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Ukrainian Insurance Group increases gross premiums by 35%, reduces payments by 71.8% in 2022

KYIV. March 16 (Interfax-Ukraine) – The insurance company Ukrainian Insurance Group (Kyiv) collected UAH 3.168 billion in gross insurance premiums in 2022, which is 34.96% more than in the same period a year earlier, according to the website of the Standard-Rating rating agency, which affirmed the company’s financial strength/credit rating at uaAA+ based on the results of the reporting period.

At the same time, receipts from individuals increased by 88.16%, to UAH 2.131 billion, and from reinsurers, on the contrary, decreased by 39.71%, to UAH 4.335 million. Based on the results of 12 months of 2022, the share of individuals in the company’s gross premiums was 67.27%, and the share of reinsurers was 0.14%.

Insurance payments sent to reinsurers in 2022 increased by 21.23% compared to 2021, to UAH 886.694 million. The participation rate of reinsurance companies in insurance premiums in 2022 decreased by 3.17 p.p., to 27.99%.

It is also reported that net premiums for the reporting period increased by 41.17%, to UAH 2.281 billion, and earned premiums by 28.44%, to UAH 1.919 billion.

The volume of insurance payments and indemnities made by the company for the four quarters of 2022 amounted to UAH 787.592 million, which is 71.79% less than in the same period in 2021, and the level of payments decreased to 24.86%.

According to the rating agency, in 2022, the company received a negative financial result from operating activities of UAH 107.4 million, while the insurer’s net profit increased to UAH 85.011 million, which was four times higher than the profit for 12 months of 2021.

As of December 31, 2022, the company’s assets increased by 16.76%, to UAH 3.438 billion, equity showed an increase by 11.61%, to UAH 643.797 million, liabilities by 18.01%, to UAH 2.794 billion, and cash and their equivalents increased by 5.37 times, to UAH 2.794 billion.

At the same time, the agency notes that as of the end of 2022, the insurer made financial investments in the amount of UAH 405.112 million, consisting of domestic and external government bonds.

As reported, the controlling shareholder of Ukrainian Insurance Group is an international insurance group headquartered in Austria, Vienna Insurance Group.