The insurance company “Prince Life Vienna Insurance Group” (Kyiv) collected UAH 14.275 million in insurance payments in January-March 2022, which is 21.84% less than in the same period a year earlier.
This was reported on the website of the Standard-Rating rating agency, which confirmed the financial strength/credit rating of the UK at uaAA+ in the first quarter of 2022.
According to the report, the volume of payments and compensations made by the insurer for the specified period amounted to UAH 3.627 million, which is 41.21% lower than the volume of payments for the first quarter of 2021. Thus, the level of payments decreased by 8.37 percentage points. – up to 25.41%.
Acquisition costs of the insurer decreased by 16.76% – to UAH 2.681 million.
At the same time, the insurer received a net profit of UAH 3.556 million, which is 3.10% higher than the profit for the first three months of 2021.
As of March 31, 2022, the company’s assets increased by 4.49% – to UAH 634.504 million, equity showed an increase of 1.79% – to UAH 107.241 million, liabilities increased by 5.06% – to UAH 527.263 million, cash and their equivalents – by 98.74%, up to UAH 109.027 million.
At the beginning of the second quarter of 2022, equity covered 20.34% of the insurer’s liabilities, of which 20.68% were secured by cash and cash equivalents.
At the same time, it is noted that as of April 1, 2022, the insurer formed a portfolio of investments in bank deposits in the amount of UAH 39.900 million, as well as investments in government bonds in the amount of UAH 445.808 million. Thus, at the beginning of the second quarter, liquid assets (cash and cash equivalents, bank deposits and government bonds) covered 112.80% of the insurer’s liabilities, which indicates a very high level of the company’s provision with liquid assets.
The RA notes that the company’s high level of external support is provided by its shareholder, the international insurance group headquartered in Austria, Vienna Insurance Group Wiener Städtische Versicherung AG., which is represented by 50 companies in 30 countries and is the leader in the insurance market in Central and Eastern Europe.
According to preliminary data from VIG for the first quarter of 2022, premiums increased by 11.2% compared to the same period in 2021 to 3.45 billion euros, profit before tax decreased by 3.3% to 124 million euros, and combined ratio improved by 0.6 p.p. – up to 94.6%.
