By KYIV. Nov 16 (Interfax-Ukraine) – Ukrainian Insurance Group (Kyiv) in January-September 2022 collected UAH 2.27 billion of gross premiums, which is 35.73% more than in the same period a year earlier, according to the website of the Standard-Rating agency, which confirmed the company’s financial strength/credit rating at "uaAA+" based on the results of the reporting period.
In particular, receipts from individuals increased by 83.19%, to UAH 1.512 billion, and from reinsurers, on the contrary, decreased by 46.62%, to UAH 2.798 million. The share of individuals in the company’s gross premiums for the nine months was 66.59%, while the share of reinsurers was 0.12%. Thus, the insurer’s client portfolio is dominated by individuals, the agency states.
Insurance premiums sent to reinsurers for the specified reporting period of 2022 increased by 42.77% compared to January-September 2021, to UAH 885.606 million. As a result of the high growth rates of payments in this segment compared to gross premiums, the participation rate of reinsurance companies in insurance premiums increased by 1.92 percentage points, to 39.01%.
Net premiums increased by 31.58%, to UAH 1.384 billion, while earned premiums increased by 29.89%, to UAH 1.392 billion.
The volume of insurance payments and indemnities made by the company for the indicated three quarters of the current year amounted to UAH 546.043 million, which is 75.27% less than in the same period a year earlier, and the level of payments decreased to 24.05%.
According to the results of January-September 2022, the insurer’s net profit increased to UAH 86.539 million, which is 11 times higher than the profit for the nine months of 2021.
At the same time, the assets increased by 45.34%, to UAH 4.279 billion, equity showed an increase of 15%, to UAH 663.35 million, liabilities increased by 52.73%, to UAH 3.616 billion, cash and cash equivalents increased by 4.06 times, up to UAH 1.108 billion.
