By KYIV. May 10 (Interfax-Ukraine) – Gross insurance premiums of PJSC Insurance Company Krayina (Kyiv) in January-March 2023 reached UAH 76.6 million, which is 38.8% less compared to the same period a year earlier, the Expert-Rating agency said in the information about updating the company’s rating at the level of “uaAA +” on the national scale based on the results of the first quarter of 2023.
According to the agency, the share of the company’s insurance premiums owned by reinsurers grew by 32.2%, and their share in the structure of gross premiums rose by 2.32 percentage points to 4.32%.
In the first quarter of 2023, the company made UAH 1 million of insurance payments, or 32.01% less compared to the same period a year earlier. However, the ratio between payments and gross premiums grew by 5.33 p.p., to 53.49%.
The company’s equity capital as of March 30, 2023 dropped by 10.38%, to UAH 139.43 million, while gross liabilities fell by 3.06% to UAH 175.91 million, cash and cash equivalents were 5.32% down, to UAH 58.82 million, and the level of cash coverage of the insurer’s obligations remained virtually unchanged and, as of the beginning of the second quarter of 2023, totaled 33.44%.
At the same time, the agency said that as of the reporting date, the insurer had a portfolio of current financial investments in government bonds valued at UAH 31.296 million, which had a positive effect on the availability of liquid assets. In aggregate, liquid assets (cash and government bonds) covered 51.23% of the insurer’s liabilities.
Krayina has been operating in the insurance market of Ukraine since 1994. It has licenses for 23 types of insurance. The regional network of the insurer consists of 98 offices throughout the country.
