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ARX, ARX Life insurers collect UAH 3.03 bln in gross premiums in 2022
KYIV. March 1 (Interfax-Ukraine) – The volume of gross premiums of insurance companies ARX (risk insurance) and ARX Life (life insurance) for 2022 reached UAH 3.03 billion, according to a press release from the insurers.
At the same time, payments for the two companies came to UAH 1.1 billion, and the net profit to UAH 559 million.
At the end of 2022, the volume of voluntary car insurance (KASKO) premiums collected by ARX exceeded UAH 1.5 billion, while this area occupies about 55% of the company’s portfolio. During the all-out war unleashed by Russia against Ukraine, the level of satisfaction with the settlement of losses in KASKO was 4.8 out of 5.0, and it was even higher than a year earlier.
The size of premiums for compulsory civil liability insurance contracts for vehicle owners (OSAGO) exceeded UAH 229.5 million, medical insurance UAH 429 million, and property insurance almost UAH 315 million.
According to the press release, the company paid more than UAH 5 million in insurance claims daily.
“If before the war, up to 0.5% of all insured events under KASKO occurred abroad, then in March 2022, it was almost a fifth,” the insurers said.
According to the report, last year, the company retained all existing services and offered several new ones. In June 2022, it launched the Green Card. Premiums for this product exceeded UAH 50 million. In addition, the company introduced, in addition to the policy, the Autoconcierge service – information and technical assistance to clients abroad 24/7 in their native language.
Also, the company launched a new life insurance product on the market – Armor Protection, according to which one can not only insure against domestic accidents (injuries, burns, frostbite) but also against accidents due to military operations (hits by shells, mines, balls, the collapse of buildings, etc.).
During the reporting period, the companies channeled over UAH 368 million in taxes and fees to the state budget.
Fairfax Financial Holding, the shareholder of the companies, reported a net profit for fiscal 2022 of $1.147 billion, compared to $3.401 billion in 2021. Gross insurance premiums for the fiscal year rose to $27.9 billion from $23.9 billion in 2021.
For the fiscal year, net property and casualty (P&C) and reinsurance premiums rose 23.1% to a record $21.9 billion from $17.8 billion, while gross premiums rose 15.8%.
At the same time, in 2022, ARX transferred UAH 30 million to help the Armed Forces of Ukraine. In addition, the company donated multi-million dollar aid to the military and the most vulnerable from shareholder Fairfax International. The company is cooperating with the Come Back Alive competent army support fund.