In January-March 2024, PJSC “Ukrainian Agrarian Insurance Company” (UASC, Kyiv) collected UAH 1.289 million of gross premiums, which is 7.33% less than in the same period a year earlier.
The rating agency Standard-Rating reported, confirming the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the report on the RA website, in particular, revenues from individuals increased by 9.33% to UAH 0.082 million, and there were no premiums from reinsurers in the period under review. Thus, taking into account the share of individuals in gross premiums at 6.36%, legal entities prevailed in the insurer’s client portfolio.
Insurance payments sent to reinsurers for the first quarter of 2024 decreased by 19.18% to UAH 0.316 million compared to the same period in 2023, and the reinsurer participation ratio in insurance premiums decreased by 3.59 p.p. to 24.52%.
The company’s net written premiums in the analyzed period decreased by 2.70% to UAH 0.973 million.
In the first three months of 2024, the company paid UAH 1,741 million in insurance claims and indemnities to its clients, which is 74.97% higher than in the same period of 2023. The level of payments in the reporting period increased by 63.54 p.p. to 135.07%.
The financial result from operating activities amounted to UAH 3.515 million, and net profit amounted to UAH 6.842 million.
As of April 1, 2024, the insurer’s assets decreased by 1.25% to UAH 75.967 million, equity showed an increase of 11.57% to UAH 65.974 million, liabilities decreased by 43.85% to UAH 9.993 million, cash and cash equivalents decreased by 82.79% to UAH 3.604 million.
RA also reported that as of the reporting date, the company had formed a portfolio of current financial investments in the amount of UAH 68.666 million, which consisted of investments in government bonds.
IC Ukrainian Agricultural Insurance Company (formerly IC Salamandra-Dnipro) has been operating in the country’s market since 1995.
According to the Unified State Register of Legal Entities and Individual Entrepreneurs, 84.750% of UASC’s authorized capital is owned by Dobrobut Agrofirm, Astarta-Kyiv LLC owns 5.5%, and Poltavazernoprodukt Investment and Industrial Company LLC owns 9.75%.
