In January-September 2023, PJSC “Ukrainian Agrarian Insurance Company” (UASC, Kyiv) collected UAH 17.863 million in gross premiums, which is 56.2% more than in the same period of 2022, according to the rating agency “Standard Rating”, confirming the company’s financial strength rating at the level of “uaAA” on the national scale.
According to a report on the RA website, in particular, revenues from individuals decreased by 22.41% to UAH 180 thousand, and there were no premiums from reinsurers in the period under review.
Insurance payments sent to reinsurers for the three quarters of 2023 compared to the same period of 2022 increased by 65.52% to UAH 8.592 million, and the reinsurer participation ratio in insurance premiums increased by 2.70 p.p. to 48.1%.
In addition, the insurer’s net written premiums increased by 48.53% to UAH 9,271 million, and earned premiums by 27.71% to UAH 10,540 million.
In the first nine months of 2023, the company paid UAH 2,761 million in insurance claims and reimbursements to its customers, which is 32.68% higher than in the first nine months of 2022. Given the higher growth rate of gross premiums compared to insurance claims, the level of payments in the analyzed period decreased by 2.74 p.p. to 15.46%.
According to the results of January-September 2023, the company received a net profit of UAH 1.099 million. Its assets increased by 13.64% to UAH 89.405 million, equity showed an increase of 1.86% to UAH 60.316 million, liabilities increased by 49.52% to UAH 29.089 million, cash and cash equivalents decreased by 76.92% to UAH 1.738 million.
RA informs that as of October 1, 2023, the company has formed a portfolio of current financial investments in the amount of UAH 78.054 million, consisting of deposits in banks with a credit rating of at least uaAA (UAH 18 million) and investments in government bonds (UAH 60.054 million).
IC Ukrainian Agricultural Insurance Company (formerly IC Salamandra-Dnipro) has been operating in the country’s market since 1995.
According to the company, 84.75% of its authorized capital is owned by Dobrobut Agrofirm, 5.5% by Astarta-Kyiv Firm LLC, and 9.75% by Poltavazernoproduct LLC.
As reported, in August this year, the NBU approved Astarta Holding PLS’s indirect ownership of 100% of the insurer’s shares.
