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.
In 2023, VUSO Insurance Company (Kyiv) collected UAH 2.677 billion in gross premiums, which is 62.6% more than in 2022, the rating agency (RA) Standard Rating reported in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the information on the RA website, in particular, revenues from individuals increased by 48.98% to UAH 1.724 billion during the reporting period, and from reinsurers – by 60.62% to UAH 32.205 million. Thus, the share of individuals in the insurer’s gross written premiums for the twelve months of 2023 amounted to 64.39%, and the share of reinsurers – 1.20%.
Insurance payments sent to reinsurers increased by 19.75% to UAH 204.246 million. The ratio of reinsurers’ participation in insurance premiums decreased by 2.73 p.p. to 7.63%.
Net written premiums for the reporting period increased by 67.57% to UAH 2.473 billion, while earned premiums increased by 75.59% to UAH 2.337 billion.
VUSO paid UAH 972.7 million to its clients in 2023, which is more than twice the amount of insurance payments and reimbursements in 2022. Thus, the level of payments increased by 8.15 percentage points to 36.33%.
At the end of 2023, profit from operating activities increased by 19.34% to UAH 49.904 million, and net profit increased 2.7 times to UAH 44.048 million.
As of December 31, 2023, the company’s assets increased by 71.40% to UAH 1.748 billion, equity by 66.80% to UAH 634.114 million, liabilities by 74.13% to UAH 1.114 billion, and cash and cash equivalents by 26.10% to UAH 552.918 million.
At the same time, RA notes that the growth of the company’s equity was due to an increase in the authorized capital by UAH 187.585 million in the first quarter of 2023. In particular, in May 2023, the issue of ordinary registered shares in the amount of UAH 187.585 million was registered, which is 100% of the authorized capital of PJSIC ASKA, and in July 2023, the conversion of PJSIC ASKA shares into shares of VUSO Insurance Company was completed.
As reported, the decision to merge ASKA with VUSO and to continue working under a single brand was made during the general meeting of both insurance companies in March 2023, and the acquisition was announced by VUSO shareholders in August 2022.
The RA also reports that as of the beginning of 2024, the company had a sufficient level of capitalization (56.92%) and a good level of cash coverage of liabilities (49.63%). The company has formed a portfolio of investments in domestic government bonds in the amount of UAH 204.037 million, which increased the level of the insurer’s liquid assets, which together covered 67.95% of the company’s liabilities. In addition, the balance of funds in the centralized insurance reserve funds (MTIBU) as of the reporting date amounted to UAH 293.449 million, including UAH 219.978 million of additional guarantee premiums for the company’s liquidity.
VUSO 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 party to the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
The municipal contracting specialized enterprise for repair and construction of roads in Kharkiv “Shlyakhrembud” on February 21 announced its intention to conclude a contract with IC “VUSO” (Kiev) for the purchase of services of compulsory insurance of civil liability (OSAGO).
According to the message in the system of electronic public procurement Prozorro, the expected cost of the purchase of services amounted to UAH 1.866 million, the company’s price offer of UAH 807,210 thousand.
The tender was also attended by insurance companies “Guardian” with the offer of UAH 807,211 thousand, “Oranta” – UAH 807,212 thousand, “Arsenal Insurance”- UAH 1,395 million, SG “TAS”- UAH 1,682 million.
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 the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
