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PZU Ukraine reduces gross premiums by 27%, payments by 16.2% in 2022

KYIV. March 16 (Interfax-Ukraine) – PrJSC PZU Ukraine insurance company (Kyiv) in 2022 collected UAH 1.280 billion of gross premiums, which is 27.03% less than in 2021, reports Standard-Rating, which has updated the credit/financial reliability rating of the company according to the national scale at the level of “uaAAA” based on the results of the specified period.

According to the agency, receipts from individuals decreased by 16.97%, to UAH 846.968 million, and from reinsurers – by 53.34%, to UAH 14.662 million. Thus, the share of individuals in the gross premiums of the insurer amounted to 66.19%, and the share of reinsurers – 1.15%.

Insurance premiums sent to reinsurers in 2022 compared to 2021 decreased by 83.65%, to UAH 107.192 million. Thus, the participation rate of reinsurance companies in insurance premiums decreased by 29 percentage points, to 8.38%.

According to the report, the company’s net premiums last year increased by 6.76%, to UAH 1.172 billion, and earned – by 13.38%, to UAH 1.110 billion.

The volume of payments and reimbursements made by the insurer for the reporting period amounted to UAH 575.537 million, which is 16.24% lower than the volume of reimbursements a year earlier. Given the high rate of reduction in gross premiums compared to insurance payments, the level of payments in 2022 increased by 5.80 percentage points, to 44.98%.

The agency notes that the activity of the insurer in the period under review was profitable. The financial result from the operating activities last year amounted to UAH 82.789 million, and its net profit increased 12.4 times – up to UAH 118.119 million.

As of December 31, 2022, the company’s assets decreased by 14.93%, to UAH 2.425 billion, equity increased by 3.43%, to UAH 853.817 million, liabilities decreased by 22.41%, to UAH 1.571 billion, cash and equivalents increased 3.34 times, to UAH 364.458 million.