The total amount of premiums written by the companies of UNIQA Ukraine, non-banking financial group, in 2016 amounted to UAH 1.34 billion.
Consolidated net profit of the Group amounted to UAH 197.1 million.
As of 31.12.2016, the total amount of insurance premiums of the companies of UNIQA Ukraine, non-banking financial group, which includes insurance companies UNIQA and UNIQA Life, amounted to UAH 1,343.8 million, an increase in premiums of 5.8% compared to the year 2015.
The Group’s net profit after tax, taking into account the consolidation, amounted to UAH 197.1 million (UNIQA – UAH 85, 2 million and UNIQA Life – UAH 113.5 million). Reporting of the companies is compiled according to the International Financial Reporting Standards.
Financial highlights of UNIQA in Ukraine
The volume of premiums of UNIQA Insurance Company in 2016 increased by 5.6% and amounted to UAH 1,064.1 million. Given the Company's decision to exit the aviation insurance business, which was agreed with the majority shareholder UNIQA Insurance Group (Austria), written premiums in 2016 increased by 16.6%, compared to the same portfolio in 2015.
The main sources of premium increase are motor own damage insurance (+16.6% compared to the year 2015), health insurance (+12.3%) and property, liability and cargo insurance (+30.3%).
Olena Uljee, СEO of UNIQA IC: “UNIQA’s priority is to meet the needs of our customers, who want not only the best value for money, but also additional services from their insurer. In order to achieve this, we are developing additional service components of our insurance products, such as comprehensive technical assistance and concierge services embedded in motor insurance, claims settlement which is convenient for our customers, efficient service of medical assistance, enabling selection of the nearest and best health care facilities and doctors, etc. UNIQA invests in new technological and organizational solutions to meet the requirements and needs of our customers to help them get the best service at competitive prices every day.”
The combination of traditional and innovative approach allows UNIQA to provide convenient insurance solutions for our customers.
Focus on large sales network and online services
Tamas Rajnai, CSO of UNIQA IC: “UNIQA in Ukraine serves its customers through various sales channels. In recent years, the Company’s regional network is the largest sales channel and continues to grow rapidly (+20% in 2016). Employees of UNIQA provide insurance services via 163 branches throughout Ukraine. Our salespeople are successful and customer-focused representatives of the UNIQA brand.
In addition to traditional branches, UNIQA has successfully developed the concept of General Agencies. Through the use of products, business processes, service and support of UNIQA, General Agencies have successfully built their own business with our Company, demonstrating steady growth and a high level of customer-focus.
UNIQA pays great attention to the development and implementation of leading technologies to support our salespeople and improve their knowledge and skills. We believe that high quality customer service begins with a thorough knowledge of our products and services by our salespeople and their ability to efficiently meet their customer’s needs.”
Since 2016, UNIQA has implemented a project to expand its presence in the Internet; we launched a new version of our web-site that meets today’s requirements and was developed based on the standards of Austrian UNIQA Insurance Group. Now the Company’s customers have the ability to take out travel insurance policies, compulsory and voluntary third party liability insurance policies and calculate the cost of MOD insurance online. UNIQA continues to develop online services in 2017 with a focus on customers’ needs.
Great attention to the quality of insurance services
The total amount of insurance claims paid out by UNIQA in 2016 increased by 13.1% compared to 2015 and amounted to UAH 482.2 million. The average amount of daily claim payments to customers exceeds UAH 1.9 million.
Olena Markova, CITO of UNIQA IC: “UNIQA pays great attention to the quality of insurance services. The Company conducts regular independent studies of its services, on the basis of which we constantly improve our insurance products and claims settlement processes.
As an example, the system of motor insurance claims settlement provides the option of remote settlement, i.e. without the need to visit our offices. In the case of minor vehicle damage, the customer can benefit from our “express settlement” option and receive their claim payment within two business days without having to visit our offices. This allows our customers to save time and keep up their usual pace of life.
The introduction of new IT solutions helps improve our level of customer service. For example, last year we upgraded our UNIQA Contact Centre, enabling us to introduce additional channels of communication with our customers who now have the opportunity to contact us via popular instant messengers like Viber and WhatsApp during working hours, and by traditional SMS“.
