Business news from Ukraine

Business news from Ukraine

Ukrnafta is seeking insurer to provide liability coverage for company’s top management

On May 4, PJSC Ukrnafta announced a tender for liability insurance for members of the supervisory board and executive body, as reported in the Prozorro system. The estimated cost of the services is UAH 6.880 million.
Documents will be accepted until May 15, 2026.
As previously reported, the winner of a similar tender in October of last year was IC “Universalna.”
JSC “Ukrnafta” is Ukraine’s largest oil producer and operates the country’s largest national network of gas stations—UKRNAFTA. In 2024, the company entered into an asset management agreement with Glusco. In 2025, it finalized a deal with Shell Overseas Investments BV to purchase the Shell network in Ukraine. In total, it operates nearly 700 gas stations.
The company is implementing a comprehensive program to resume operations and modernize the format of gas stations in its network. Since February 2023, it has been issuing its own fuel vouchers and “NAFTACard” cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of Ukrnafta is Naftogaz of Ukraine, holding a 50%+1 share stake.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state the share of corporate rights in the company that belonged to private owners, which is now managed by the Ministry of Defense.

 

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Forte Life Insurance Company Approves Dividends of 583 UAH per Share

At a meeting in early April 2026, the shareholders of Forte Life Insurance Company (Kyiv) decided to allocate 14 million UAH for dividend payments.

As the company reported in the NSSMC’s disclosure system, the dividend per ordinary registered share will amount to 583.33 UAH. The dividend payment period is from April 21 to May 31, 2026.

According to NSSMC data, Oksana Kuleshina owns 99.8% of the insurer’s shares.

Forte Life Insurance Company (formerly Insurance Union of Life) was registered in 2005 and specializes in providing life insurance services.

According to the NBU, Forte Life collected insurance premiums totaling UAH 83.179 million in 2025 and paid out UAH 18.9 million in claims.

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Insurer INGO increased its premiums by 48% and payouts by 41%

According to its report, INGO Insurance Company (Kyiv) collected UAH 5.05 billion (approximately $120 million) in gross insurance premiums in 2025, which is 48% higher than in 2024 and the highest figure in the company’s history.

The highest growth among the segments was shown by MTPL, which collected UAH 1.24 billion compared to UAH 445 million a year earlier (2.8 times more). The property insurance portfolio (including MAT and liability) amounted to UAH 1.59 billion (+70%), medical insurance (VMI) reached UAH 867 million (+21%), and CASCO auto insurance also reached UAH 867 million (+17%).

According to the company, its share in the property insurance market increased from 12.9% to 17.6%, and its total market share increased from 5% to 7%.

According to Andriy Semchenko, Chairman of the Board of INGO, the company’s net profit for 2025 amounted to UAH 348 million (+36% compared to 2024), assets grew to UAH 2.18 billion (+44%), and equity capital to UAH 1.5 billion (+21%). Insurance reserves amounted to UAH 3.58 billion (+40%). The combined ratio for the year was 96.1%.

Insurance payments in 2025 amounted to UAH 2.21 billion, which is 41% more than a year earlier.

The company paid UAH 223 million in taxes (+39%) to budgets of all levels. The number of insurance contracts increased by 17% to 879,000.

“The result is fully in line with the company’s strategy and financial plans in each area. This also applies to the volume of premiums collected, profitability, and investment activities,” Semchenko said.

The company separately noted its participation in the EBRD’s war risk insurance program, developed in collaboration with international insurance broker Aon. INGO was one of the first local insurers to participate and received the largest coverage limit among Ukrainian insurers – EUR 50 million. In 2025, the program insured domestic freight transportation, leasing and vehicle fleets, as well as intermediate storage in ports for a total amount of approximately EUR 233 million.

The company also reports that over the past year, the share of contracts with individuals in the total portfolio has increased.

