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Kniazha Life VIG reduces insurance premiums by 5.6%, payments by 17.2% in 2021

KYIV. May 4 (Interfax-Ukraine) – Kniazha Life Vienna Insurance Group (Kyiv) collected UAH 72.9 million in insurance premiums in 2021, which is 5.6% less than a year earlier.

This was reported on the website of the Standard-Rating agency, which confirmed the financial reliability/credit rating of the company at "uaAA+" in 2021.

According to the agency, in 2021, the volume of payments amounted to UAH 16.770 million, which is 17.19% lower than the volume of payments for 2020. Thus, the insurer’s payout level decreased from 26.22% to 22.99%, or by 3.23 p.p.

The acquisition costs of the insurer for the four quarters of 2021 compared to the same period in 2020 increased by 4.26%, to UAH 11.287 million.

The company’s net profit received for the year amounted to UAH 13.178 million, which is 2.77% lower than the profit for 2020.

As of December 31, 2021, the company’s assets increased by 4.18%, to UAH 607.224 million, equity showed an increase of 10.57%, to UAH 105.351 million, liabilities increased by 2.93%, to UAH 501.873 million, cash and equivalents increased by 76.45%, to UAH 54.859 million.

It is noted that as of January 1, 2022 the insurer formed a portfolio of investments in bank deposits in the amount of UAH 104.386 million, as well as investments in government bonds in the amount of UAH 406.600 million.

According to the information provided to the agency by the insurer, as of January 1, 2022, the company complied with the criteria of liquidity, profitability and asset quality of the insurer, the solvency and capital adequacy ratio, the risk ratio of operations and the asset quality standard.