Insurance company “Euroins Ukraine” (Kiev), a subsidiary of international insurance group Euroins Insurance Group (EIG), in 2022 collected 469.1 million premiums, which is 20% less than in 2021, according to a press release.
The largest shares in the company’s portfolio were MTPL (61%), hull insurance (12%) and voluntary medical insurance (11%). The volumes of premiums grew in the segments of MTPL (+8% compared to 2021), accident insurance (+27%) and insurance against financial risks (+26%).
It is noted that the insurer fully complies with the requirements of the market regulator, has high financial stability and meets all obligations to clients.
The company also reports that last year the company paid out UAH 187,5 mln of insurance compensation, which is 12% less than in 2021. The biggest number of payments is in MTPL segment (117,7 mln UAH, +13% vs. the amount paid in 2021). On average, the company made payments to clients in the amount of more than 700 thousand hryvnias daily.
“This year was very difficult, but we have maintained high financial stability, fulfilled our obligations to the clients and partners and met the strict requirements of the market regulator. This is the main result of our work, which the team fulfilled with the full support of European shareholders. The growth of premiums in CMTPL insurance gives hope to maintain the volume of business in 2023. The decrease in charges in CASCO, VMI, property insurance, travel insurance was inevitable for the whole insurance market”, – notes the chairman of the board of IC “Euroins Ukraine” Janko Nikolov.
IC “Evroins Ukraine” – a universal non-life insurer, works in the Ukrainian market since 1992. The company has about 100 representative offices throughout the country, has 25 licenses, 16 of them – on voluntary and 9 – on compulsory types of insurance.
IC Euroins Ukraine is a member of the Motor (transport) Insurance Bureau of Ukraine, actively working in the segments of car insurance, medical insurance, property insurance, liability and cargo insurance for private and corporate clients. Since the beginning of 2021 Euroins Ukraine is a member of National Association of Insurers of Ukraine (NASU).
TAS Insurance Group (Kyiv) has attracted UAH 2.343 billion of net premiums in 2022, which is 1.3% more than it was a year before, according to the company’s website.
It is specified that the company has collected UAH 500,89 mln of insurance payments on contracts of land transport insurance (hull insurance), which makes up 21,38% of the total net receipts of the insurer for the year. By obligatory insurance of motor third party liability (OSAGO) the amount of collected premiums has amounted to UAH 846,95 mln (36,15%), and by policies “Green Card” it has grown by 89% compared to the indicator for 2021 – up to UAH 438,57 mln (18,72%).
TAS IG has collected UAH 263.8 mln of net insurance payments according to the contracts of voluntary health insurance in 2022, and the proportion of VMI in the company’s portfolio is 11.26%.
In turn, UAH 63.22 mln of net payments have been collected under the property insurance contracts, and UAH 229.46 mln under other insurance contracts.
TAS IG was registered in 1998. It is a universal company, offering customers more than 80 types of insurance products for various types of voluntary and compulsory insurance. It has an extensive regional network: 28 regional directorates and branches.
Insurance company ARX Life (ARX Life, Kyiv) in January-September 2022 collected insurance premiums for UAH 197.7 mln, which is 16.82% less than a year earlier, according to Standard-Rating RA website updated its credit rating/ financial stability (reliability) rating of the insurer on the national scale at uaAAA.
Credit-Rating notes that decrease of gross business of the company has been caused by Russian aggression, introduction of martial law, fall of business activity level in the country and is the general tendency in the insurance market of Ukraine.
The volume of payouts and indemnities of the insurer has grown by 1,36% up to UAH 37,735 mln in the 9 months of 2022 comparing to the same period of 2021. Therefore, the level of payments of the insurer has grown by 3,43 p.p., up to 19,09%.
Acquisition expenses of the insurer have decreased by 17,85% down to UAH 111,458 mln in the first three quarters of 2022 in comparison with the same period of 2021.
According to the results of work during the nine months of 2022 the company has received a net profit of UAH 17,196 mln, that is by 17,74% lower than the profit received in January-September 2021.
