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.
Insurance company “ROM Ukraine” (Kiev) in January-March 2023. drew 310.7 million UAH of insurance premiums, which exceeds by 10 million UAH the corresponding figure for the first three months of 2022, according to a press release the insurer.
Also noted that the largest increase in payments during the reporting period was recorded in hull insurance by 36% to UAH 75.1 million, which amounted to 24% of the total payments, and “Green Card” by 45% to UAH 60.9 million (20%).
At the same time, the share of MTPL insurance in the company’s portfolio was 24% or UAH 74,3 mln of payments (+24%), of voluntary health insurance – 16% or UAH 48,5 mln of payments (+17%).
The collections of IC “ROM Ukraine” under other insurance agreements in January-March amounted to UAH 51,9 mln.
PJSC IC “PZU Ukraine” is a subsidiary company of PZU S.A. belonging to the largest insurance group of Central and Eastern Europe – PZU Group (Poland).
In January-March 2023 ALC “IC ARX Life” (ARX Life, Kiev) collected premiums to the amount of UAH 73,3 mln, that is by 5,06% more than in the same period last year.
It’s reported on the site of RA “Standard-Rating” about the renewal of credit rating/rating of financial stability (reliability) of the insurer at the level “uaAАА” according to the national scale.
The indemnities of the insurer in the Q1 of 2023, compared to the same period of 2022 has grown by 61,75% up to UAH 17,961 mln. Therefore, the level of payouts of the insurer has grown by 8,58 p.p. – up to 24,50%.
Acquisition expenses of the insurer have decreased by 4,22% down to UAH 38,333 mln in the first quarter of 2023 in comparison with the same period of 2022.
According to the results of work in the first three months of 2023 IC “ARCS Life” has received a net profit of UAH 15,410 mln that is 2,89 times more than the profit received in the Q1 of 2022.
As of April 1, 2023 the assets of the company have increased by 4.91% up to UAH 242,225 mln, shareholders’ equity has increased by 12.87% up to UAH 135,102 mln, liabilities have reduced by 3.66% down to UAH 107,123 mln, cash and cash equivalents have reduced by 39,85% down to UAH 39,819 mln.
At the same time, RA notes that as of April 1, 2023, the insurer has made financial investments in the amount of 182,043 mln UAH, consisting of government bonds (83,52%) and deposits in banks (16,48%).
ARX Life, like ARX, is a 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.
In January-March, 2023 ARX Insurance Company collected UAH 781,6 million of insurance premiums, that is 27% more than during the same period of the last year, increasing the number of concluded contracts in 2,2 times.
As it is said in the press release of the insurer, the amount of payments in the first quarter made UAH 303,5 million, and it is by 12% more than in 2022. Every day ARX pays out about UAH 4,7 mln.
Besides, more than 360 million UAH were collected on CASCO contracts in the first quarter, which is 17% more than last year, more than 156,7 million UAH on voluntary health insurance contracts, which is 4% more than in 2022, about 102 million UAH on property insurance contracts, which is 38% more than last year. Compulsory insurance of civil liability (CMTPL) showed an increase of 34%, the amount of premiums amounted to more than 53 million.
The Company also reports that in the first quarter of 2023 ARX paid more than 77 million UAH of taxes to the budget of Ukraine. Overall in 2022 the insurance company ARX and life insurance company ARX Life paid more than UAH 368 million of taxes to the state. In 2022 ARX transferred UAH 35 mln to VSU, the company constantly cooperates with the fund of military assistance “Come back alive”.
IC “ARX” works on the insurance market for 26 years. According to its data, the company is the leader in CASKO insurance for the 12th year in a row. It takes the first place among the insurers of Ukraine on the size of net premiums and net indemnities in 2021. It is a part of the international insurance holding Fairfax Financial Holdings Limited (Canada).
Insurance company “VELTA” (Kiev) in January-March 2023 collected UAH 1,382 million of net premiums, which is 4.7 times less than during the same period a year earlier, according to an interim financial report of the company in the information disclosure system of the National Commission on Securities and Stock Market (NKTSBFR).
The report says that gross premiums of the company in the first quarter decreased by 2.2 times – to 2,727 million UAH, premiums transferred in reinsurance – 2.5 times, to 1,064 million UAH.
The company paid out UAH 73 ths in three months of 2023 against UAH 2 ths in the same period of 2022.
Its administrative costs decreased by 15% to UAH 2.034 mln and sales costs decreased 3.3 times to UAH 429 th. in the first three months of the year.
Financial loss from operating activities amounted to UAH 868 th., net loss – UAH 1,902 mln.
IC “Vielta” was registered in 1995, specializing in risky types of insurance.
Insurance Group “TAS” (Kyiv) in February 2023 collected UAH 212,43 mln of insurance premiums, which is 19,1% more than in February of last year, according to the web-site of the insurer.
Thus, under CASCO contracts the insurer collected UAH 53,21 million of payments, which is 25,05% of the total monthly receipts of the company and is 43,5% more than in the accounting period of 2022.
Besides 34,19% or 72,63 mln UAH of the received payments fell on motor third party liability insurance (+19,8%), 22,44% or 47,66 mln UAH on “Green Card” (+41,4%), 7,56% or 16,06 mln UAH of payments on voluntary medical insurance.
TAS IG has attracted UAH 5,05 mln on property insurance contracts in February – it is 5,3% more than the corresponding figure for the second month of the last year.
TAS IG has collected UAH 17.82 mln of payments under other insurance contracts during the reporting period.
