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Insurance company «Universalna» reports its 1Q 2007 results


Portfolio structure

Casco insurance was the main driver of the GWP growth. Its share in the total portfolio structure increased to – 30,61% (compared to 21,68% in 1Q06). The total GWP raised from Casco insurance amounted to UAH 15 900,8 thous..  The Company seeks to continue increasing the Casco share in the total portfolio structure, since today it has been one of the most popular insurance products on the retail market.

The second largest payments generating insurance segment was Green card.  The company has been witnessing growth in Green card segment of 14,9% (representing UAH  9 179,1 thous. in premiums written compared to UAH 7 988,7 thous. in 1Q06).  Though the share in the total portfolio structure went down to 18,51% from  27,94% of the last year.

The GWP growth was also supported by payments increase of 40% and 16% in property and personal insurance respectively.

Branch network development

Universalna’s strategy in 1Q 2007 was aimed at futher diversification of insurance products range and distribution network extension. Thus in 1Q07 the Company has gathered 71,6% of GWP (up 77,4% y-o-y) from direct sales through its own branches network.

Distribution channels

In 2007 the Company’s management has been putting a big emphasis on bancassurance developing. As a result the GWP gained from bancassurance channel went up to UAH 11 000,0 thous. (175 % up from UAH  4 000,0 in 1Q06). Besides already existing cooperation with the banks, the company has additionally signed up a strategic partnership agreements with the following banks: Alfa-Bank, Rodovid-Bank, PUMB and Nadra Bank.

In the first quarter 2007 the company has become a member of Nuclear Insurance Poole, getting access to additional UAH 3 500,0 thous. in payments.

Investment activity

As of the 31 March 2007 the Company’s investments into traded equity totaled to UAH 24 774, 9 thous. of non-life reserves and UAH 4 054,1 thous. of Life reserves. The total Company’s investments into tradable securities were UAH 28 829,0 thous., including UAH 8 000,0 thous. in fixed income. Average return on investment portfolio including realized gain was– 58% p.a, while the return on fixed income was – 21,6% p.a.

Olena Velyka, CFO «In 2007 we have started to diversify our long-term borrowings by means of issuing 3 year bonds. In 1Q07 the management has announced a capital increase of 40mln seeking toensurethe long-termfinancingis enough tocontinuedevelopingthe company. Pursuingthis,additional 20% ofthesharecapital has been placed amongtheforeign institutional investorsAsaresulttheCompanysfreefloatranupto 40 %, supporting company’s claims to become a public one, which stands for the transparent andclearshareholdersstructure

During the 2Q 2007 the management of the Company plans to futher diversify the investment portfolio mainly by increasing investments share into the investment property.

Financial indicators

Insurance Reserves as of 01/04/07 totaled to UAH 61 526,9 thous., (up 6 % compared to UAH 57 903,8 at the end of 2006), including UAH  6 082,5 thous. of the Life Company reserves.

In the 1Q06 the Company has posted decrease of UAH 9 168,8 thous. in its credit commitments.

The Total Assets as of 01/04/2007 was UAH 209 845,3 thous. (up 10,5% compared to UAH 189 978,6 thous. at the end of 2006).

As of the 31 March 2007 all of the current Universalna’s shareholders have realized their subscription right as the first stage of stock emission took place. The issue of additional 40 mln shares was made pursuant to the EGM Decision as of December 19, 2006.

Considering the positive tendency and dynamics that the Company has demonstrated in the first quarter of 2007 the National Rating Agency «Credit-Rating» has confirmed Universalna’s bonds uaBBB credit rating and ameliorated its expectations from stable to positive.




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