OREANDA-NEWS. On 06 March 2009 was announced, that GWP growth by 35% in 2008, mainly driven by continued step-up in motor and property insurance segments.

In 2008 Universalna raised non-life GWP to UAH 342 330,5 thous. (posting 34,8% growth compared to UAH 253 998,7 thous. in 2007).

The Company’s total claims paid to the clients were UAH 124 068,2 thous. (42,4% up from UAH 87 152,4 thous. in 2007).

The Company has reported UAH 137 194,1 thous. in insurance reserves (58,5% up from UAH 86 546,6 thous. in 2007). The company’s insurance reserves are carried completely under IFRS.

Financial indicators

The shareholder’s equity as of 01/01/09 totaled to UAH 114 800,0 thous. (compared to UAH 100 000,0 thous. as of 01/01/08).

The total assets was UAH 430 336,8 thous. in 2008 (41,5% up compared to UAH 304 224,7 thous. in 2007).

The total equity growth as of 01/01/09 totaled to UAH 232 588,3 thous. (up 57,7% y-o-y).

In 2008 the Company’s net earned premiums increased up to UAH 257 518,5 thous. (up 49,9% y-o-y, compared to UAH 171 762,8 thous.).

Portfolio structure

MOD insurance was the main driver of the GWP growth. Its share in the total portfolio structure increased to — 25,03% y-o-y. The total GWP raised from Casco insurance amounted to UAH 129 017,50 thous.

The second largest payments generating insurance segment was property insurance. The company has been witnessing growth in this segment of 60,5% y-o-y. The total GWP raised from this segment amounted for UAH 69 399,3 thous.

The GWP growth was also supported by payments increase of 68,5% in obligatory third-party liability insurance. It represents UAH 47 868,2 thous. in GWP compared to UAH 28 411,2 thous. y-o-y.

Branch network development

Universalna’s strategy in 2008 was aimed at further distribution network extension, including the opening of regional claims settlement centers and improvement of the quality of services provided.

As of 01/01/2009 the branch network of OJSC Insurance Company "Universalna" accounted for over 200 PoS throughout Ukraine.