Business news from Ukraine

AXA INSURANCE INCREASES ASSETS BY 8%

AXA Insurance (Kyiv) in 2018 increased its assets by 8%, to UAH 1.933 billion, according to the materials to the agenda of a general meeting of its shareholders scheduled for April 11.
The retained earnings at the end of the year totaled UAH 108.4 million, which is 15.5% less than a year ago. Net profit of the insurer came to UAH 69.9 million, while in 2017 the company saw UAH 127.6 million in net loss.
Net worth of AXA Insurance in 2018 slightly grew compared with the previous year, to UAH 489.075 million. Cash and cash equivalents grew by 28.5%, to UAH 677.111 million.
Noncurrent liabilities rose by 11%, to UAH 1.357 billion, and current liabilities – by 10.9%, to UAH 86.272 million.
Total receivables remained almost at the level of 2017, being UAH 326.607 million.
The charter capital did not change, being UAH 261.975 million.
AXA Insurance has been operating on the Ukrainian market since 2007. In 2018, the company collected UAH 1.9 billion in insurance premiums, which is 13% more than in 2017.
Fairfax Financial Holdings Limited Group LTD (FFHL Group LTD, Canada) in 2018 acquired 99.98% of the charter capital of AXA Insurance (Kyiv).

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FRENCH AXA RAISES PREMIUM COLLECTION IN UKRAINE BY 14%

AXA Insurance (Kyiv) in January-June collected more than UAH 915.6 million in gross insurance premiums, which is 14% or UAH 115 million more than for the same period in 2017, according to the press release of the insurer.
The total volume of insurance claim fee payments for this period was UAH 455 million, which is 17% more than in 2017 (UAH 390 million).
According to the press release, in the six months of 2018 the volume of premiums on KASKO was UAH 522 million, showing an increase of 10%. At the same time, 66% of premiums or UAH 346 million are due to contracts concluded with individuals.
According to the programs of voluntary medical insurance (the company is included in the top three of the market leaders) for six months of this year, AXA collected UAH 138 million of premiums (a 32% increase), undertaking obligations on more than 346,000 contracts. In the first half of 2018, voluntary health insurance programs for individuals were successfully launched.
AXA Insurance belongs to AXA Group (France). It is represented in the Ukrainian insurance market since 2007. The company employs more than 780 people and 1,220 agents throughout Ukraine.

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