Insurance company “Ukrainian Insurance Group” (Kiev) in 2023 collected UAH 2.036 billion of net premiums, which is 10.7% less than in 2022, and UAH 2.936 billion of gross premiums (-7.3%).
This is reported on the website of the rating agency “Standard-Rating”, which confirmed the financial strength rating/credit rating of the insurance company at the level of “uaAA+” at the end of the reporting period.
At the same time receipts from individuals have decreased by 16.82% – to UAH 1.773 bln, and from reinsurers, on the contrary, have increased in 2.33 times – to UAH 10.112 mln, hence the share of individuals in gross premiums of the company has amounted to 60.36%, and the share of reinsurers – 0.34%.
Insurance payments sent to reinsurers for 2023 have increased by 1,55% compared to 2022 – up to UAH 900,401 mln. Thus, the ratio of participation of reinsurance companies in insurance premiums has increased by 2,67 p.p. – up to 30,66%.
The volumes of insurance payments and indemnities made by IC “USG” in 2023 have amounted to UAH 1,478 billion, that has exceeded the volume of payments and indemnities in 2022 by 87,63%. At the same time the level of payments has increased up to 50,33%.
RA also notes that following the results of 2023 the company has received a negative financial result from operating activities in the amount of UAH 321,997 mln, and the net loss of the insurer has amounted to UAH 38,515 mln.
Assets of the company as of December 31, 2023 have increased by 2,44% – to UAH 3,522 billion, shareholders’ equity has decreased by 12,01% – to UAH 566,501 million, liabilities have increased by 5,77% – to UAH 2,955 billion, cash and cash equivalents have decreased by 43,68% – to UAH 825,414 million.
Thus, as of the beginning of 2024 the company had a satisfactory level of capitalization (19.17%), and cash covered 27.93% of its liabilities. At the same time RA notes that on the reporting date the insurer has formed a portfolio of financial investments in the amount of UAH 1,087 billion, consisting of government bonds (57,89% of the portfolio) and deposits in banks with high credit rating (42,11% of the portfolio). The presence of such investments in aggregate covered 64,73% of the insurer’s liabilities.
As it was informed, the controlling shareholder of IC USG is an international insurance group headquartered in Austria Vienna Insurance Group, which is represented by 50 companies in 30 countries and is the leader of the insurance market of Central and Eastern Europe.
