PrJSC Insurance company Alfa Insurance (Kyiv) in January-September of this year collected UAH 1.073 billion of gross premiums, which is 35.99% more than in the same period in 2020, Standard-Rating reported in the information on the confirmation of the company’s financial strength rating at the “uaAA+” level on the national scale based on the results of work for the nine months of 2021.
According to the press release, receipts from individuals for the reporting period increased by 47.40%, to UAH 727.6 million, and from reinsurers, on the contrary, decreased by 33.81%, to UAH 6.441 million. Thus, individuals continue to prevail in the insurer’s client portfolio, as evidenced by their share in gross premiums of 67.81%.
Insurance premiums sent to reinsurers for the nine months of 2021 compared to the same period in 2020 increased by 26.69%, to UAH 15.163 million. As a result of high growth rates of gross premiums over the growth rates of premiums sent to reinsurers, the coefficient of participation of reinsurers in insurance premiums decreased by 0.07 percentage points, to 1.41%.
According to the results of the first three quarters of 2021, the company’s net premiums increased by 36.09%, to UAH 1.058 billion, and earned premiums – by 38.03%, to UAH 1 billion.
For the nine months of 2021, Alfa Insurance paid out UAH 292.601 million of insurance indemnities to its customers, which is 37.26% more than the volume of payments for the same period in 2020. As a result, the level of payments increased by 0.25 percentage points, to 27.27%.
According to the results of operations for the first three quarters of 2021, the financial result from operating activities amounted to UAH 36.749 million, and net profit amounted to UAH 30.933 million.
The company’s assets as of September 30, 2021 increased by 12.86%, to UAH 855.994 million, equity capital increased by 10.12%, to UAH 336.552 million, liabilities increased by 14.72%, to UAH 519.442 million, cash and cash equivalents decreased by 6.29%, to UAH 402.293 million.