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ARX Life reduces premiums by 17%, raises payments by 2.6% in 2022
KYIV. March 30 (Interfax-Ukraine) – ARX Life insurance company (Kyiv) in 2022 collected insurance premiums in the amount of UAH 266.3 million, which is 17.02% less than a year earlier, according to the report of Standard-Rating on updating the company’s credit/financial reliability rating of the insurer 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 it is a general trend in the insurance market of Ukraine.
The volume of payments made by the insurer for 2022 increased by 2.57% compared to 2021 – up to UAH 50.294 million. Thus, the level of insurer payments increased by 3.61 percentage points – up to 18.89%.
Acquisition costs of the insurer for 2022 decreased by 19.42%, to UAH 151.264 million.
Over the year, ARX Life received net profit in the amount of UAH 21.594 million, which is 2.24% higher than this figure for the same period in 2021.
As of January 1, 2023, the company’s assets increased by 17.61% – up to UAH 232.882 million, equity – by 22.01%, up to UAH 119.692 million, liabilities – by 13.30%, up to UAH 113.19 million, cash and their equivalents – by 2.58 times, up to UAH 66.205 million.
Thus, as of the beginning of 2023, the company had a high level of capitalization (105.74%) and a high level of coverage of its obligations in cash and cash equivalents (58.49%).
ARX Life, like ARX, is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is one of the top 10 companies in the life insurance market in Ukraine.