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Kniazha VIG increases gross premium collection by 29.3% in Jan-Sept
KYIV. Oct 29 (Interfax-Ukraine) – Kniazha Vienna Insurance Group (Kyiv) in January-September 2021 collected UAH 783.570 million in insurance premiums, which is 29.29% more than in the same period of 2020, according to the website of the rating agency Standard-Rating, which affirmed the financial stability rating of the company at the level of "uaAA +" over nine months of 2021.
Receipts from individuals of the insurer increased by 36.26%, to UAH 542.274 million, and from reinsurers – by 24.75%, to UAH 0.497 million. Over nine months of 2021, the share of individuals in the company’s gross premiums was 69.21%, and the share of reinsurers was 0.06%. Thus, individuals continue to prevail in the insurer’s client portfolio.
Insurance payments sent to reinsurers for the first three quarters of 2021 increased by 24.29% compared to the same period in 2020, to UAH 208.054 million. As a result of the outstripping growth rates of gross premiums over premiums sent to reinsurers, the ratio of their participation in insurance premiums decreased by 1.07 percentage points, to 26.55%.
Net premiums increased by 31.20%, to UAH 575.516 million, while premiums earned increased by 13.36%, to UAH 516.896 million.
Insurance payments and compensations made by the company over nine months of 2021 increased by 31.14% compared to the same period in 2020, to UAH 295.625 million. Thus, the level of payments increased by 0.53 percentage points, to 37.73%.
The financial result from operating activities for the first three quarters of 2021 amounted to UAH 24.647 million, and net profit – UAH 48.917 million.
The company’s assets as of September 30, 2021 increased by 11.09%, to UAH 1.456 billion, equity capital increased by 16.35%, to UAH 342.802 million, liabilities increased by 9.57%, to UAH 1.113 billion, and cash and cash equivalents increased by 8.89%, to UAH 121.92 million.
The agency notes that as of October 1, 2021, the insurer made financial investments in the amount of UAH 526.135 million, of which 63.65% were investments in government bonds, and 33.02% were deposits in banks with a high level of credit rating. The presence of such investments has a positive effect on provision of the company with liquid assets, which, in aggregate, covered 58.20% of the insurer’s liabilities.
PrJSC Kniazha Viena Insurance Group is a part of Vienna Insurance Group Ukraine (the main shareholder of which is Austria’s Vienna Insurance Group AG Wiener Versicherung Gruppe).
