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.
In January-September, VUSO Insurance Company (VUSO, Kyiv) collected about UAH 2.005 billion in insurance premiums, which is 78% more than in the same period in 2022 (UAH 1.126 billion).
According to the insurer’s press release, the improvement in the level of insurance premiums is observed in almost all areas, in particular, VHI by 3.4 times to UAH 391.8 million, travel insurance by 15% to UAH 74.9 million, hull insurance by 70% to UAH 497.4 million, MTPL by 26% to UAH 260.4 million. The total amount of insurance premiums under the Green Card for this period amounted to UAH 171.1 million.
The company also reports that it has paid UAH 679.9 million in nine months, which is 2.1 times more than the same period last year (UAH 324.4 million). In particular, payments under voluntary health insurance amounted to UAH 177.4 million (up 4.9 times), MTPL – UAH 116.6 million (+69%), hull insurance – UAH 189.8 million (+45.5%). The level of payments for the Green Card amounted to UAH 91.8 million, and for travel insurance – UAH 20.2 million.
During this time, the company also announced the launch of updated products, including Medical Concierge, Give Yourself a Life critical illness insurance, and Patriot 2.0 Unlimited hull insurance with military risk coverage.
VUSO Insurance Company was founded in 2001. The company currently has a financial strength rating of uaAA. It is represented in all regions of Ukraine. The company is a member of the MTIBU and the Ukrainian Insurance Fund, a party to the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
On September 8, PJSC Ukrhazvydobuvannya (Kyiv) announced its intention to enter into a contract with VUSO Insurance Company (Kyiv) for compulsory civil liability insurance of owners of land vehicles (CMTPL).
As reported in the system of electronic public procurement Prozorro, the company’s price offer was the lowest – UAH 1.099 mln against UAH 4.424 mln expected cost.
The tender was also attended by NJSIC ‘Oranta’ – UAH 1,143 mln and IC ‘Universalna’ – UAH 1,309 mln.
IC “VUSO” was founded in 2001. The company owns 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 the ITSBU and the FSA, a participant of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
In January-June 2023, VUSO Insurance Company (Kyiv) collected UAH 1.188 billion in gross premiums, which is 79.8% more than in the same period of 2022, the rating agency 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 65.08% to UAH 825.974 million, and from reinsurers – by 47.44% to UAH 12.863 million. Thus, the share of individuals in the insurer’s gross premiums in the first six months of 2023 amounted to 69.50%, and the share of reinsurers amounted to 1.08%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 7.10% to UAH 93.399 million compared to the same period in 2022. Due to the higher growth rate of gross written premiums compared to insurance payments sent to reinsurers, the reinsurer participation ratio in insurance premiums decreased by 5.34 p.p. to 7.86%.
The company’s net written premiums increased by 90.89% to UAH 1.095 billion, and earned premiums – by 82.25% to UAH 1.031 billion.
VUSO paid UAH 438.689 million to its clients in the first half of 2023, which is 99.34% higher than the volume of insurance payments and reimbursements for the same period in 2022. Thus, the level of payments increased by 3.61 percentage points to 36.91%.
In the first six months of 2023, despite a negative result from operating activities of UAH 9.6 million, the company received a net profit of UAH 1.580 million.
As of the reporting date, the company’s assets increased by 52.38% to UAH 1.544 billion, equity showed an increase of 51.42% to UAH 575.652 million, liabilities increased by 52.95% to UAH 978.531 million, cash and cash equivalents increased by 4.60% to UAH 458.628 million.
The RA also notes that as of the beginning of the second half of 2023, the company has formed a portfolio of investments in domestic government bonds in the amount of UAH 163.740 million, which increased the level of provision of the insurer with liquid assets, which together covered 63.60% of the company’s liabilities.
In addition, the balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 257.517 million, including UAH 192.244 million of additional guarantee premiums, which 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 of the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
From January 1 to June 30, 2023, VUSO Insurance Company (VUSO, Kyiv) received insurance premiums of UAH 1.188 billion, which is 79% more than in the same period in 2022.
According to the insurer’s press release, the largest revenues were for voluntary health insurance and exceeded the figures for the same period last year by 3.2 times – up to UAH 197.2 million, for the Green Card – by half, up to UAH 126.9 million, hull insurance – by 80.5%, up to UAH 301.8 million, MTPL – by 32.4%, up to UAH 159.5 million.
The total amount of travel insurance premiums for this period amounted to UAH 34.8 million.
The company also reports that in the first half of the year it paid UAH 438.7 million (+99%), including UAH 102.7 million (up 4.7 times) for voluntary health insurance, UAH 79 million (twice as much) for Green Card, UAH 78.1 million (+77.43%) for MTPL, and UAH 118.3 million (+31.7%) for hull insurance.
At the same time, the IC emphasized that along with its main activities, it actively provides volunteer support for Ukrainian defenders, purchasing the necessary equipment and vehicles to perform combat missions.
During the reporting period, there were changes in the company’s activities: at the end of March 2023, during the general meeting of VUSO and UASK ASKA, it was decided to join the insurance company ASKA to VUSO and continue to work under a single brand.
VUSO is a Ukrainian company established in 2001. It holds 50 licenses (30 for voluntary and 17 for compulsory insurance).
The company specializes in motor, health, and travel insurance for both corporate clients and individuals. It is a member of the MTIBU, the Nuclear Pool, a participant in the Direct Settlement project, and a member of the National Association of Insurers of Ukraine.
