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Posted On

02
January
2023

Persha insurer reduces gross premiums by 6.54%, payments by 5% for nine months

KYIV. Jan 2 (Interfax-Ukraine) – PrJSC Persha Insurance Company (Kyiv) in January-September 2022 collected UAH 406 million in gross premiums, which is 6.54% less than in the same period of 2021.

According to the Expert Rating agency, which confirms the credit/financial strength rating of the insurer at the level of "uaAA" on the national scale, when updating the rating the agency considered an analysis of the insurer’s activities for nine months of 2022.

At the same time, part of insurance premiums due to reinsurers decreased by 36.31%, and their share in the structure of the company’s gross premiums decreased by 7.43 percentage points, to 15.89%.

For the first three quarters of 2022, Persha made 5.02% less insurance payments and indemnities than for the same period in 2021, however, given the large rate of decline in gross premiums, the level of payments increased by 0.65 p.p., up to 40.41%.

As of September 30, the company’s equity increased by 8.02% and amounted to UAH 155.56 million, while its gross liabilities increased by 5.53%, to UAH 709.11 million. The growth of the insurer’s own capital occurred due to an increase in the volume of retained earnings in its structure, the share of which increased by 9.20 percentage points in the analyzed period, to 9.27%.

The growth rate of equity compared to the insurer’s liabilities led to an increase in the level of coverage of the company’s liabilities by equity capital by 0.51 percentage points, to 21.94%.

The volume of cash and cash equivalents on the accounts of Persha on the reporting date increased by 17.66%, to UAH 369.28 million, and the level of coverage of liabilities by cash by 5.37 p.p. and as of the beginning of the fourth quarter of 2022 amounted to 52.08%.

Also, as of September 30, 2022, the company formed current financial investments, consisting of government bonds, in the amount of UAH 10.336 million.