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Krayina insurer reduces gross premiums by 23.1%, payments by 31.3% in 2022

KYIV. March 8 (Interfax-Ukraine) – Gross insurance premiums of PJSC Krayina insurance company (Kyiv) in 2022 amounted to UAH 493.8 million, which is 23.1% less compared to 2021, Expert-Rating reported in the updated information on the company’s rating at the level of “uaAA+” on the national scale based on the results of 2022.

According to the agency, the share of the company’s insurance premiums owned by reinsurers decreased by 29.73%, and their share in the structure of the company’s gross premiums decreased to 2.30%.

In 2022, Krayina made UAH 243.5 million of insurance payments, which is 31.28% less than in 2021, and the level of payments decreased by 5.87 p.p. – to 49.31%.

The company’s equity for 2022 decreased by 8.67%, to UAH 139.1 million, and gross liabilities by 1.59%, to UAH 181.68 million. As a result of the large rate of decrease in equity capital, the level of coverage of the insurer’s liabilities by equity capital decreased by 5.94 percentage points, to 76.56%.

The volume of cash as of December 31, 2021 decreased by 21.25% – to UAH 71.44 million, and the level of cash coverage of the insurer’s obligations decreased by 9.82 p.p. and amounted to 39.32%.

At the same time, the agency notes that as of the reporting date, the insurer formed a portfolio of current financial investments in government bonds in the amount of UAH 31.214 million. In aggregate, liquid assets (cash and government bonds) covered 56.50% of the insurer’s liabilities.

It is also reported that the financial result from operating activities for 12 months of 2022 amounted to UAH 19.78 million, while in 2021 the insurer received an operating loss.

However, in 2022 Krayina received a net loss in the amount of UAH 5.07 million.

Krayina has been operating in the insurance market of Ukraine since 1994. It has licenses for 23 types of insurance. The regional network of the insurer consists of 98 facilities throughout the country.