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ARX Life reduces premiums by 13.9%, payments by 16.9% in nine months
KYIV. Nov 17 (Interfax-Ukraine) – Insurance Company ARX Life (Kyiv) in January-September 2022 collected insurance premiums in the amount of UAH 197.7 million, which is 16.82% less than a year earlier, according to a report on the website of Standard-Rating on updating the company’s credit/financial reliability rating at the level of "uaAAA" on the national scale.
The agency notes that the reduction in the company’s gross business is caused by Russian aggression, the introduction of martial law, a drop in the level of business activity in the country and is a general trend in the insurance market of Ukraine.
The volume of payments and reimbursements made by the insurer for the nine months of 2022 increased by 1.36% compared to the same period in 2021, to UAH 37.735 million. Thus, the level of payments of the insurer increased by 3.43 percentage points, to 19.09%.
The acquisition costs of the insurer for the first three quarters of 2022 compared to the same period in 2021 decreased by 17.85%, to UAH 111.458 million.
Based on the results of work over the nine months of 2022, the company received a net profit in the amount of UAH 17.196 million, which is 17.74% lower than the profit received in January-September 2021.
As of October 1, 2022, the company’s assets increased by 12.3%, to UAH 222.351 million, equity increased by 17.53%, to UAH 115.294 million, liabilities increased by 7.16%, to UAH 107.057 million, cash and equivalents increased by 2.89 times and amounted to UAH 74.154 million.
