In 2023, VUSO Insurance Company (Kyiv) collected UAH 2.677 billion in gross premiums, which is 62.6% more than in 2022, the rating agency (RA) Standard Rating reported in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the information on the RA website, in particular, revenues from individuals increased by 48.98% to UAH 1.724 billion during the reporting period, and from reinsurers – by 60.62% to UAH 32.205 million. Thus, the share of individuals in the insurer’s gross written premiums for the twelve months of 2023 amounted to 64.39%, and the share of reinsurers – 1.20%.
Insurance payments sent to reinsurers increased by 19.75% to UAH 204.246 million. The ratio of reinsurers’ participation in insurance premiums decreased by 2.73 p.p. to 7.63%.
Net written premiums for the reporting period increased by 67.57% to UAH 2.473 billion, while earned premiums increased by 75.59% to UAH 2.337 billion.
VUSO paid UAH 972.7 million to its clients in 2023, which is more than twice the amount of insurance payments and reimbursements in 2022. Thus, the level of payments increased by 8.15 percentage points to 36.33%.
At the end of 2023, profit from operating activities increased by 19.34% to UAH 49.904 million, and net profit increased 2.7 times to UAH 44.048 million.
As of December 31, 2023, the company’s assets increased by 71.40% to UAH 1.748 billion, equity by 66.80% to UAH 634.114 million, liabilities by 74.13% to UAH 1.114 billion, and cash and cash equivalents by 26.10% to UAH 552.918 million.
At the same time, RA notes that the growth of the company’s equity was due to an increase in the authorized capital by UAH 187.585 million in the first quarter of 2023. In particular, in May 2023, the issue of ordinary registered shares in the amount of UAH 187.585 million was registered, which is 100% of the authorized capital of PJSIC ASKA, and in July 2023, the conversion of PJSIC ASKA shares into shares of VUSO Insurance Company was completed.
As reported, the decision to merge ASKA with VUSO and to continue working under a single brand was made during the general meeting of both insurance companies in March 2023, and the acquisition was announced by VUSO shareholders in August 2022.
The RA also reports that as of the beginning of 2024, the company had a sufficient level of capitalization (56.92%) and a good level of cash coverage of liabilities (49.63%). The company has formed a portfolio of investments in domestic government bonds in the amount of UAH 204.037 million, which increased the level of the insurer’s liquid assets, which together covered 67.95% of the company’s liabilities. In addition, the balance of funds in the centralized insurance reserve funds (MTIBU) as of the reporting date amounted to UAH 293.449 million, including UAH 219.978 million of additional guarantee premiums for the company’s liquidity.
VUSO 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 party to the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
