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Posted On

27
March
2023

Shareholders of Kniazha Life VIG intend not to distribute 95% of profit for 2022

KYIV. March 27 (Interfax-Ukraine) – The shareholders of Kniazha Life Vienna Insurance Group (Kyiv) plan to leave 95% (UAH 11.8 million) of the profit received for 2022 undistributed, 5% will be used to replenish reserves, follows from the agenda of a meeting of the company’s shareholders scheduled for April 25.

As reported, in 2022 the company collected UAH 60.32 million of insurance premiums, which is 17.29% less than in the same period a year earlier. The volume of payments amounted to UAH 16.390 million, which is 2.27% lower than the volume of payments for 2021. Given the high rate of reduction in insurance payments compared to gross premiums, the level of insurer payments increased by 4.18 percentage points – to 27.17%.

The company’s acquisition costs for 2022 compared to the same period in 2021 decreased by 10.32%, to UAH 10.122 million.

Over the year, the insurer’s net profit amounted to UAH 12.423 million.

As of December 31, 2022, assets increased by 22.15% – to UAH 741.697 million, equity capital – by 7.96%, up to UAH 113.734 million, liabilities – by 25.12%, up to UAH 627.963 million, cash and their equivalents decreased by 4.15% – to UAH 52.582 million.

The company’s shareholder is an international insurance group headquartered in Austria – Vienna Insurance Group Wiener Städtische Versicherung AG., which is represented by 50 companies in 30 countries and is the leader in the insurance market in Central and Eastern Europe.