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Providna insurer reduces gross premiums by 21.8%, payments by 4.2% in H1 2022
KYIV. Sept 14 (Interfax-Ukraine) – Providna Insurance Company (Kyiv) collected UAH 504.9 million in gross premiums in January-June 2022, which is 21.8% less than in the same period a year earlier, the Standard-Rating agency reported in information about updating the company’s credit/financial reliability rating on the national scale at the level of "uaAA-" based on the results of its work for the specified period.
According to the agency’s website, income from individuals decreased by 56.37%, to UAH 90.825 million, and income from reinsurers – by 40.74%, to UAH 80,000. According to the results of the first half of the year, the share of individuals in the gross premiums of the insurer was 17.99%, and the share of reinsurers was 0.02%. Thus, at the beginning of the third quarter of 2022, legal entities dominated the company’s client portfolio.
Insurance premiums sent to reinsurers in January-June of this year increased by 3.79% compared to the same period last year, to UAH 3.452 million. Thus, the participation rate of reinsurers in insurance premiums increased by 0.17 percentage points, to 0.68%.
The insurer’s net premiums decreased by 21.97%, to UAH 501.455 million, and earned premiums – by 1.57%, to UAH 513.248 million.
The volume of payments made by the company in the first half of 2022 decreased by 4.23%, to UAH 268.219 million. As a result of the high rate of decrease in gross premiums compared to insurance claims, the level of the insurer’s payments increased by 9.76 percentage points: from 43.36% to 53.12%.
At the same time, the financial result from operating activities increased 2.38 times, to UAH 101.374 million, and the insurer’s net profit increased 2.12 times, to UAH 89.632 million.
