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Kniazha Life VIG cuts premium collection by 2.9%, increases payments by 59% in H1 2021
KYIV. Aug 31 (Interfax-Ukraine) – Insurance company Kniazha Life Vienna Insurance Group (Kyiv) in January-June 2021 collected UAH 34.996 million in insurance premiums, which is 2.9% less than in the same period a year earlier.
This was reported on the website of the rating agency Standard-Rating which confirmed the financial stability rating of the insurer at "uaAA +" following the first half of the year.
According to the rating agency, according to the results of the first half of 2021, insurance indemnities and reimbursements made by the company amounted to UAH 9.633 million, which is 59.04% more than the volume of payments for the same period in 2020. Thus, the level of the insurer’s payments increased from 16.81% to 27.53%, or by 10.72 percentage points.
It is also noted that in the first half of the year, the insurer’s acquisition costs amounted to UAH 6.663 million, which is 3.85% more than in the first half of 2020.
Over the six months of 2021, Kniazha Life VIG received the net profit in the amount of UAH 10.571 million, which is 2.2 times more than the profit for the same period in 2020.
The insurer’s assets as of June 30 increased by 0.90%, to UAH 588.160 million, equity capital showed an increase of 9.44%, to UAH 104.270 million, liabilities decreased by 0.76%, to UAH 483.890 million, and cash and cash equivalents increased by 4.71 times, to UAH 146.297 million.
The rating agency notes that as of the beginning of the third quarter of 2021, equity capital covered 21.55% of the insurer’s liabilities, and 30.23% of its liabilities were secured by cash and cash equivalents. At the same time, it is noted that as of July 1, the insurer formed a portfolio of investments in bank deposits in the amount of UAH 75.851 million, as well as in government bonds in the amount of UAH 315.564 million.
As a positive factor, the rating agency notes the high level of external support of PrJSC Insurance company Kniazha Life Vienna Insurance Group by its shareholder Vienna Insurance Group Wiener Städtische Versicherung AG (Austria).
