The fact that the current 2014 for the National Joint Stock Insurance Company "Oranta" was one of the toughest in history, is not something new. The entire insurance market was under pressure from macroeconomic and political factors that have led to a significant drop in the volume of collected insurance premiums.

For almost the entire year, the insurer with the largest history in Ukraine, which recently celebrated 93 anniversary of its founding, worked under the Provisional Administration introduced by National Commission for Financial Services.

December 5, 2014 authority of the Provisional Administrator will expire, and so now there is a reason to draw some preliminary resumes of this period.

Definitely it can be affirmed that the structure of "Oranta", its regional network and the team showed the viability and sustainability in a crisis situation which deserved respect.

Forced loss of five regional branches in the Crimea and in the south-east of the country, the loss of a large portion of the insurance field could lead to the collapse of any company, but not "Oranta".

Actions of the Provisional Administration, the introduction of which was seen by some participants in the insurance market as a sign of imminent bankruptcy, in fact, resulted in a number of important measures to improve the financial situation of the company. "Oranta" got rid of a large loan, reduced overhead costs, made a serious effort to improve the system of payment of insurance claims.

As a result, the company's accounts payable dramatically reduced. In the same time it routinely funded all necessary costs of the proceedings, including of the long-term nature, such as reconstruction of heating systems in areas of regional divisions in the fulfillment of tasks stated by the Cabinet of Ministers   Decision of July 9, 2014 No. 296.

The insurance reserves of the Company increased (for 10.5%, up to the amount 307, 3 mln. UAH.). And this, as we know, is the most important indicator, which provides solvency and stability of the company.

Of course, this would not have been achieved without the active support of all employees of the insurance company that they rendered to the Provisional Administration. Their efforts resulted in collection of 291,6 million UAH premiums for the first 9 months of 2014. If it were not for the hard work of our sellers the loss from discontinued operations in the Crimea and in the southeast would be much more serious.

We determined the success of the work units not only on the amount of premiums collected, but primarily on the profitability of each individual point of sale. And it should be noted that the purpose of the brining them to the effective level of work on today is practically achieved. Each monthly report shows that most of the offices in the cities, regional centers or in rural areas increase the level of its profitability.

During the period of Provisional Administration an international audit was held, which resulted in recording of accumulated losses of previous years in the financial reports of "Oranta".

It is significant that by the results of the first 9 months of the current year, the Company worked profitably, which is confirmed by the official statements of the insurer.

During the first 9 months of   2014 the Company entered into more than 1.5 million of new insurance contracts, and it shows that we have kept the most important resource that will determine the future perspective - trust of insurers.

It should be noted that no facts of ban of insurance activities of "Oranta" by the regulator or self-regulatory organizations of Ukraine had place, just as there is no prohibition for the Company on the part of those entities to issue any forms of insurance policies.

The company since the beginning of the year has already paid more than 110 million hryvnia of insurance claims.

It is obvious that the financial market felt the signs of recovery of "Oranta". This can be seen from the fact that banking institutions began to restore cooperation with the Company. We obtained offers for accreditation in large banks. There were not rare cases when borrowers of banks wanted to insure the collateral in the "Oranta".

The company operates open and stable. It developed and introduced new insurance products, financial flows are carefully monitored and regulated, qualified underwriting and risk assessment is carried out.

There is every reason to believe that after a special meeting of shareholders scheduled for December 4 this year, statutory bodies of the Company will be established, which will stabilize the situation and improve the efficiency and competitiveness of "Oranta".

distributed by