In January-March 2024, VUSO Insurance Company PrJSC (Kyiv) collected UAH 641.63 million in gross premiums, which is 5.15% more than in the same period of 2023, according to the rating agency (RA) Standard Rating in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the RA website, in particular, the insurer’s revenues from individuals increased by 0.79% to UAH 413.554 million, and from reinsurers – by 55.66% to UAH 10.283 million. Thus, the share of individuals in the insurer’s gross written premiums amounted to 64.45%, and the share of reinsurers – 1.60%.
Insurance premiums paid to reinsurers increased 5.17 times in the first quarter to UAH 106.327 million, which resulted in a 13.20 percentage point increase in the reinsurance participation ratio to 16.57%.
Net written premiums decreased by 9.22% to UAH 535.303 million, while earned premiums increased by 16.90% to UAH 563.796 million.
During the reporting period, the company paid out UAH 318.957 million to customers, which is 55.35% higher than the volume of insurance payments and reimbursements for the same period in 2023. The level of payments increased by 16.06 percentage points to 49.71%.
RA also notes that the profit from operating activities of VUSO Insurance Company amounted to UAH 18.111 million, and net profit increased 4.66 times to UAH 13.491 million.
As of April 1, 2024, the insurer’s assets decreased by 1.51% to UAH 1.501 billion, equity showed an increase of 2.19% to UAH 630.748 million, liabilities decreased by 4.03% to UAH 870.649 million, cash and cash equivalents – by 14.06% to UAH 479.132 million.
The RA also notes that as of the reporting date, VUSO formed a portfolio of investments in government bonds in the amount of UAH 221.735 million, which in total covered 80.50% of the company’s liabilities. The balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 310.453 million, which also 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 in the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
