By KYIV. Nov 16 (Interfax-Ukraine) – Insurance Company ARX Life (Kyiv) in January-September 2023 collected insurance premiums in the amount of UAH 234.7 million, which is 18.71% more than in the same period in 2022, reported on the website of Standard-Rating.
According to information on updating the company’s credit/financial reliability rating at the “uaAAA” level on the national scale, the volume of payments made by the insurer for the nine months of 2023 increased by 31% compared to the same period in 2022 – up to UAH 49.426 million. Thus, the level of insurer payments increased by 1.97 percentage points – up to 21.06%.
The insurer’s acquisition costs for the nine months of 2023 increased by 5.15% compared to the same period in 2022 – to UAH 117.201 million.
Based on the results of work for January-September, the company received a net profit of UAH 53.214 million, which is 3.09 times more than the profit received in the nine months of 2022.
The insurer’s assets as of September 30, 2023 increased by 24.42% – to UAH 287.277 million, equity capital increased by 44.46% – to UAH 172.906 million, liabilities showed an increase of 2.86% – to UAH 114.371 million, cash and their equivalents decreased by 30.90% and amounted to UAH 45.745 million.
Thus, as of the beginning of the fourth quarter of 2023, the company had a very high level of capitalization (151.18%) and a sufficient level of coverage of its obligations with cash and cash equivalents (40%).
At the same time, as of October 1, 2023, the insurer made financial investments in the amount of UAH 216.102 million, which consisted of government bonds (81.18%), eurobonds (9.57%) and bank deposits (9.25%).
ARX Life, like ARX, is part of the international insurance holding Fairfax Financial Holdings Ltd. ARX Life is among the top ten companies in the life insurance market in Ukraine.
