In January-June 2023, Ukrainian Insurance Group Insurance Company (Kyiv) collected UAH 752.166 million in net premiums, which is 1.64% less than in the same period a year earlier, and UAH 1.466 billion in gross premiums (+10.85%), according to the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ for the reporting period.
At the same time, the insurance company’s revenues from individuals increased by 14.30% to UAH 965.065 million, and from reinsurers – by 2.65 times, to UAH 4.910 million. In the first half of 2023, the share of individuals in the company’s gross premiums amounted to 65.84%, and the share of reinsurers – 0.33%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 27.96% to UAH 713.715 million compared to the same period in 2022. The participation ratio of reinsurance companies in insurance premiums increased by 6.51 p.p. to 48.69%.
The volume of insurance payments and reimbursements made by USG in the first half of 2023 amounted to UAH 702.471 million, which is more than twice the volume of payments and reimbursements in the first half of 2022, and the claims ratio increased to 47.92%.
According to the results of the first six months of 2023, the company received a negative financial result from operating activities in the amount of UAH 98.056 million, the insurer’s net loss amounted to UAH 20.288 million (net profit of UAH 73.8 million for 6 months of 2022).
The agency notes that the financial results were affected, among other things, by a significant increase in insurance payments and reimbursements, as well as expenses for the formation of reserves.
As of June 30, 2023, the insurer’s assets increased by 8.89% to UAH 3.743 billion, equity decreased by 3.15% to UAH 623.51 million, liabilities increased by 11.66% to UAH 3.120 billion, cash and cash equivalents decreased by 20.77% to UAH 1.161 billion.
As of July 1, 2023, the insurer made financial investments in the amount of UAH 641.657 million, consisting of government bonds, government bonds and deposits with banks with high credit ratings. The availability of such investments has a positive impact on the provision of USG with liquid assets, which cover 57.78% of the insurer’s liabilities.
As reported, the controlling shareholder of USG Insurance Group is Vienna Insurance Group, an international insurance group headquartered in Austria, represented by 50 companies in 30 countries and a leader in the insurance market of Central and Eastern Europe.
