By KYIV. Nov 15 (Interfax-Ukraine) – In January-September 2022, Brokbusiness insurance company (Kyiv) collected UAH 185.2 million in gross premiums, which is 0.3% more than in the same period a year earlier, the Expert Rating agency reported in information on confirmation of the financial resilience rating of the insurer at the level of "uaAA" on the national scale.
According to the agency, the part of insurance premiums owned by reinsurers grew by 1.25% over the reporting period, and their share in the structure of the company’s gross premiums showed an increase of 0.04 percentage points and amounted to 4.12%.
For these three quarters, the company made insurance payments and indemnities in the amount of UAH 47.74 million, which is 29.08% less than in the same period in 2021, while the level of payments dropped by 10.68 p.p. and according to the results of the first nine months of the current year amounted to 25.78%.
As of September 30, the company’s equity grew by 84.89%, to UAH 167.2 million, while its gross liabilities fell by 5.34%, to UAH 128.1 million. A significant increase in the insurer’s own capital in the period under review occurred due to a significant increase in retained earnings in its structure, which became possible due to the company’s profitable activities, the rating agency said.
At the same time, the volume of cash and cash equivalents in Brokbusiness rose by 1.52 times as of the reporting date and amounted to UAH 154.48 million. The growth in the volume of cash with a simultaneous decrease in the insurer’s obligations led to an increase in the level of coverage of liabilities by 45.69 percentage points, to 120.59%.
According to the results of January-September 2022, compared to the same period in 2021, the operating profit of the insurer grew 16.8 times, to UAH 82.38 million, and its net profit increased almost 43 times, to UAH 77.42 million.
Brokbusiness insurance company has been operating in the Ukrainian insurance market for over 25 years and is represented in all regions of Ukraine. The insurer has 39 licenses for voluntary and compulsory types of insurance.
