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.