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PZU Ukraine reduces gross premiums by 27.5%, increases payments by 6.4% in H1 2022
KYIV. Aug 15 (Interfax-Ukraine) – PZU Ukraine insurance company (Kyiv) in January-June 2022 collected UAH 558.1 million in gross premiums, which is 27.49% less than in the same period of 2021, reports Standard-Rating, updating the company’s credit/financial reliability rating on the national scale at the level of "uaААА" based on the results of the specified period.
According to him, income from individuals decreased by 13.42% – to UAH 383.578 million, from reinsurers – by 30.40%, to UAH 10.629 million. Thus, the share of individuals in the gross premiums of the insurer amounted to 68.73%, and the share of reinsurers – 1.90%. According to the results of the first half of 2022, individuals continue to dominate the company’s client portfolio.
Insurance premiums sent to reinsurers for the first half of 2022 compared to the same period in 2021 decreased by 69.48%, to UAH 91.473 million. Thus, the participation rate of reinsurance companies in insurance premiums decreased by 22.55 percentage points – to 16.39%.
Net premiums decreased by 0.71%, to UAH 466.66 million, earned insurance premiums increased by 20.27%, to UAH 525.751 million.
The volume of payments and indemnities made by the insurer for the first half of 2022 amounted to UAH 272.106 million, which is 6.41% higher than the amount of indemnities for the same period in 2021. Thus, the level of payments increased from 33.22% to 48.75%, or by 15.53 p.p.
During the specified period, operating profit of PZU Ukraine increased 2.82 times, to UAH 86.301 million, its net profit increased by 93.07%, to UAH 79.753 million.
As of July 1, 2022, the company’s assets decreased by 12% – to UAH 2.508 billion, equity increased by 1.69% – to UAH 839.439 million, liabilities decreased by 17.59% – to UAH 1.669 billion, cash and cash equivalents increased by 2.41 times – to UAH 263.522 million.
Thus, as of the beginning of the third quarter of 2022, the company had a sufficient level of capitalization (50.29%), and 15.79% of its liabilities were covered by cash.
