By KYIV. Nov 22 (Interfax-Ukraine) – PJSC Ukrainian Agro-Insurance Company (UAIC, Kyiv) in January-September 2022 collected UAH 11.433 million in gross premiums, which is 58.3% less than the volume for the same period a year earlier, the Standard-Rating agency said, confirming the company’s financial strength rating at the level of "uaAA" on the national scale.
According to a report on the website of the agency, in particular, receipts from individuals fell by 53.88% to UAH 232,000. There were no premiums from reinsurers in the period under review.
Insurance payments sent to reinsurers for the three quarters of 2022 compared to the same period in 2021 dropped by 73.68%, to UAH 5.191 million. The coefficient of participation of reinsurers in insurance premiums decreased 26.52 percentage points to 45.4%.
Net premiums collected by the company during the reporting period fell by 18.91%, to UAH 6.242 million, and earned – by 25.94%, to UAH 8.253 million.
In the first nine months of 2022, the company paid its customers UAH 2.081 million in insurance payments and indemnities, which is 30.05% less than the volume of payments for the same period in 2021, but the level of payments by the insurer in the period under review increased to 18.2%.
Profit from operating activities amounted to UAH 15.301 million, and net profit amounted to UAH 16.729 million, while in January-September 2021, the insurer received net and operating losses.
As of September 30, 2022, the company’s assets grew by 31.51%, to UAH 78.778 million, equity – by 36.49%, to UAH 62.573 million, liabilities showed an increase of 15.26%, to UAH 16.205 million, cash and their equivalents rose by 2.16 times, to UAH 7.321 million.
The agency also said that as of October 1, 2022, the company created a portfolio of current financial investments in the amount of UAH 65.600 million, which consisted of deposits in banks with a credit rating of at least uaAA (UAH 6.308 million) and investments in government bonds (UAH 59.292 million).
As reported, Ukrainian Agro-Insurance Company (formerly IC Salamander-Dnepr) has been operating in the country’s market since 1995.