The purpose of UNIQA’s investment operations is to provide reliability and confidence to our customers through the long-term fulfilment of obligations by the Company. Therefore, the insurance reserves of the Company, calculated according to the IFRS and confirmed by auditors, account for UAH 549.4 million. Assets covering insurance reserves exceed the amount of insurance reserves by 69%. The actual solvency margin amounts to UAH 393.1 (an increase of 12.1% compared to the year 2015) and exceeds the regulatory norm by 126.8%, allowing the Company to fulfil all its obligations to customers on time and in full.
All assets funds used to cover insurance reserves and obligations under insurance policies are placed in the most reliable and highly liquid assets: in bonds of the Ministry of Finance of Ukraine, deposits with national and international banks with high financial strength rating, and in rights to claim against international reinsurers with financial strength rating from leading international rating agencies not lower than “A-“. In order to protect the assets from the impact of inflation, a significant portion of investment portfolio of the Company is placed on deposits in foreign currency and in foreign currency bonds of the Ministry of Finance of Ukraine.
During 2016, due to efficient asset management, the Company received investment income of UAH 87.5 million.
Shareholders’ equity of UNIQA Insurance Company was increased in 2016 by 12.2% compared to the year 2015 and amounted to UAH 404.1 million.
The total volume of insurance premiums of UNIQA Life amounted to UAH 279.7 million.
The amount of claims paid out was UAH 8.7 million, the amount of surrender value paid to customers amounted to UAH 17.2 million.
The assets of UNIQA Life insurance company increased by 9.7% and amounted to UAH 891.8 million.
Actual solvency margin is UAH 414.6 million, which exceeds the previous year’s figure by 25.0%.
10 years in the insurance market of Ukraine
Vlаdimir Simonchuk, CEO of UNIQA Life IC: “In 2016 UNIQA Life Insurance Company celebrated its 10th anniversary of business in the insurance market of Ukraine. Our experience indicates that the chosen model of the Company development and our business vision is adequate. Despite not always having favourable economic and political conditions in recent years, UNIQA Life remains a sustainable and responsible financial institution that consistently fulfils its obligations.”
Shareholders’ equity of UNIQA Life Insurance Company in 2016 amounted to UAH 417.3 million, which exceeds the last year’s figure by 24.9%.
Insurance reserves of the Company are calculated according to the IFRS and confirmed by auditors and amount to UAH 458.8 million. Assets that can be taken to cover insurance reserves exceed the amount of insurance reserves by 50%.
All assets funds used by the Company to cover insurance reserves and obligations under insurance policies are placed in the most reliable and liquid assets. These assets include bonds of the Ministry of Finance of Ukraine, deposits with national and international banks with high financial strength rating, and rights to claim against international reinsurers with financial strength rating from leading international rating agencies not lower than “A”.
Customer service quality is our priority
Vadym Viun, COO of UNIQA Life IC: “In 2016, we paid a lot of attention to the optimization of business processes and expanding the functionality of our IT systems to improve the quality of customer service and efficiency of our operations. We continued to develop our product range, working closely with our partners in the banking sector and other industries. Our achievements were not always easy for us, but our victories are based on experience and knowledge that allows us to avoid mistakes and confidently face the future.”
In order to protect the assets from the impact of inflation, the Company placed a significant portion of its investment portfolio on deposits in foreign currency and in foreign currency bonds of the Ministry of Finance of Ukraine.
During 2016, due to efficient asset management, the Company received investment income of UAH 77.4 million.
UNIQA in Ukraine:
UNIQA Group entered the market of Ukraine in 2006. Today the companies UNIQA and UNIQA Life are headquartered in Kyiv and offer a variety of non-life and life insurance products through national network. More than a thousand employees of UNIQA in Ukraine serve over 700 thousand insurance policies.
UNIQA Insurance Group:
UNIQA Group is one of the leading insurance groups in its core markets in Austria and Central and Eastern Europe. 22,000 employees and exclusive partners of UNIQA Group serve more than 10 million customers in 19 countries. UNIQA is the second largest insurance group in Austria with a market share of about 22%. UNIQA operates in 15 emerging markets in Central and Eastern Europe: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, and Ukraine. UNIQA Group also includes insurance companies from Switzerland and Liechtenstein.
UNIQA – contacts for the press in Ukraine
01033, Ukraine, Kyiv, 70-A Saksaganskogo Str.
+38 044 234-60-00 (ext.13-46)