In the 4Q2021, life insurance grew moderately, with premiums and assets increasing. Life insurers improved their profits at a steady pace throughout the year. At the same time, profitability slightly decreased compared to previous years.
Despite a loss in the last quarter of the year, non-life insurance remained profitable in 2021. Non-life insurers reduced reserves, so loss and performance ratios have declined.
Information for 4Q2021 is provided only on insurers that submitted relevant reports to the NBU as of May 16, 2022. The proportion of non-life insurers that did not submit reports for 2021 is almost 10% by number. At the same time, all life insurers submitted reports for the 4Q2021.
Loss ratios did not show significant volatility and trend during 2021. However, they slightly decreased compared to the beginning of the year. In 2021, the highest loss ratios were observed in MTPL, health insurance and Motor Hull.
Non-life insurers improved their operating efficiency in 2021. The efficiency ratio reached 79%. The combined ratio dropped to 84%.
Life insurers increased investment income throughout 2021. Income from investment in government securities grew, while income from deposits decreased significantly and amounted to 0.5% of insurance reserves.
In terms of GWP, the top three non-life leaders in 2021 were ARX (UAH 3.4 billion), UNIQA (UAH 3.02 billion) and TAS. While the top three life insurers were METLIFE (UAH 2.10 billion), TAS and PZU UKRAINE Life.
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