As of October 1, 2022 assets of the company increased by 12.3%, to 222.351 million UAH, shareholders’ equity increased by 17.53%, to 115.294 million UAH, liabilities increased by 7.16%, to 107.057 million UAH, cash and cash equivalents increased by 2.89 times and amounted to 74.154 million UAH.
RA notes, that as of the reporting date the insurer has made financial investments in the amount of UAH 126,548 mln, entirely consisting of government bonds. The availability of such investments had a positive impact on the liquid assets of ALC IC ARKS Life, which in the aggregate exceeded its liabilities in 1,87 times.
The Agency draws attention to that JSC IC ARKS has unprecedentedly high level of external support from the main shareholder with headquarters in Toronto (Canada) – Fairfax Financial Holdings Limited – a holding company which through its subsidiaries is mainly engaged in insurance against accidents, property insurance and investment management.
The leaders of the insurance market of Ukraine in terms of net insurance premiums collected in January-September 2022 were insurance companies ARX (UAH 2.228 billion), “Unica” (UAH 1.813 billion) and SG “TAS” (UAH 1.685 billion, all – Kyiv).
As reported in the main indicators of insurance companies in Ukraine for 8M2012, published on the NBU web site. 2022, the leaders in insurance payments in this period were Unica (980 mln UAH), ARX (775,7mn UAH) and SG TAS (675,6 mln UAH).
Data: NBU, mln UAH
PJSC “Odessa Regional Insurance Company” in January-September 2022 collected insurance premiums in the amount of UAH 2.922 million, which is 78.7% less than in the same period a year earlier.
The rating agency (RA) “Standard-Rating” reported in the information about updating the credit rating / rating of financial stability of the company on the national scale at the level of “uaA +” for 9 months. 2022.
Receipts from individuals during this period decreased by 52.26% to UAH 992 thousand, and there were no receipts from reinsurers. Thus, according to the results of nine months of 2022, the share of individuals in the gross premiums of the insurer amounted to 33.95%, and legal entities dominated the company’s client portfolio.
According to the results of the first three quarters of 2022, they showed a downward trend. Thus, the insurer’s net premiums decreased by 78.51% to UAH 2.922 million, and earned premiums – by 44.98% to UAH 6.454 million.
The volume of insurance payments and indemnities made by the company for the nine months of 2022 compared to the same period in 2021 decreased by 86.08% to UAH 168 thousand, and the level of payments decreased by 05 o.p. up to 5.75%.
The company’s operating profit for the nine months of 2022 compared to the same period in 2021 decreased by 67.75% to UAH 7.651 million, while net profit decreased by 42.70% to UAH 16.164 million.
The insurer’s assets increased by 8.96% to UAH 113.913 million, equity increased by 25.01% to UAH 80.783 million, liabilities decreased by 17.02% to UAH 33.13 million, cash and cash equivalents increased by 26.60% to UAH 49.408 mln.
At the same time, as of October 1, 2022, the company formed a portfolio of investments in government bonds in the amount of UAH 28.655 million, which had a positive effect on the provision of the insurer with liquid assets, which in total were 2.36 times.
Odessa Regional Insurance Company was registered in 2000 and specializes in risky types of insurance.
Insurance companies of Ukraine in January-June 2022 collected net premiums in the amount of UAH 17.721 billion (which is 24.6% less than in the same period in 2021 (UAH 23.480 billion), according to the main performance indicators of insurance companies companies (by institutions) for the first half of 2022, published on the website of the National Bank of Ukraine (NBU).
According to the regulator, the volume of written insurance premiums collected by insurers for the specified period amounted to UAH 17.608 billion, which is 28.9% less compared to the first half of 2021 (UAH 24.780 billion).
In six months, insurers paid UAH 5.934 billion of insurance claims (which is 30.6% less than in the first half of a year earlier (UAH 8.552 billion).
As of June 30, 2022, the assets of Ukrainian insurers on the balance sheet amounted to UAH 65.474 billion, while as of the same date a year earlier – UAH 65.186 billion
The regulator also reports that in the first half of the year the volume of formed insurance reserves increased by 4% – up to UAH 36.438 billion.
According to the NBU, the total number of insurance companies in Ukraine as of June 30, 2022 is 137, while as of the same date a year earlier it was 181.
