Business news from Ukraine

TAS INSURER RAISES PAYMENTS

TAS Insurance Group (Kyiv) in January-November 2020 paid UAH 792.37 million of insurance claims under concluded insurance contracts, which is 21.27% more than in the same period a year earlier (UAH 653.38 million).
According to the insurer’s website, in particular, the company reimbursed UAH 291.66 million under OSAGO policies, which is 36.81% of the total payments for the reporting period and is 11.9% more than the corresponding figure for the 11 months of last year.
The second place in the portfolio of the company’s payments with a share of 30.79% is taken by KASKO: under land transport insurance contracts, TAS paid UAH 244.01 million, which is 42.5% more than was paid in January-November 2019.
Under Green Card policies, TAS Insurance Group reimbursed UAH 123.78 million over the 11 months, which is 15.62% of the total amount of the insurer’s payments and is 28.1% more than this figure for January-November last year.
The volume of payments under voluntary medical insurance contracts increased even more (by 52%) over the year: UAH 107.7 million of compensations were paid under them. Thus, the share of voluntary medical insurance in the insurer’s payment portfolio amounted to 13.59%. In January-November, the company paid out UAH 5.49 million under property insurance contracts. During the reporting period, UAH 19.73 million of compensation were paid under other insurance contracts.

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ALFA-GARANT INSURER PLANS TO REDUCE CHARTER CAPITAL

The shareholders of Alfa-Garant Insurance Company (Kyiv) on November 20, 2020 decided to reduce the charter capital, which currently amounts to UAH 65 million, according to the insurer’s website.
As noted, the decrease will take place through a proportional reduction in the nominal value of the deposits of all members of Alfa-Garant without changing the size of the shares of each participant in percent and without refunds of money contributed to the charter capital.
The company informs that the decision to reduce the charter capital was made in accordance with the requirements of Ukrainian legislation, including the laws on limited and additional liability companies, on insurance, on financial services and state regulation of financial services markets and does not affect the company’s financial stability.
According to the reporting on the results of work of Alfa-Garant for the nine months of 2020, the excess of the actual solvency margin (UAH 79.075 million) over the standard (UAH 46.406 million) is UAH 32.669 million.
Alfa-Garant has been operating in the insurance market since 2003 in the segment of risk insurance of individuals and legal entities.

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KRAYINA INSURER INCREASES GROSS PREMIUMS BY 24.6%

Gross insurance premiums of PJSC Insurance Company Krayina (Kyiv) in January-September 2020 amounted to UAH 392.6 million, which is 24.6% more compared to the same period in 2019, the Expert-Rating agency said, reporting on the renewal of the company’s rating at the level “uaAA + ” on the national scale for the specified period.
According to the report, the share of the company’s insurance premiums held by reinsurers decreased by 19.30%, and their share in the company’s gross premiums fell to 2.29%.
In the three quarters of 2020, the company made 20.48% more insurance payments and compensations than in the three quarters of 2019 – UAH 182.8 million. The level of payments during the specified period decreased 1.59 percentage points, and at the end of the first nine months of 2020 amounted to 46.56%.
As of September 30, the equity capital of Krayina grew by 33.85%, to UAH 155.050 million, and gross liabilities – by 3.79%, to UAH 137.33 million. Due to a significant excess of the growth rate of equity capital in comparison with the growth of the company’s liabilities, the level of coverage by equity capital of the insurer’s liabilities increased 25.36 percentage points, to 112.91%.
The volume of cash and cash equivalents in the accounts of Krayina as of September 30, 2020 amounted to UAH 88.050 million, which is 37.75% more than as of the same date in 2019. Significant cash growth rates amid insignificant growth of the insurer’s gross liabilities led to an increase in the rate of coverage of the company’s liabilities by 15.80 percentage points, to 64.11%.
In the reporting period, profit from operating activities increased 1.86 times, to UAH 39.910 million, and the company’s net profit increased 3.32 times and amounted to UAH 25.860 million.
The agency said that, according to the reports provided, during the analyzed period, the insurer adhered to the criteria and standards of solvency and capital adequacy, liquidity, profitability, asset quality and the riskiness of the insurer’s operations established by law.

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METLIFE INSURER REPLACES BOARD CHAIRPERSON

Chairperson of the Board of PJSC MetLife insurer (Kyiv) Monika Barbara Spadlo-Kolano on October 8 was dismissed from the position of her own free will, according to the official information of the insurance company in the information base of the National Securities and Stock Market Commission of Ukraine.
It is also reported that Inna Belianska has been appointed acting chairperson of the board. She holds the position of director of the department of individual sales, head of the department of sales, member of the board of MetLife.
PrJSC MetLife was registered in 2002. It is a member of the international group of companies MetLife, Inc.
The shareholder who owns 99.9988% of the voting shares of PrJSC MetLife is the Swiss company MetLife Global Holding Company II LLC, which is part of the global holding corporation MetLife (the Unite States). American Life Insurance Company (the United States) remains an indirect shareholder of PrJSC MetLife.
The charter capital of the company is UAH 102.925 million.

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BROKBUSINESS LIFE INSURER COULD BE RENAMED

The shareholders of PJSC Brokbusiness Life Insurance Company (Kyiv) at a meeting on October 27 will consider the issue of amendments to the charter of the company, including the change of name to JSC Brokbusiness-Life, according to the official information of the insurer.
In addition, during the meeting, it is planned to make changes to the types of activities of the company by excluding life insurance (65.11), while including the following activities: 66.22 – activities of insurance agents and brokers (main), 63.99 – other information services, 66.29 – other auxiliary activities in insurance, 70.22 – business and management consulting, 73.20 – market research and public opinion research, 82.30 – organization of congresses and trade shows.
As reported, the National Financial Services Market Regulation Commission, by an order dated April 28, 2020, excluded information about PJSC Brokbusiness Life Insurance Company (Kyiv) from the public register of financial institutions and canceled the registration certificate at the request of the company.
The company had been operating in the insurance market since November 2007.

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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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