The life insurance sector saw stable growth in the reporting period adding almost 10% y-o-y (GWP reached UAH 2.3 billion). On the other hand, in the non-life sector, among the main classes, growth was recorded only by medical insurance and domestic MTPL.
Net profit of the local insurers in 1H2020 amounted to UAH 1.9 billion, and income tax reached UAH 816 million. The regulator noted that the market retained its loss ratio and avoided asset depreciation. Total assets of Ukrainian insurers at the end of June 2020 amounted to UAH 61.9 billion, and assets for representing insurance reserves increased by 30% (to UAH 55.6 billion), according to the National Bank. The volume of formed insurance reserves increased by 8% to UAH 31.4 billion, while paid-in capital decreased by 17.3% to UAH 9.6 billion.
According to the National Bank of Ukraine, as of June 30, 2020, the total number of insurance companies decreased from 249 to 215 (including 195 non-life and 20 life insurers). ARX is leading the ranking of the non-life market, having increased its share to 6.69%, while UNIQA and TAS rank second and third accordingly. METLife remains the leader in the life insurance market - the insurer's share has grown and exceeded 30%.
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