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Ukrainian Agro-Insurance Company raises gross premium collection by 77.8% in H1 2021
KYIV. Aug 26 (Interfax-Ukraine) – PrJSC Ukrainian Agro-Insurance Company (Kyiv) in January-June 2021 collected UAH 25.030 million of gross premiums, which is 77.79% more than in the same period a year earlier, the rating agency Standard-Rating said, having affirmed the company’s financial stability rating at "uaAА" on the national scale.
According to a report on the agency’s website, in particular, receipts from individuals increased by 49.8%, to UAH 433,000.
There were no premiums from reinsurers in the period under review.
At the end of the second quarter of 2021, given the proportion of individuals in gross premiums at the level 1.73%, legal entities continued to prevail in the insurer’s client portfolio.
Insurance premiums, sent to the reinsurers for the first half of 2021 compared to the same period of 2020, have grown by 80.44%, to UAH 18.670 million. Considering the faster growth rates of premiums, sent to the reinsurers compared to gross ones, the coefficient of the reinsurers’ participation in insurance premiums has grown by 1.09 p.p., to 74.59%.
Net premiums have grown by 70.42%, to UAH 6.360 million, and earned ones – by 76.06%, to UAH 6.190 million.
Insurance indemnities and reimbursements have more than doubled, to UAH 2.540 million. Therefore, the insurer’s indemnities level has grown by 2.54 p.p., to 10.15%.
Company’s net loss has amounted to UAH 1.884 million and loss from operating activity – UAH 2.005 million. At the same time, the amount of loss doesn’t bear any threat to the company’s financial stability.
The insurer’s assets as of June 30, 2021 increased by 13.92%, to UAH 69.551 million, equity capital decreased by 4.07%, to UAH 44.425 million, liabilities increased by 70.38%, to UAH 25.126 million, and cash and cash equivalents decreased by 27.16%, to UAH 4.019 million.
As the rating agency notes, as of July 1, 2021, the company had deposits in banks with a credit rating of at the level not below "uaAA" in the amount of UAH 5.857 million and formed a government bond investment portfolio in the amount of UAH 41.620 million.
