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, 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.).
On December 1, 2023, the meeting of shareholders of PZU Ukraine Insurance Company (Kyiv) decided to increase the authorized capital to UAH 48.510 million from UAH 19.407 million by conducting an additional issue of shares in the amount of UAH 29.111 million, according to the NSSMC system.
It is specified that the closed issue will be carried out by increasing the nominal value of shares from UAH 10 to UAH 25 per share by allocating part of the funds from the profit for 2022 to the authorized capital.
As reported, PZU Ukraine finished 2022 with a financial result from operating activities of UAH 82.789 million and net profit of UAH 118.119 million, which is 12.4 times more than a year earlier.
In 2022, the company collected UAH 1.280 billion in gross written premiums, which is 27.03% less than in 2021, UAH 1.172 billion in net premiums (+6.76%) and UAH 1.110 billion in earned premiums (+13.38%).
The volume of payments and reimbursements made by the insurer for the specified reporting period amounted to UAH 575.537 million, which is 16.24% lower than the volume of reimbursements a year earlier.
As of December 31, 2022, the company’s assets decreased by 14.93% to UAH 2.425 billion, equity increased by 3.43% to UAH 853.817 million, liabilities decreased by 22.41% to UAH 1.571 billion, cash and cash equivalents increased 3.34 times to UAH 364.458 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.).
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, 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.).
PZU Ukraine Insurance Company (Kyiv) in January-June 2022 collected UAH 558.1 million in gross premiums, which is 27.49% less than in the same period of 2021, reports RA Standard- Rating”, updating the company’s credit/financial stability (reliability) rating on the national scale at the level of “uaААА” based on the results of the specified period.
According to him, income from individuals of the insurer decreased by 13.42% – to UAH 383.578 million, from reinsurers – by 30.40%, to UAH 10.629 million. Thus, the share of individuals in the gross premiums of the insurer amounted to 68.73%, and the share of reinsurers – 1.90%. According to the results of the first half of 2022, individuals continue to dominate the company’s client portfolio.
Insurance payments sent to reinsurers for the first half of 2022 compared to the same period in 2021 decreased by 69.48% to UAH 91.473 million. Thus, the participation rate of reinsurance companies in insurance premiums decreased by 22.55 percentage points. – up to 16.39%.
Net premiums decreased by 0.71% to UAH 466.66 million, earned insurance premiums increased by 20.27% to UAH 525.751 million.
The volume of payments and indemnities made by the insurer for the first half of 2022 amounted to UAH 272.106 million, which is 6.41% higher than the amount of indemnities for the same period in 2021. Thus, the level of payments increased from 33.22% to 48.75%, or by 15.53 p.p.
During the specified period, operating profit of IC PZU Ukraine increased 2.82 times, to UAH 86.301 million, its net profit increased by 93.07%, to UAH 79.753 million.
As of July 1, 2022, the company’s assets decreased by 12.00% – to UAH 2.508 billion, equity increased by 1.69% – to UAH 839.439 million, liabilities decreased by 17.59% – to UAH 1.669 billion, cash and cash equivalents increased by 2.41 times – up to UAH 263.522 million.
Thus, as of the beginning of the third quarter of 2022, the company had a sufficient level of capitalization (50.29%), and 15.79% of its liabilities were covered by cash.
At the same time, it is noted that as of the indicated date, the insurer made financial investments in the amount of UAH 465.179 million, which consisted of government bonds (55.19% of the investment portfolio) and deposits in banks with an investment grade credit rating (44.81% of the portfolio).
According to the report, IC PZU Ukraine has the support of one of the largest insurance groups in Central and Eastern Europe – PZU Group (which includes the parent company PZU S.A., IC PZU Ukraine).
