By KYIV. Nov 16 (Interfax-Ukraine) – Brokbusiness (Kyiv) collected UAH 273.5 million in gross premiums in January-September 2023, which is 47.7% more than in the same period a year earlier, the Expert-Rating agency reported in information on confirmation of the insurer’s financial stability rating at the level of “uaAA+” on the national scale.
According to the agency, the part of insurance premiums owned by reinsurers during the specified period increased by 20.77% – to UAH 9.216 million, and their share in the structures of gross premiums decreased by 0.75 percentage points – to 3.37%.
In the first three quarters of 2023, the company paid out UAH 85.6 million, which is 79.3% more insurance payments than in the same period in 2022. The level of payments increased by 5.51 percentage points – up to 31.29%.
The company’s equity capital as of September 30, 2023 decreased by 24.40% – to UAH 126.41 million, and its gross liabilities increased by 82.76% and amounted to UAH 234.11 million. The level of equity coverage of the insurer’s obligations decreased by 76.53 percentage points – to 54%.
The volume of cash and cash equivalents in the period under review increased by 12.14% to UAH 173.23 million.
In the nine months of 2023, the company received a net loss in the amount of UAH 31.5 million and an operating loss (UAH 31.4 million), which arose mainly due to an increase in the reserve of unearned premiums due to a change in its calculation methodology from October 1, 2023, as well as due to a significant increase in insurance payments compared to the same period last year.
Brokbusiness has been operating in the Ukrainian insurance market for more than 25 years and is represented in all regions of the country. It has 39 licenses for voluntary and compulsory types of insurance.
