By KYIV. Dec 14 (Interfax-Ukraine) – PJSC VUSO Insurance Company (Kyiv) collected UAH 1.126 billion in gross premiums in January-September 2022, which is 9.02% less than in the same period of 2021, the Standard-Rating rating agency reported in the information about confirmation of the company’s financial strength rating at the level of "uaAA" on the national scale.
According to information on the agency’s website, in particular, income from individuals dropped by 3.27%, to UAH 806.5 million, and from reinsurers – by 19.15%, to UAH 13.196 million. Thus, the share of individuals in the gross premiums of the insurer in January-September 2022 amounted to 71.62%, the share of reinsurers – 1.17%.
Insurance payments sent to reinsurers for the specified period compared to the same period in 2021 decreased 13.44% to UAH 138.805 million. Thus, the coefficient of participation of reinsurers in insurance premiums fell by 0.63 percentage points, to 12.33%.
Net premiums fell by 8.36%, to UAH 987.311 million, earned by 14.79%, to UAH 909.103 million.
VUSO in January-September 2022 paid UAH 324.363 million, which is 25.65% lower than the volume of insurance payments and indemnities for the same period in 2021. As a result, the level of payments fell from 35.25% to 28.80%, or by 6.45 percentage points.
According to the results of in January-September 2022, VUSO received a profit from operating activities of UAH 66.817 million, net profit amounted to UAH 48.626 million.
As of September 30, 2022, the insurer’s assets increased by 10% to UAH 1.035 billion, equity decreased by 14.32% to UAH 412.465 million.
As reported, the decrease in equity capital arose due to the distribution of retained earnings by shareholders of the company and the transfer of the amount in the amount of UAH 117.590 million to the reserve for depreciation of financial instruments. In general, according to the results of economic activity, the insurer’s own capital grew by UAH 48.626 million. Cash and cash equivalents rose by 19.41% to UAH 415.621 million.
Thus, as of the beginning of the fourth quarter of 2022, the company had a good level of capitalization (66.30%) and a good level of cash coverage of obligations (66.81%).
In addition, as of October 1, 2022, the insurance company created a portfolio of investments in government bonds in the amount of UAH 112.083 million, which increased the level of its provision with liquid assets, which together covered 84.82% of liabilities.
In addition, as of the reporting date, the balance of funds in the centralized insurance reserve funds (MTIBU) of the insurer amounted to UAH 117.309 million, including UAH 78.469 million of additional guarantee contributions, which had a positive effect on the company’s liquidity.
VUSO was founded in 2001. The company owns 50 licenses: 34 voluntary and 16 compulsory types of insurance, it is represented in all regions of Ukraine.
