UKRAINE: MetLife confirms its leadership in the life insurance market after 9M2023

5 December 2023 — Marina MAGNAVAL
Based on the results of 3Q2023, MetLife once again confirmed its leadership in the life insurance market in terms of GWP, paid claims, number of insured persons, as well as in terms of financial stability - assets and insurance reserves, Forinsurer wrote.

After the first 9 months of 2023, MetLife expanded its business by 14%, having collected over UAH 1.7 billion (~EUR 43.39 million), with 89% of this amount coming from accumulative insurance.

According to NBU (National Bank), over a year the company’s share in the life insurance market increased by 4.4% and, as of the end of September 2023, reached 48.4% of the total GWP in the segment.

MetLife once again ranked first among life insurers in terms of the number of clients, having concluded 591,000 life insurance contracts in 9 months, and the number of insured as of September 30 reached 889,000 people.

During the reporting period, the company's paid claims for 17.5 thousand insured events reached UAH 379.2 million, which is 42.4% of the total paid claims in the Ukrainian life insurance market.

The company's assets as of September 30, 2023, reached UAH 7.3 billion (+27% y-o-y) and amounted to 31.6% of the total assets of the industry. The company's insurance reserves increased by 23% to UAH 5.8 billion and amounted to 30.9% of the total reserves of the life insurance market. The company’s net profit for the first 9 months of 2023 reached UAH 321 million.

*EUR 1 = UAH 39.18 (01.10.2023)