Business news from Ukraine

INGO LIFE INSURER INCREASES PREMIUM COLLECTION BY 4.4%

INGO Life Insurance Company (Kyiv) in January-June 2020 collected UAH 23.7 million of insurance premiums, which is 4.4% more compared to the same period a year earlier, the insurer said in a press release.
According to the report, the total amount of paid insurance claim fees by the company for this period was UAH 6.2 million, of which for death cases some UAH 286,500, for cases of disability some UAH 394,200, for cases of hospitalization and temporary loss of working capacity some UAH 1.6 million, due to critical illness some UAH 3.648 million.
It is also indicated that in the first half of the year, payments were made under long-term accumulative insurance contracts related to the survival of the insured person until the end of the insurance period for a total amount of UAH 224,400.
The largest payments for the first quarter were UAH 1 million, UAH 734,300 and UAH 605,300 in connection with the diagnosis of a critical illness.
In November 2007, INGO Life received a perpetual license to carry out life insurance activities. Since April 26, 2013, INGO Life has been representing the interests of Generali Employee Benefits (GEB) in Ukraine.

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EUROINS UKRAINE INSURER INCREASES PREMIUM COLLECTION BY 32%

PrJSC Euroins Ukraine Insurance Company for the seven months of 2020 attracted UAH 197.9 million of insurance premiums, which is 32% more than in the same period of 2019, according to a press release from the insurer.
The most popular types of insurance are KASKO with UAH 37.1 million, OSAGO with UAH 91.7 million, voluntary medical insurance with UAH 14.7 million.
In addition, it increased the volume of premiums for insurance against fire risks, accidents, property insurance and insurance of liability to third parties.
The volume of insurance payments by Euroins Ukraine from January to July 2020 amounted to UAH 62.6 million, in particular, UAH 20.5 million were paid under KASKO agreements, UAH 35 million for OSAGO, and UAH 5.4 million for voluntary medical insurance.
As of June 30, 2020, the company’s insurance reserves amounted to UAH 175.003 million, assets UAH 380.359 million.
According to data from chairman of the board Yanko Nikolov, which are given in a press release, in 2020 the company, following legal requirements, plans to increase insurance premiums to UAH 320 million.

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UKRAINIAN COURT OF APPEAL OVERTURNS JUDGMENT ON SEIZURE POROSHENKO’S COLLECTION OF PAINTINGS

Kyiv Court of Appeal overturned the judgment of Pechersky District Court of Kyiv on seizure of 42 paintings of fifth President of Ukraine, Leader of the European Solidarity Party Petro Poroshenko, under the investigation into the alleged illegal movement of art treasures across the state border.
The Register of Judgments states that the decision to cancel the seizure was issued on July 27, 2020.
“The appeal of lawyer Holovan must be redressed. The decision of the investigating judge of Pechersky District Court of Kyiv dated May 27, 2020, who seized property of 42 paintings and one lithograph, which are material evidence in criminal proceedings has to be cancelled and new decision, which to refuse in sustaining the prosecutor’s motion for the seizure of property has to be made,” Kyiv Court of Appeal said in its decision.
As reported, on May 26 The Ukrainian State Bureau of Investigations (SBI) has summoned fifth president of Ukraine and MP Petro Poroshenko for questioning as a witness in two criminal cases (illegal transfer of the collection of paintings across the state border and illegal use of the technical means of obtaining the information).

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UKRAINIAN LIFE INSURERS RAISE PREMIUM COLLECTION BY 22.8% IN Q1, 2020

Life insurance companies of Ukraine in January-March 2020 collected UAH 1.253 billion of gross insurance premiums, which is 22.8% more than in the same period in 2019.
According to the report on the website of the National Commission for the State Regulation of Financial Services Markets, 95% of total insurance premiums came from individuals, 5% from legal entities.
For the first quarter of 2020, the number of insured individuals increased by 11.8% or by 543,326 people, to 5.132 million people.
During this period, life companies paid customers UAH 146 million, which is 0.1% less than for the same period in 2019
The value of changes in life insurance reserves amounted to UAH 851 million, which is 3.7 times more than a year earlier. In particular, investment income, which is used when calculating insurance tariffs, amounted to UAH 75.1 million (16.6% more), and indexation of the amount of insurance sums some UAH 20.5 million (26.3% less).
In the first quarter of 2020, six life insurance companies received a negative value of growth in life insurance reserves totaling UAH 7.9 million, which is associated with the early termination of insurance contracts (in the first quarter of 2019, while seven life insurers declared a negative value for the total amount of UAH 25.4 million).

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UKRAINIAN LIFE INSURERS RAISE PREMIUM COLLECTION BY 18.4%

Ukraine’s life insurance companies in 2019 collected UAH 4.624 billion of gross insurance premiums, which is 18.4% more than a year earlier.
According to the report on the website of the National Commission for the State Regulation of Financial Services Markets, 97.1% of the total insurance premiums came from individuals, 2.9% from legal entities.
As of December 31, 2019, the number of insured individuals increased by 14.7%, to 5.133 million.
During this period, life companies paid customers UAH 575.9 million, which is 18.3% less than in 2018.
The value of changes in life insurance reserves amounted to UAH 1.017 billion, which is UAH 1.4 million less than a year earlier. The regulator also notes that the bulk of the change in life insurance reserves is formed under other accumulative insurance contracts, namely, UAH 898.9 million.
In 2019, seven life insurance companies received a negative value of increase in life insurance reserves for a total of UAH 76.10 million, which is associated with the early termination of insurance contracts.
The increase in life insurance reserves amounted to UAH 1.093 billion. The largest increase in insurance reserves (more than UAH 100 million) was declared by four life insurance companies in the amount of UAH 574.3 million, UAH 169.6 million, UAH 146.4 million and UAH 122.3 million, respectively.
According to the commission, the number of life insurance companies in Ukraine at the end of 2019 decreased to 23.

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UNIQA INCREASES PREMIUM COLLECTION IN UKRAINE BY 27%

Non-banking financial group UNIQA Ukraine, which includes the insurance companies UNIQA (non-life) and UNIQA Life (life), in January-September 2018 collected insurance premiums worth UAH 2.010 billion, which is 27.1% more than in the same period a year earlier, according to a press release from the insurer.
It is also noted that the volume of UNIQA premiums for the first nine months of this year amounted to UAH 1.550 billion, which exceeds the figure of the nine months of 2017 by 23.4%.
The largest amount of premiums was recorded in KASKO insurance (UAH 536.1 million, 26.6% more compared to the same period of the previous year) and in voluntary medical insurance (UAH 282.1 million, 70.8% more).
UNIQA insurance claim fee payments in the nine months of 2018 amounted to UAH 601.8 million, which exceeds the same period in 2017 by 36.2%.
The pretax financial result was UAH 79.9 million, the net financial result was UAH 69.2 million.
The company’s insurance reserves amounted to UAH 1.930 billion, which exceeds the same period in 2017 by 161.1%. Assets taken to cover insurance reserves are 18.4% higher than the amount of insurance reserves and amount to more than UAH 2.3 billion. The actual solvency margin is UAH 462.4 million and exceeds the norm by 55.9%.

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