023, which is 63.7% more than during the same period of 2022, according to the website of rating agency “Standard-Rating”.
This indicates that the agency confirmed the credit rating/rating of financial strength (reliability) of IC “Universalna” at the level “uaAAA” on the national scale, based on the analysis of performance in the specified reporting period.
According to the published data, the revenues from individuals have increased by 72.54% up to UAH 192.742 mln, and from reinsurers – by 23.01%, up to UAH 0.278 mln. Thus physical persons prevail in the client portfolio of the company. At the same time, the largest proportion of premiums (almost 37%) came from voluntary insurance of land transport (except for railway transport).
The premiums sent to reinsurers, in Q1 2023 compared to the same period of 2022 decreased by 4,46% – down to 10,293 million UAH. Therefore, the ratio of reinsurers’ participation in insurance premiums has decreased by 2,19 p.p. – to 3,06%.
Net premiums of the insurer in January-March have increased by 67.50% – up to 325.634 million UAH, and earned premiums have increased by 22.91% – up to 338.852 million UAH.
The volume of insurance payments performed by IC “Universalna” in the first quarter of 2023 compared to the same period of 2022 increased by 37.03% – up to 105,228 million UAH. Given the high growth rate of gross premiums over indemnities and insurance reimbursements, the level of payments has decreased by 6,11 p.p.. – to 31,32%.
Thus, according to the results of the Q1 of 2023 operating profit of the company has amounted to UAH 27,722 mln, that is by 43,38% more than in the Q1 of 2022, and net profit of the insurer has increased in 3,64 times – up to UAH 34,427 mln.
As of April 1, 2023, the assets of the company have decreased by 4,56% down to UAH 1,776 bln, shareholders’ equity has increased by 6% down to UAH 608,643 mln, liabilities have decreased by 9,27% down to UAH 1,168 bln, cash and cash equivalents have reduced by 26,20% down to UAH 174,103 mln.
At that, RA notes that as of the reporting date the company formed a portfolio of current financial investments, which consisted of bank deposits (UAH 603,883 mln) and government bonds (UAH 159,636 mln). Cash and cash equivalents covered 14.91% of liabilities of PJSC IC “Universalna”, liquid assets (cash, bank deposits and OVGZ) covered 80.29% of liabilities of the insurer, and the ratio of shareholders’ equity to liabilities amounted to 52.12%.
IC “Universalna” has an international composition of shareholders, in particular, the European Bank for Reconstruction and Development owns 30% of shares and Fairfax Financial Holdings Limited – 70%.
Fairfax Financial Holdings Limited (Canada) is a holding company, which through its subsidiaries is mainly engaged in accident insurance, property insurance and investment management.
