At the meeting on February 7, the shareholders of VUSO Insurance Company (Kyiv) plan to decide to allocate UAH 44.959 million of retained earnings for 2023 for dividends, the company reported in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
At the same time, it is specified that the rest of the profit for 2023 in the amount of UAH 16.106 million is planned to remain undistributed. The company’s total net profit for 2023 amounted to UAH 61.065 million.
The agenda of the meeting also specifies that dividends will be paid in full directly to shareholders in accordance with the procedure established by law within six months from the date of the relevant decision by the general meeting of shareholders.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. VUSO is a member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), the League of Insurance Organizations of Ukraine, and the Nuclear Insurance Pool.
In January-June 2024, VUSO Insurance Company (Kyiv) collected UAH 1.395 billion in gross premiums, which is 17.38% more than in the same period in 2023, RA Standard Rating reported in information on the confirmation of the company’s financial strength rating at uaAA on the national scale. According to the rating agency’s website, the insurer’s revenues from individuals increased by 7.06% to UAH 884.291 million, and from reinsurers – by 43.05% to UAH 18.401 million. Thus, the share of individuals in the insurer’s gross written premiums in the first half of 2024 amounted to 63.39%, and the share of reinsurers amounted to 1.32%.
Insurance payments sent to reinsurers for the specified reporting period compared to January-June last year increased by 84.14% to UAH 171.987 million, the reinsurer participation ratio increased by 4.47 percentage points (p.p.) to 12.33%.
The company’s net written premiums for the first half of the year increased by 11.68% to UAH 1.223 billion, and earned premiums – by 21.31% to UAH 1.251 billion.
In January-June 2024, VUSO paid UAH 722.269 million to its clients, which is 64.64% higher than the volume of insurance payments and reimbursements for the same period in 2023. The claims ratio increased by 14.87 p.p. to 51.78%.
At the same time, the company’s financial results have improved significantly: profit from operating activities in the first half of 2024 amounted to UAH 101.017 million, and net profit increased 21.97 times to UAH 34.709 million compared to the same period a year earlier.
As of July 1, 2024, the insurer’s assets decreased by 0.59% to UAH 1.515 billion, while equity showed an increase of 5.62% to UAH 651.966 million. At the same time, the company’s liabilities decreased by 4.81% to UAH 863.513 million, while cash and cash equivalents increased by 0.04% to UAH 557.732 million.
RA notes that as of the reporting date, the company formed a portfolio of investments in domestic government bonds in the amount of UAH 231.140 million, which in total covered 91.36% of the company’s liabilities. The balance of funds in the centralized insurance reserve funds (MTIBU) of the insurer amounted to UAH 311.823 million.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. VUSO is a member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) and the Ukrainian Insurance Federation (UIF), as well as a participant in the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
In January-March 2024, VUSO Insurance Company PrJSC (Kyiv) collected UAH 641.63 million in gross premiums, which is 5.15% more than in the same period of 2023, according to the rating agency (RA) Standard Rating in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the RA website, in particular, the insurer’s revenues from individuals increased by 0.79% to UAH 413.554 million, and from reinsurers – by 55.66% to UAH 10.283 million. Thus, the share of individuals in the insurer’s gross written premiums amounted to 64.45%, and the share of reinsurers – 1.60%.
Insurance premiums paid to reinsurers increased 5.17 times in the first quarter to UAH 106.327 million, which resulted in a 13.20 percentage point increase in the reinsurance participation ratio to 16.57%.
Net written premiums decreased by 9.22% to UAH 535.303 million, while earned premiums increased by 16.90% to UAH 563.796 million.
During the reporting period, the company paid out UAH 318.957 million to customers, which is 55.35% higher than the volume of insurance payments and reimbursements for the same period in 2023. The level of payments increased by 16.06 percentage points to 49.71%.
RA also notes that the profit from operating activities of VUSO Insurance Company amounted to UAH 18.111 million, and net profit increased 4.66 times to UAH 13.491 million.
As of April 1, 2024, the insurer’s assets decreased by 1.51% to UAH 1.501 billion, equity showed an increase of 2.19% to UAH 630.748 million, liabilities decreased by 4.03% to UAH 870.649 million, cash and cash equivalents – by 14.06% to UAH 479.132 million.
The RA also notes that as of the reporting date, VUSO formed a portfolio of investments in government bonds in the amount of UAH 221.735 million, which in total covered 80.50% of the company’s liabilities. The balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 310.453 million, which also had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. It is a member of MTIBU and USIF, a participant in the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
JSC “Kharkivoblenergo” and IC “VUSO” on August 2 concluded a contract for the purchase of services of compulsory and voluntary insurance of civil liability of owners of land vehicles (MTPL and MTPL).
According to the message in the system of electronic public procurement ProZorro, the total expected cost is UAH 2.154 mln, the price offer of the company, the only participant of the tender is the same.
IC “VUSO” was founded in 2001. It is a member of MTSBU and NASU, a participant of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
On July 25, JSC “Rivneoblenergo” reported on the intention to enter into a contract with the insurance company “VUSO” for compulsory insurance of civil liability (CMTPL).
As reported in the system of electronic procurement Prozorro, the company’s price offer amounted to UAH 744.5 thousand with the expected cost of purchasing services of UAH 750 thousand.
IC “Euroins Ukraine” also took part in the tender with the offer of UAH 462,8 th.
IC “VUSO” was founded in 2001. It is a member of MTSBU and NASU, a participant of the Agreement on direct settlement of losses and a member of Nuclear Insurance Pool.
On June 17, JSC “Oschadbank” opened offers of bidders for voluntary medical insurance of employees with a budget of UAH 114.8 million, according to the e-procurement system “Prozorro”.
According to the report, the price offer of the only bidder IC “VUSO” amounted to UAH 114.2 million.
As reported, the company was the winner of a similar tender a year earlier.
IC “VUSO” was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance. It is represented in all regions of Ukraine. It is a member of ITSBU and UFS, a participant of Direct Loss Settlement Agreement and a member of Nuclear Insurance Pool.
