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Universalna insurer raises gross premiums by 12.9%, cuts payments by 8.12% in 2022
KYIV. March 16 (Interfax-Ukraine) – Universalna insurance company (Kyiv) collected UAH 1.403 billion in gross insurance premiums in 2022, which is 12.9% more than last year, according to the website of the Standard-Rating rating agency.
At the same time, it is indicated that the agency confirmed the credit/financial reliability rating of Universalna at the level of “uaAAA” on the national scale based on the analysis of work for the reporting period.
According to the published data, receipts from individuals increased by 31.29%, to UAH 634.871 million, and from reinsurers, on the contrary, decreased by 56.05%, to UAH 1.035 million. Despite the increase in premiums from individuals, in 2022 legal entities prevailed in the company’s client portfolio.
At the same time, the largest share of premiums (more than 35%) came in 2022 from voluntary insurance of land transport (except for railway).
Insurance premiums sent to reinsurers increased by 0.18% last year compared to 2021, to UAH 193.326 million. As a result of the high growth rates of gross premiums compared to those sent to reinsurers, the reinsurers’ participation ratio in insurance premiums decreased by 1.75 percentage points, to 13.78%.
It is also noted that the insurer’s net premiums increased by 15.27%, to UAH 1.210 billion, and earned premiums – by 16.90%, to UAH 1.132 billion.
The volume of insurance payments made by Universalna in the reporting period decreased by 8.12% compared to 2021, and the level of payments decreased by 5.67 p.p., to 24.76%.
In 2022, the company’s operating profit amounted to UAH 198.289 million, which is 3.74 times higher than in 2021, and the insurer’s net profit increased almost 4 times, to UAH 175.066 million.
As of December 31, 2022, assets increased by 40.55%, to UAH 1.861 billion, equity increased by 43.86%, to UAH 547.216 million, liabilities – by 39.12%, to UAH 1.287 billion, cash and cash equivalents – 2.5 times, up to UAH 235.914 million.
