INGO Insurance Company (Kyiv) in January-June 2021 collected more than UAH 966 million in insurance premiums, which is 26% more than in the same period in 2020.
According to the company, in the first half of this year, more than UAH 416.5 million were paid to customers, more than 92,000 insurance events were settled.
The formed insurance reserves of INGO as of June 30, 2021 amounted to more than UAH 1.226 billion, which is 13% more than on the same date a year earlier, the cost of highly liquid assets – UAH 1.929 billion.
The actual solvency margin is UAH 687.1 million, which exceeds the norm by UAH 390.3 million.
The company’s net worth is UAH 32.950 million (more by 5%), the charter capital is UAH 305.543 million.
INGO Insurance Company has more than 25 years of experience in the market. Since 2017, its main shareholder has been DCH business group of Oleksandr Yaroslavsky.
The company has 28 licenses for various types of compulsory and voluntary insurance, and provides insurance services to corporate and retail clients.
INGO is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce, the European Business Association and the International Chamber of Commerce.
CC Continental City Capital LTD (Cyprus) has announced the acquisition of 40% and 19.08% of the shares of Point insurer (Kyiv), according to information base of the National Securities and Stock Market Commission of Ukraine.
It is also noted that the contract for the purchase and sale of securities with Joint Century Ltd. (Belize) according to which CC Continental City Capital LTD becomes the owner of 392 voting shares or 40% of the charter capital of the insurer was concluded on June 14. On the same day, a sale and purchase agreement was signed with citizen of Georgia Armazi Tavadze on the acquisition of 187 voting shares or 19.08% of Point.
As reported, on April 30, 2021, the National Bank of Ukraine allowed Rati Tchelidze to acquire a significant stake in Point insurer by indirectly owning 56.02% of the shares.
As reported, the supervisory board of the insurance company on April 9, 2021 terminated the powers of chairman of the board Levan Bezhashvili and appointed Daria Havrylytsia to this position.
PJSC Point insurer is the legal successor of CJSC Soborny Capital insurer. It has been working in the insurance market since 2003. The company specializes in risk insurance.
PrJSC Insurance company Alfa Insurance (Kyiv) in January-March of this year collected UAH 355.6 million of gross premiums, which is 22.99% more than in the first quarter a year earlier, the Standard-Rating agency said in the information on the confirmation of the company’s financial strength rating at the level of “uaAA+” on the national scale based on the results of work for the first quarter of 2021.
According to the press release, receipts from individuals for the reporting period increased by 32.58%, to UAH 223.622 million, and from reinsurers – by UAH 591,000, to UAH 666,000. Thus, individuals continue to dominate in the insurer’s client portfolio, as evidenced by their share in gross premiums of 62.88%.
Insurance premiums sent to reinsurers in the first quarter of 2021 more than doubled compared to the same period in 2020, to UAH 2.634 million. As a result, the coefficient of participation of reinsurers in insurance premiums increased by 0.30 percentage points, to 0.74%.
Net premiums collected by the company in January-March increased by 22.62%, to UAH 352.985 million, and earned – by 15.95%, to UAH 308.261 million.
In the first quarter, the company made payments and reimbursements to its policyholders in the amount of UAH 96.590 million (more by 20.78%). Taking into account the outstripping growth rates of gross premiums over insurance payments and compensation, the level of payments decreased by 0.50 p.p., to 27.16%.
The financial result from the operating activities of Alfa Insurance amounted to UAH 2.4 million, and the company’s net profit – UAH 2.309 million.
The insurer’s assets increased by 3.53%, to UAH 785.212 million, equity capital increased by 0.76%, to UAH 307.928 million, liabilities increased by 5.41%, to UAH 477.284 million, cash and cash equivalents decreased by 14.46%, to UAH 367.217 million.
At the same time, the rating agency notes that as of April 1, 2021, the insurer formed a portfolio of government bonds in the amount of UAH 177.559 million, which had a positive effect on its provision with liquid assets, which covered 114.14% of liabilities.
PrJSC Insurance Company Persha (Kyiv) in 2020 collected UAH 451.6 million of gross premiums, which is 12.11% less than a year earlier.
According to Expert-Rating, confirming the financial stability rating of the company at the level of “uaAA” on the national scale, when updating the rating, the agency took into account the analysis of the insurer’s activities for 2020.
At the same time, it is noted that part of insurance premiums belonging to reinsurers decreased by 9.27%, UAH 112.410 million, and their share in the structure of the company’s gross premiums increased by 0.78 percentage points, to 24.89%.
Last year, Persha carried out UAH 215.430 million of insurance payments and compensations, which is 1.98% less than in 2019. At the same time, the level of payments increased by 4.93 percentage points, to 47.7%.
The company’s net worth in 2020 increased by 9.16%, to UAH 136.580 million, and its gross liabilities increased by 7.29%, to UAH 623.970 million.
Cash and cash equivalents on the accounts of Persha as of December 31, 2020 increased by 7.58%, to UAH 318.950 million.
Based on the results of activities in 2020, the company received a net profit of UAH 7.32 million, which is 48.73% less than in 2019. At the same time, the company received loss from operating activities in the amount of UAH 7.17 million.
The uncovered loss of Providna Insurance Company (Kyiv) in 2020 decreased by 16%, to UAH 486.637 million, follows from the agenda of the shareholders’ meeting on April 16, promulgated in the information disclosure system of the National Securities and Stock Market Commission.
According to the statement, the company’s net profit in 2020 amounted to UAH 93.731 million against a net loss of UAH 21.889 million in 2019. The company’s shareholders plan to keep the net profit unallocated.
The company also said that as of December 31, 2020, its assets increased by 24.6%, to UAH 715.310 million, cash and their equivalent decreased 60%, to UAH 59.053 million, equity capital increased by 48.3%, to UAH 292.178 million, accounts receivable increased by 35.1%, to UAH 215.044 million.
The company’s long-term liabilities over the year increased by 6.8%, to UAH 375.913 million, current by 86.9%, to UAH 47.219 million.