By KYIV. Nov 14 (Interfax-Ukraine) – PrJSC Insurance Company Persha (Kyiv) collected UAH 599.4 million in gross premiums in January-September 2023, which is 47.65% more than in the same period a year earlier, the Expert-Rating agency reported.
In the information on confirmation of the credit rating/financial stability rating of the insurer at the level of “uaAA” on the national scale, the agency clarified that the part of insurance premiums due to reinsurers decreased by 15.94%, and their share in the structure of gross premiums of the company decreased by 6.84 p.p., to 9.05%.
For the nine months of 2023, the Persha insurer made 20.57% more insurance payments and indemnities than in the same period a year earlier, however, due to a significant increase in gross premiums, the level of payments decreased by 7.42 percentage points, to 32.99%.
The company’s equity capital on September 30, 2023 increased by 19.10% and amounted to UAH 185.27 million, and its gross liabilities increased by 4.58% to UAH 741.59 million. The level of equity coverage of the obligations of the Persha insusre also increased by 3.04 percentage points, to 24.98%.
The volume of cash and cash equivalents in the company’s accounts as of the reporting date decreased by 32.32%, to UAH 249.94 million, and the level of cash coverage of liabilities – by 18.38 percentage points, to 33.70%.
At the same time, as of September 30, 2023, the Persha insurer formed a portfolio of current liquid financial investments in the amount of UAH 201.98 million, which consisted of such liquid assets as government bonds (UAH 47.03 million), bank deposits in national currency (UAH 130.51 million) and bank deposits in foreign currency (UAH 24.43 million).
In general, the volume of the company’s current liquid investments, represented by government bonds and deposits in banks, increased by 19.5 times, and the level of coverage of liabilities with liquid assets increased by 7.41 percentage points, to 60.94%.
The agency also notes that the activities of the Persha insurer in the period under review were profitable. In particular, at the end of nine months of 2023, net profit amounted to UAH 12.09 million, which is 2.63 times more than for the same period in 2022.
