On August 25, 2023 Standard-Rating withdrew the credit rating/financial strength rating of the insurer ODO Insurance Company ViDi Insurance (Kyiv) at the company’s request, the agency’s website reports.
As reported, on February 27, 2022 RA Standard-Rating suspended the credit rating of the company at its request due to the introduction of martial law.
It was also noted that the rating could be restored by the company’s decision at any time.
Later, according to the results of the insurer’s activity in the nine months of 2022, RA “Standard-Rating” updated the company’s credit rating/rating of financial stability (reliability) of the insurer on the national scale at the level “uaAA”.
IC “ViDi Insurance” has been working in the insurance market since 2007, the main specialization – motor insurance.
In January-September 2022 ALC “Insurance company ViDi-Insurance” (Kyiv) collected gross insurance premiums to the amount of UAH 156,5 mln, which is 33,23% less than during the same period last year, as RA “Standard-Rating” reports in the article about updating company’s credit rating/rating of financial stability (reliability) of the insurer on the national scale at the level “uaAА”.
It is noted that the receipts from individuals of IC has decreased on 33,03%, amounting to UAH 136,830 mln, and there have been no receipts from reinsurers in the reviewed period. Thus, individuals continue to prevail in the client portfolio of the insurer, as indicated by their high proportion in gross premiums, which has amounted to 87,46%.
The insurance payments, sent to reinsurers, have decreased by 39,1%, down to UAH 2,090 mln in comparison with the same period of 2021 for nine months of 2022. Thus, the ratio of reinsurers’ participation in insurance premiums has decreased to 1,34%.
Net premiums have decreased by 33,14%, to UAH 154,360 mln, and earned premiums – by 9,69%, to UAH 189,416 mln.
The indemnities paid out by the insurer in January-September of 2022, compared to the same period of 2021, has decreased by 16,39%, up to UAH 77,889 mln. As a result of the high rates of gross premiums decrease, the level of payments has grown by 10,03 p.p., up to 49,79%.
Operating profit increased 2.45 times, up to UAH 49.44 mln, and net profit 2.75 times, up to UAH 43.109 mln.
As of September 30, 2022, the assets of the company grew by 5.04%, to UAH 230.559 mln, shareholders’ equity increased by 64.93%, to UAH 109.509 mln. Liabilities reduced by 20,94%, to UAH 121,05 m, cash and cash equivalents reduced by 75,75%, to UAH 24,885 m. It should be also noted that as of September 30, 2022 the Bank’s equity capital grew by 5,93%, to UAH 230,559 m. Liabilities of the company fulfilled the same amount.
RA also notes that as of the reporting date IC ViD Insurance formed a portfolio of investments in government bonds in the amount of UAH 30,455 mln, and a portfolio of deposits in banks with high credit rating in the amount of UAH 89,299 mln.
IC ViDi-Insurance works in the insurance market since 2007, the main specialization – motor insurance.
