Business news from Ukraine


The National Commission for Regulation of the Financial Services Market under the decision No.1602 has cancelled seven licenses for voluntary insurance that have been issued to Farlong LLC insurance company (Kyiv). As the regulator reported on its website, the decision comes into force in 30 days, on September 27, 2019.
The licenses were cancelled for company’s failure to fulfill order of the financial market watchdog as of July 23, 2019 on removal of violated license conditions.
Farlong was put into the State Register of Financial Organizations of Ukraine in March 2016.
According to the State Register of Legal Entities and Individual Entrepreneurs, Adamant Trading LLC is the main shareholder of insurer with 99.99% of its charter capital.
The charter capital of the company is UAH 35 million.

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Krayina Insurance Company (Kyiv) in January-June 2019 received UAH 205.1 million of gross insurance premiums, which is 39.46% more compared to the same period in 2018, the Expert-Rating agency has said updating the rating of the company at the level of “uaAA+” according to the national scale for the specified period.
Part of insurance premiums owned by reinsurers grew by 2.4 times and amounted to 3.71%.
Insurance payments for the first six months of 2019 increased by 19.74%. The ratio between payments and gross premiums amounted to 48.26%, which is quite a high level of payments for companies specializing in conventional types of insurance, the agency notes.
The company’s assets as of June 30, 2019 remained practically unchanged and amounted to UAH 234.930 million, gross liabilities increased by 5.5%, to UAH 127.370 million, net worth decreased by 5.56%, to UAH 107.560 million. As a result, the company’s capitalization decreased by 9.89 percentage points, to 84.44%.
Krayina insurer has been operating in the insurance market of Ukraine since 1994. It has licenses for 23 types of insurance.

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A subsidiary enterprise Ecomix has said it is going to acquire 9.289 million of the ordinary nominal shares of PrJSC Mega-Polis insurance company (both Kyiv-based) that totals 74.3161% of a charter capital of the insurer.
According to the Ukrainian National Securities and Stock Market Commission’s information disclosure system, a total principal value of the package is UAH 9.289 million.
Ecomix was registered in May 2000 with a charter capital worth UAH 5,394, According to the Unified State Register of Legal Entities and Individuals, the company deals with wholesales of wooden and building materials. PrJSC Panacea Trade Limited and three Cypriots are the shareholders of the company.
Mega-Polis was founded in 2000. It specializes in risk insurance.
PJSC Diamantbank (Kyiv) has become the owner of 74.3161% of the shares of Mega-Polis insurance company (Kyiv), the National Depository of Ukraine said this on January 30, 2019.
At the same time, the report states that the insurance company does not own information, as a result of what actions (acquisition or alienation) and how (directly or indirectly) the change of ownership of securities occurred. It is emphasized that the previously the specified bank did not own shares of the insurance company.
According to the National Commission on Securities and the Stock Market, as of the fourth quarter of 2018, the owner of 74.3161% of Mega-Polis was Energotechprom LLC, and another 24.96% was owned by Serhiy Perelom.

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Kyiv-based insurance company Unives in January-March 2019 attracted UAH 10.298 million of premiums, which is 33.8% less than during the same period in 2018, according to the Expert-Rating agency, which affirmed the company’s financial strength rating at uaA+ on the national scale.
According to the agency, part of insurance premiums owned by reinsurers rose by 1.7 percentage points and accounted for 4.17% in the structure of insurance premiums.
Insurance claim fee payments halved as compared with Q1, 2018 to 82.2% of premiums.
The assets of the insurer from March 31, 2018 to March 31, 2019 decreased by 15.73%, to UAH 114.3 million. Gross liabilities of the company for the same period dropped by 25.48%, to UAH 41.46 million, and its net worth by 8.95%, to UAH 72.88 million. As a result, the overage of the company’s liabilities by net worth increased by 31.91 percentage points and on March 31, 2019 stood at 175.77%, which indicates that the insurer maintains a very high level of capital stock.

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SP Investments LLC (the United States) on April 22 acquired 77 million shares, or 100% of the charter capital, of PrJSC Etalon Insurance Company (Kyiv), according to the insurer’s official information. Prior to the acquisition of shares, SP Investments LLC or its affiliates did not hold shares in Etalon. According to the report, the highest price of shares, which were purchased within 12 days, was UAH 0.205 per share.
Etalon insurance company was established in 1993. It has 24 licenses for nine compulsory and 15 voluntary types of insurance. The company offers more than 50 insurance products for individuals and legal entities. It has an extensive regional network of representative offices in Ukraine.

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PrJSC ASKA-Life insurance company (Kyiv) in 2018 saw a net profit of UAH 11.6 million, which is 27.7% more than in 2017.
According to official information for the agenda of a meeting of shareholders scheduled for April 23, the insurer’s retained earnings amounted to UAH 52.204 million, which is 28.6% more than a year earlier.
The company’s assets last year increased slightly, to UAH 188.7 million.
Net worth grew by 10.3%, to UAH 77.1 million. At the same time, charter capital remained at the level of UAH 19.385 million.
Cash and cash equivalents increased by 3.2%, to UAH 57.8 million.
Debtor indebtedness decreased by 15.6%, to UAH 28.154 million.
Long-term liabilities decreased by 20.4%, to UAH 88.822 million, current liabilities increased by 3.6 times, to UAH 23.262 million.
ASKA-Life insurer, registered in 2003, specializes in life insurance.

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