By KYIV. Dec 14 (Interfax-Ukraine) – Gross insurance premiums of PJSC Krayina Insurance Company (Kyiv) in January-September 2022 amounted to UAH 386.04 million, which is 18.9% less compared to the same period in 2021, the rating agency Expert-Rating reported on the update of the company’s rating at the level of "uaAA +" on the national scale over the first nine months of 2022.
According to the agency, the share of the company’s insurance premiums owned by reinsurers decreased by 26.35%, and their share in the structure of the company’s gross premiums to 2.49%.
In the nine months of 2022, the company paid 31.24% less claims than in the nine months of 2021, and the level of payments decreased by 8.49 p.p., to 47.29%.
As of September 30, 2022, the company’s equity capital increased by 9.89%, to UAH 164.13 million, and gross liabilities by 13.27%, to UAH 198.95 million. As a result, the level of coverage of the insurer’s obligations by equity capital decreased by 2.54 p.p., to 82.50%.
The volume of cash and cash equivalents increased by 29.99%, to UAH 109.59 million, and the level of cash coverage of liabilities by 7.08 percentage points, to 55.08%.
At the same time, the agency notes that as of the reporting date, the insurer formed a portfolio of current financial investments in government bonds in the amount of UAH 23.774 million, therefore, in aggregate, liquid assets (cash and government bonds) covered 67.03% of liabilities.
The insurer’s profit from operating activities for the first three quarters of 2022 amounted to UAH 16.38 million, while the operating loss was received for the same period in 2021. Net profit increased more than 17 times and amounted to UAH 11.39 million.
