Business news from Ukraine

BROKBUSINESS INSURER REDUCES GROSS PREMIUM COLLECTION BY 10%

Brokbusiness insurance company (Kyiv) in January-September 2019 collected UAH 159.4 million in gross premiums, which is 9.59% less than in the same period a year earlier, according to Expert-Rating agency that confirmed the company’s financial stability rating at “uaAA-“according to the national scale.
According to the agency, at the same time, part of insurance premiums owned by reinsurers almost doubled, to UAH 16.5 million, which accounted for 10.35% of gross premiums.
For the three quarters of 2019, the company made insurance claim fee payments in the amount of UAH 70.170 million. The insurer’s payment level increased by 6.12 percentage points, to 44.02%.
By September 30, 2019 the assets of Brokbusiness decreased by 0.37%, to UAH 222.7 million, net worth by 4.82%, to UAH 94.840 million, gross liabilities decreased by 3.91%, to UAH 127.850 million. As a result, the coverage of the insurer’s liabilities by net worth for this period increased by 6.18 percentage points, to 74.18%.
Cash and cash equivalents on the company’s accounts amounted to UAH 70.840 million, which is 16.85% less than at the end of the third quarter of the year before.
In the nine months, Brokbusiness posted a net loss of UAH 10.4 million, while in the nine months of 2018 the figure was UAH 16.7 million.

, ,