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Ukrainian agro-insurance company cuts gross premiums by 50.2% in 2022
KYIV. March 30 (Interfax-Ukraine) – PrJSC Ukrainian Agro-Insurance (UAIC, Kyiv) collected UAH 17.2 million in gross premiums in 2022, which is 50.2% less than a year earlier, the Standard-Rating rating agency reported, confirming the company’s financial strength rating at the level of "uaAA" on the national scale.
According to a report, in particular, receipts from individuals decreased by 51.98%, to UAH 0.279 million, which is 1.63% of the total. Consequently, legal entities dominated the insurer’s client portfolio.
Insurance payments sent to reinsurers for 2022 compared to 2021 decreased by 71.34%, to UAH 6.144 million. The level of participation of reinsurers in insurance premiums decreased by 26.42 percentage points, to 35.80%.
Net premiums decreased by 15.38%, to UAH 11.017 million, while earned ones decreased by 17.43%, to UAH 11.035 million.
Over 12 months of 2022, the company paid its customers UAH 4.255 million of insurance payments and indemnities, which is 59.95% less than the amount of payments for the same period in 2021, and the level of payments in the period under review decreased to 24.79%.
The operating profit of the company for 2022 amounted to UAH 14.130 million, and net profit amounted to UAH 13.373 million, while for 12 months of 2021, there was a net and operating loss.
As of December 31, 2022, the company’s assets increased by 31.33%, to UAH 78.672 million, equity by 29.17%, to UAH 59.217 million, the liability showed an increase of 38.38%, to UAH 19.455 million, and cash and equivalents grew 2.22 times, to UAH 7.529 million.
Thus, by the beginning of 2023, the company had an excess level of capitalization (304.38%) and a sufficient level of coverage of liabilities in cash (38.70%).
