UKRAINE: for 9M2022, insurance reserves decreased, while insurers' liabilities increased

21 December 2022 — Marina MAGNAVAL
The assets of Ukrainian insurance companies for 9 months of 2022, according to the balance sheet, amounted to UAH 70.9 billion (~EUR 1.99 billion). Equity capital amounted to UAH 24.7 billion, including the amount of paid charter capital of UAH 8 billion. Formed insurance reserves decreased to UAH 39.8 billion, Forinsurer writes according to Insurance TOP magazine.

Liabilities of insurers increased to UAH 46 billion. Advertising expenses for the first three quarters of the year amounted to UAH 40 million, labor costs amounted to UAH 2.22 billion, income tax expenses amounted to UAH 1.6 billion.

The financial result of the local insurers before tax amounted to UAH 5.3 billion of profit and UAH 175 million of loss, net financial result: UAH 3.8 billion of net profit and UAH 232.7 million of net loss.

Financial income of insurers reached UAH 2.9 billion, including income from bonds of UAH 1.2 billion and income from deposits of UAH 1.4 billion.

* 1 EUR = 35.5611 UAH (September 30th, 2022)

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