Insurance company “Quorum” (Kyiv) in January-June 2024 collected insurance premiums in the amount of UAH 30 million, which is 29.97% more than in the same period of 2023, the rating agency (RA) “Standard-Rating” reported in information on updating the credit rating / financial strength rating of the company on the national scale at the level of “uaAA”.
At the same time, it was clarified that the rating was updated based on the analysis of the company’s performance for the specified reporting period.
During this period, revenues from individuals increased by 26.38% to UAH 18.320 million, while there were no revenues from reinsurers. The share of individuals in gross premiums amounted to 61%.
Insurance payments sent to reinsurers in the first half of 2024 amounted to UAH 9,710 million, which is 29.24% higher than in the first half of 2023. The ratio of reinsurers’ participation in insurance premiums decreased by 0.19 pp to 32.33%.
The insurer’s net written premiums increased by 30.33% to UAH 20.322 million, and net earned premiums increased by 30.72% to UAH 20.165 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2024 compared to the same period in 2023 increased by 24.38% to UAH 3,449 million, while the level of payments decreased by 0.52 percentage points to 11.48%.
RA notes that the company’s activities in the analyzed period were profitable. In particular, the profit from operating activities amounted to UAH 6.946 million, and net profit – UAH 6.644 million.
As of July 1, 2024, the company’s assets increased by 0.25% to UAH 64.127 million, equity – by 6.68% to UAH 59.776 million, liabilities showed a decrease of 45.18% to UAH 4.351 million, cash and cash equivalents increased by 2.95% to UAH 45.718 million.
Quorum Insurance Company was established in March 2014 and specializes in risk insurance.
Insurance company “Quorum” (Kyiv) in January-March 2023 collected insurance premiums for UAH 10.6 mln, which is 43.04% less than during the same period a year earlier, Standard-Rating RA said in its update to the credit rating/ financial strength rating of the company on the national scale at “uaAA”.
At that, it is specified that the rating has been updated on the basis of the analysis of the company’s results for the mentioned reporting period.
Proceeds from individuals for this period have decreased by 77,52% – to UAH 6,696 m and there were no receipts from reinsurers. The proportion of individuals in gross premiums following the results of Q1 2023 constituted 62,90%, i.e. individuals prevailed in the client portfolio of IC “Quorum”.
The insurance payments sent to reinsurers, in Q1 2023 have constituted UAH 3,588 m, which is more than twice higher than in the same period of 2022. Thus, the ratio of reinsurers’ participation in insurance premiums has grown by 10,19 p.p. – up to 33,71%.
Net premiums of the insurer in the first quarter have increased by 23,98% – up to UAH 7,057 mln, and the earned premiums – by 7,31%, up to UAH 6,884 mln.
The volume of insurance indemnities of the company in the first quarter of 2023 has decreased by 61,09% – down to UAH 1,255 mln, and the level of payments has decreased by 31,55 p.p., compared to the same period of 2022. – to 11.79%.
It is also noted that the operating profit of the company for the first quarter of 2023 increased by 24.74% to UAH 3.136 million, and net profit increased by 71.51% to UAH 3.780 million.
Assets of the company grew by 3.08% to UAH 52.809 mln, shareholders’ equity increased by 8.79% to UAH 46.799 mln, liabilities reduced by 26.81% to UAH 6.010 mln, cash and cash equivalents increased by 4.64% to UAH 31.401 mln.
