In the fourth quarter of 2023, insurance companies remained stable, and insurance premiums increased by 22%. The volume of assets of credit unions increased by 10.7%, and financial companies showed an increase in assets of 2.7%. This is reported by the National Bank of Ukraine, UNN reports.
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The latest quarterly review published by the National Bank of Ukraine notes positive dynamics in the non-banking financial sector in the fourth quarter of 2023. In particular, there was an increase in the volume of life insurance services and lending by financial companies. Despite this, the assets of other financial institutions and basic financial services declined, but the sector remained profitable.
In the insurance companies segment, risk insurers' assets remained stable, while life insurers' assets grew by 4% in the quarter and by 17% in the year. Life insurance premiums also grew significantly both in the quarter and over the year.
Credit unions recorded a slight increase in assets in the fourth quarter, but overall for the year they declined by 2%. Despite this, credit unions maintained moderate profits, relying on lower provisions for credit losses.
Financial companies also showed positive trends: financial companies' assets grew by 2.7% year-on-year, and lending increased by 10.7% in the fourth quarter, driven by new loans to businesses and households.
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As for pawnshops, their operations stagnated, but the segment also made a profit due to lower administrative expenses.