Financial indicators
Key financial indicators of the company performance in year 2005
In 2005 OJSC Insurance Company «Universalna» demonstrated the traditional increase in financial indicators. The dynamics of the financial growth of the company is one of the highest in Ukraine.
In the accounting year «Universalna» essentially increased the level of financial responsibility before clients, in particular comparing to the year 2003; the guarantee fund indicators increased threefold, and insurance reserves – fivefold. The total assets increased almost fivefold during this period.
| Key financial indicators | (thousand UAH) | ||
| 01.01.2004 | 01.01.2005 | 01.01.2006 | |
| authorized capital | 11 000,0 | 18 603,3 | 18 603,3 |
| owner’s capital | 30 035,6 | 48 123,4 | 48 898,8 |
| guarantee fund | 19 151,8 | 27 728,1 | 30 295,5 |
| insurance reserves | 21 217,7 | 39 961,4 | 54 151,1 |
| total assets | 77 342,2 | 98 835,7 | 124 631,8 |
In the portfolio of insurance types offered by «Universalna» traditionally high position is occupied by obligatory types of insurance; the company received more than one third of payments in these types of insurance. The transport insurance secured about one fourth of payments, one fifth of payments was made in property insurance, 13,5% falls to the share of voluntary liability insurance. The share of personal insurance constitutes 4,4 percent.
Structure of insurance payments in 2005
Types of insurance | Payments, thousand UAH | Share, % |
Obligatory insurance | 55 002,9 | 38,5 |
Voluntary insurance | 19 360,0 | 13,5 |
Personal insurance | 6 318,3 | 4,4 |
Transport insurance | 35 507,2 | 24,8 |
Property insurance | 26 793,2 | 18,8 |
Total: | 142 981,6 | 100 |
With every year, the trust to the company increases essentially, and the circle of clients and partners enlarges. As a result, in 2005 the total share of payments comparing to the previous year increased by half and constituted 142 981,6 thousand UAH.
The rate of payments’ dynamics change by types of insurance (2003 – 2005)
Payments by types of insurance | Payments in 2003, thousand UAH | Payments in 2004, thousand UAH | Payments in 2005, thousand UAH |
Personal | 2 999,6 | 4 235,1 | 6 318,3 |
Property (including transport) | 27 956,2 | 50 880,6 | 62 300,4 |
Obligatory insurance | 19 712,5 | 40 623,1 | 55 002,9 |
Voluntary insurance | 361,8 | 2 133,0 | 19 360,0 |
Total: | 51 030,1 | 97 871,8 | 142 981,6 |
The openness of company policy and the high level of its guarantees are testified by the volume of pay-offs of «Universalna». During the year 2005 the company effected pay-offs for the amount of 44 319,2 thousand UAH. In contrast to the structure of insurance payments, the structure of pay-offs is dominated by transport insurance, percentage-wise it constitutes 57 percent. The company effected pay-offs in obligatory types of insurance for the amount of 15 530,8 thousand UAH. The total share of other insurance types constitutes 8,2%, which in money equivalent makes up 3 609,4 thousand UAH.
The structure of pay-offs by types of insurance
Types of insurance | Pay-offs, thousand UAH | Share, % |
Obligatory insurance | 15 530,8 | 35,0 |
Voluntary insurance | 382,6 | 0,9 |
Personal insurance | 2 926,0 | 6,6 |
Transport insurance | 25 179,0 | 56,8 |
Property insurance | 300,8 | 0,7 |
Total: | 44 319,2 | 100 |
The rate of pay-offs’ dynamics change by types of insurance (2003 – 2005)
Pay-offs by types of insurance | Pay-offs in 2003, thousand UAH | Pay-offs in 2004, thousand UAH | Pay-offs in 2005, thousand UAH |
Obligatory insurance | 4 138,7 | 12 379,9 | 15 530,8 |
Voluntary insurance | 4,5 | 248,3 | 382,6 |
Personal insurance | 1 377,7 | 2 072,1 | 2 926,0 |
Automobile insurance | 4 469,1 | 18 906,1 | 25 179,0 |
Property insurance | 22,6 | 140,5 | 300,8 |
Total: | 10 012,6 | 33 746,9 | 44 319,2 |
The dynamics of reinsurance payments in 2003-2005
The scale of company activity allows it to act as a partner in reinsurance against risks, though this insurance branch is not dominant.
The growth of pay-offs, the amount of which increased almost twofold in comparison to the previous year, positions «Universalna» as a responsible player on the reinsurance market and a reliable partner.
| Indicator | Year 2003 | Year 2004 | Year 2005 |
| Reinsurance payments, thousand UAH | 10 143,2 | 16 133,7 | 16 588,1 |
Динамика выплат по перестрахованию 2003-2005 гг.
| Indicator | Year 2003 | Year 2004 | Year 2005 |
| Reinsurance pay-offs, thousand UAH | 672,7 | 5 890,9 | 9 887,4 |
The biggest reinsurance pay-offs to partners in year 2005:
- 351 930,60 UAH - OJSC «SK Alkona»
- 311,500.40 UAH - AST «Veksel»
- 274,243.25 UAH - OJSC «SK Alkona»
- 185,094.23 UAH CJSC «Ukrainian Insurance Group»
OJSC Insurance Company «Universalna» made the following biggest pay-offs:
- According to Automobile Insurance Agreement with legal entity - 653 881,93 UAH.
- According to Automobile Insurance Agreement with physical entity - 255,840 UAH.
- According to the Property Insurance Agreement - 60 670,71 UAH.
- The biggest reinsurance pay-off constituted 351 930,6 UAH.