In 2026, the company will focus on maintaining a balanced portfolio structure, further developing the retail segment, and participating in international war risk reinsurance programs. A separate task remains to maintain operational efficiency and fulfill financial plans.

INGO Insurance Company was founded in 1994 and is one of the three largest insurers in the country in terms of assets and premiums. It has a reputation as a financially stable partner and a socially important institution for the Ukrainian economy.

On December 29, 2025, the rating agency IBI-Rating confirmed the company’s long-term credit rating at uaAA and its financial stability rating at uaAA.ifr, both with a “developing” outlook.

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National Bank has revoked license of insurance company “Garant & Ya”

The National Bank of Ukraine has withdrawn the license for insurance activities and excluded from the State Register of Financial Institutions ALC Insurance Company “Garant & Ya” (Lviv) on the basis of the submitted application.

As reported, the NBU on July 18, 2025 granted to ALC “IC ”Garant & Ya” permission to exit the market by fulfilling the insurance portfolio and coordinated to this insurer the plan of exit from the market by fulfilling the insurance portfolio.

According to the company’s statements for the nine months of 2025, its insurance portfolio was formed by 100% of CASCO. The volume of insurance premiums of the company in the specified period amounted to UAH 14,312 million, insurance payments – UAH 23,437 million.

“The insurer adhered to solvency requirements. As of October 1, 2025 he has no obligations under insurance and reinsurance contracts,” – is emphasized in the information.

Insurance company “Garant and I” works in the insurance market since 2010. Since July 2011, the head office of the company was located in Lviv.

Authorized capital is UAH 33 mln.

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Ukrposhta JSC is looking for MTPL insurer

Ukrposhta JSC (Kiev) on August 12 announced a tender for compulsory civil liability insurance for owners of motor vehicles (CMTPL).

According to the electronic public procurement system Prozorro, the expected cost of the service is UAH 3.369mn. Documents are accepted until August 20.

 

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Agroholding 2012 became sole owner of insurance company Nadiina

Agroholding 2012 LLC (Khmelnytskyi region) has increased its stake in Nadina Insurance Company PJSC (Kyiv) from 90.5% to 100%, according to the information disclosure system of the National Securities and Stock Market Commission of Ukraine.

It is noted that Natalia Zhurakhivska, who owned 9.5% of the insurer’s shares, reduced her stake to 0%.

As reported, at the end of April 2025, Agroholding 2012 LLC asked the Antimonopoly Committee of Ukraine to give its preliminary opinion on whether it’s necessary to get permission to take control of Insurance Company Nadiina.

In 2024, Nadia Insurance Company collected gross insurance premiums of UAH 61.162 million, which is 52.05% less than a year ago. At the same time, premiums from individuals amounted to UAH 0.525 million, and there were no premiums from reinsurers.

Insurance payments sent to reinsurers in 2024 decreased by 83.56% compared to the same period in 2023, to UAH 12.1 million, The reinsurers’ share in insurance premiums decreased by 37.91 percentage points to 19.78%.

The insurer’s net premiums for the reporting period decreased by 9.09% to UAH 49.062 million, and net earned premiums decreased by 12.41% to UAH 46.283 million.

The volume of insurance payments made by IC “Nadiina” increased last year by 22.48% to UAH 13.508 million. Thus, the level of payments increased by 13.44 percentage points to 22.09%.

At the end of 2024, the company’s operating profit amounted to UAH 15.842 million, and net profit amounted to UAH 14.122 million.

As of January 1, 2025, the insurer’s assets grew by 7.92% to UAH 81.876 million, while its equity decreased by 2% to UAH 63.298 million.

The company’s liabilities for this period increased by 64.68% to UAH 18.578 million, while cash and cash equivalents increased by 9.9%. Agroholding 2012 LLC was established in September 2015.

Its beneficiaries through the venture fund “Oferent” are Galina and Alexander Gerega.

The company’s activities include the cultivation of cereals, legumes, and oilseeds.

 

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