In January-June 2023, VUSO Insurance Company (Kyiv) collected UAH 1.188 billion in gross premiums, which is 79.8% more than in the same period of 2022, the rating agency 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 65.08% to UAH 825.974 million, and from reinsurers – by 47.44% to UAH 12.863 million. Thus, the share of individuals in the insurer’s gross premiums in the first six months of 2023 amounted to 69.50%, and the share of reinsurers amounted to 1.08%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 7.10% to UAH 93.399 million compared to the same period in 2022. Due to the higher growth rate of gross written premiums compared to insurance payments sent to reinsurers, the reinsurer participation ratio in insurance premiums decreased by 5.34 p.p. to 7.86%.
The company’s net written premiums increased by 90.89% to UAH 1.095 billion, and earned premiums – by 82.25% to UAH 1.031 billion.
VUSO paid UAH 438.689 million to its clients in the first half of 2023, which is 99.34% higher than the volume of insurance payments and reimbursements for the same period in 2022. Thus, the level of payments increased by 3.61 percentage points to 36.91%.
In the first six months of 2023, despite a negative result from operating activities of UAH 9.6 million, the company received a net profit of UAH 1.580 million.
As of the reporting date, the company’s assets increased by 52.38% to UAH 1.544 billion, equity showed an increase of 51.42% to UAH 575.652 million, liabilities increased by 52.95% to UAH 978.531 million, cash and cash equivalents increased by 4.60% to UAH 458.628 million.
The RA also notes that as of the beginning of the second half of 2023, the company has formed a portfolio of investments in domestic government bonds in the amount of UAH 163.740 million, which increased the level of provision of the insurer with liquid assets, which together covered 63.60% of the company’s liabilities.
In addition, the balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 257.517 million, including UAH 192.244 million of additional guarantee premiums, which 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 of the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
