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In 1H 2008 Gross Written Premiums of Insurance company «Universalna» totaled to UAH 186,3 mln

Kyiv, 5 August 2008 — During the 1H 2008 Universalna raised non-life GWP to UAH 186 297,1 thous. (posting 70,25% growth compared to UAH 109 427,8 thous. in 1H 2007).

The Company’s total claims paid to the clients were UAH 58 314,1 thous. (70,03% up from UAH 34 297,1 thous. in 1H07).

The Company has reported UAH 140 675,0 th in insurance reserves (twice as much as in 1H07, which totaled to UAH 70 260,3 thous.).

Financial indicators

The shareholder’s equity as of 01/07/08 totaled to UAH 114 800,0 thous. (compared to UAH 100 000,0 thous. as of 01/07/07).

The total assets was UAH 483 489,1 thous. in 1H08 (91,87% up compared to UAH 251 990,5 thous. in 1H07).

The total equity growth as of 01/07/08 totaled to UAH 274 179,1 thous. (up 84,77% y-o-y).

During the 1H 2008 the Company’s net earned premiums increased up to UAH 111 469,2 thous. (up 42,32% y-o-y, compared to UAH 78 322,9 thous.).

The company has reported net loss of UAH 35 665,50 thous.

The last indicator has been forecasted by top management of the company, due to transition to International Financial Reporting Standards while forming insurance reserves. In addition, Universalna’s main efforts were aimed at further improvement of its service. Today, the Company has almost finished establishing the regional centers of claims settlement to streamline the
process. The underwriting process (risks estimation) of the Company is being improved. Universalna works on adjustment of more strict rules for its agents, optimization of the product range (including simplifying of the most popular insurance products). The Company is also preparing to launch Sirael (the operational insurance information system).

Branch network development

Universalna’s strategy in 1H 2008 was aimed at further distribution network extension. By 2008YE,

Universalna intends to open not less than 30 points of sale (mostly in district centers).

The Company continues the take-over of Insurance Company Oradon — one of the successors in title of rights and obligations of former UkrDerzhStrakh, which was transformed into Donetsk Regional Directorate of IC Universalna. According to plan, all juridical and organizational issues will be solved by the end of 2008.

During the 1H 2008 the company’s management has been putting a big emphasis on life insurance developing. Thus, the regional representative offices were opened in Kyiv, Odessa, Donetsk, Sevastopol, Rivne, Vinnytsya and Mikolaiv. During the August 2008, new representative offices are due to be opened in Kharkiv, Simferopol, Khmelnytskiy, Uzhgorod.

Portfolio structure

Casco insurance was the main driver of the GWP growth. Its share in the total portfolio structure increased to — 94,57% y-o-y. The total GWP raised from Casco insurance amounted to UAH 76 601,9 thous.

The second largest payments generating insurance segment was mandatory third-party liability insurance. The company has been witnessing growth in Green card segment of 111,62% y-o-y. The total GWP raised from this segment amounted for UAH 23 289,0 thous.

The GWP growth was also supported by payments increase of 88,41% in property insurance. It represents UAH 38 297,70 thous. in GWP compared to UAH 20 327,0 thous. in 1H 2008.

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