Insurance company Krona (Kyiv) in 2020 collected UAH 117.5 million of insurance premiums, which is 58.35% more than in the same period a year earlier, the rating agency Expert-Rating reported in materials about updating the company’s financial strength rating on the national scale at the level “uaAA-“. According to its data, part of insurance premiums belonging to reinsurers increased by 85.80%, and their share in the structure of gross premiums by 5.20 percentage points, to 35.23%.
The volume of insurance payments and compensations made by the company in 2020 amounted to UAH 34.530 million, which is 18.55% higher than the volume of payments in 2019. At the same time, the level of payments for the year was 29.38%.
The equity capital of Krona for 2020 increased by 24.44%, to UAH 54.110 million, gross liabilities – by 45.59%, up to UAH 29 million. The volume of cash and cash equivalents increased by 19.10%, to UAH 16.160 million. At the same time, taking into account the high growth rates of gross liabilities, the cash coverage of the insurer’s liabilities decreased by 12.39 percentage points and as of the end of 2020 amounted to 55.74%.
The formed current financial investments of the insurer amounted to UAH 3.830 million. They consisted of deposits in banks with investment grade of credit ratings (49.06% of the investment portfolio) and with government bonds (50.94% of the portfolio).
Over 2020, the insurer’s operating profit amounted to UAH 3.030 million, which was 26% less than in 2019. Net profit increased to UAH 870,000.
According to the statements, as of December 31, 2020, the company complied with the criteria and standards established by law for solvency and capital adequacy, liquidity, profitability, asset quality and the riskiness of operations.