Business news from Ukraine

60 INSURANCE COMPANIES WITH FOREIGN CAPITAL ARE REGISTERED IN UKRAINIAN INSURANCE MARKET

The volume of insurance premiums received by insurers with foreign capital in January-March 2018 amounted to UAH 6.783 billion, which is UAH 1.761 billion, or 35%, more than for the same period in 2017, Member of the National Commission for State Regulation of Financial Services Markets Oleksandr Zaletov has told Interfax-Ukraine. According to him, as of March 31, 2018 some 60 insurance companies with foreign capital were registered in the insurance market of Ukraine, which is 20.5% of all registered insurers (292). Of these, 49 insurance companies carry out risk types of insurance and 11 insurance companies provide life insurance services. At the same time, the share of foreign capital in the charter capital of 26 insurance companies is 100% (21 non-life and 5 life insurers).
Foreign capital in the charter capital of insurers as of March 31, 2018 amounted to UAH 12.364 billion, while a year earlier the figure stood at UAH 3.553 billion, or 28.7% of the total paid-up charter capital of insurance companies.
Insurance companies that carry out risk types of insurance made up UAH 3.1 billion of foreign capital, while life insurers had UAH 452.6 million. The largest share in total foreign capital is made up by the capital of Cyprus (45.5%), Austria (15.9%), France (4.9%), Britain (3.4%), the United States (2.9%), the Netherlands (2.2%), and Bulgaria (2%).

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NON-BANKING FINANCIAL INSTITUTIONS INCREASE PROFIT TAX PAYMENT BY 72% IN UKRAINE

Non-banking financial institutions of Ukraine in January-June 2018 paid profit tax in the amount of UAH 353.9 million to the national and local budgets, which is UAH 148.4 million or 72.2% more than a year ago, a member of the national commission for financial service markets regulation of Ukraine Oleksandr Zaletov has told Interfax-Ukraine.
“The aggregate amount of the paid profit tax by non-banking financial institutions, according to the Treasury, exceeded the similar indicator of banks by 8.7%, or UAH 28.2 million,” he said.
He also said that the upward pace of fiscal revenues is associated with the growth of services provided by non-banking financial institutions.
In the first quarter of 2018, the following financial services were most popular: third-party liability insurance (94.7% increase), financial leasing (76.2%), pension contributions to private pension funds from individuals (34%), life insurance (30.6%), tourist insurance (26.8%), contributions to the construction financing funds (23.3%), medical insurance (21.7%), car insurance (20.9%), deposits in credit unions (14.7%) and loans granted by credit unions (7.3%).
In Zaletov’s opinion, if several years ago the driver of growth in non-banking financial markets was financial risk insurance and factoring, now growth is primarily related to the activation of financial services oriented to the social needs of the population. The further development of this segment will depend on the adoption of bill No. 8415 dated May 25, 2018 amending some laws of Ukraine regarding state regulation of financial services markets aimed at creating a systemic basis for the recovery and development of non-banking financial services markets in modern conditions.

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LARGEST RENAULT’S DEALER CENTER OPENS IN KYIV

Active Motors, Renault’s official dealer in Kyiv, has opened a modernized conceptual dealer center, Renault Store, in Holosiyevsky district of the capital, which became the largest one in Ukraine in terms of area, the press service of Renault Ukraine reports.
The Active Motors dealer center is the first Renault Store in Kyiv and the third one in Ukraine (after Poltava and Lviv), executed in the concept of a new design.
The concept of Renault Store assumes a clear designation of the areas of sales, service, accessories, exposure of the range of cars, financial services.
The modernization of the center lasted six months, its area is 3,675 square meters. The showroom with an area of 850 square meters allows placing 15 cars. The service station has an area of 2,000 square meters. The service capacity is 64 cars per day, car wash is 60 cars.
The press service also notes that two online reception stations allow avoiding misunderstandings arising from service at conventional stations.
PJSC Renault Ukraine, a 100% subsidiary of France’s Renault, was registered in 2005. Its network has 30 dealers.

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