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Arsenal Insurance in 2024: Over 1 Billion UAH in Payouts and Rapid Digitalization
2024 was a landmark year for our company. Our main achievements were a new payout record, maintained financial stability, growth across every line of business, and the rollout of numerous digital projects.
For the first time in our company's history, insurance payouts crossed the 1 billion UAH mark, reaching 1.32 billion UAH — up 34% from 2023.
"In CASCO alone, we settled over 15,000 claims. Nearly 6,000 more came from other property and liability insurance products. In health insurance, our doctors handled over 800,000 requests. At the same time, we've kept our settlement speed high — for example, on high-volume CASCO claims we pay out in 3 days on average. Our commitment to clients is fast payouts, and we deliver on it," says Serhii Avdieiev, our Chairman of the Board.
Despite the growth in payout volume, the company continues to generate net profit and meet the NBU's solvency requirements.
"Our net profit for 2024 was 119.6 million UAH, even though last year alone we had to write off over 300 million UAH in the value of government securities due to restructuring. This didn't affect the company's solvency — our income keeps growing. We hold enough highly liquid assets to fully cover our insurance reserves. The company confidently meets all of the regulator's solvency and capitalization requirements," notes Dmytro Tymoshenko, CFO of Arsenal Insurance.
By year-end, we climbed one spot in the national ranking, landing in the top 6 Ukrainian insurers by gross premium volume. That volume crossed 3 billion UAH for the first time in our history, reaching 3.157 billion UAH — up 35.9% from 2023.
"We're growing across every line of business. In health insurance, for example, our premiums grew 51% last year, putting us in the top 8 in that market. In CASCO, we continue holding a solid top-3 position. Our goal is to reach a 20% CASCO market share in the coming years," says Serhii Avdieiev.
We continue to hold the #1 position by gross premiums across all non-life insurance lines in Dnipropetrovsk, Kharkiv, and Zaporizhzhia regions.
Digitalization remains our company's core focus. Our main achievement in this area for 2024 was launching an AI-based health insurance service. We built a mobile app where our health insurance clients can get an AI-generated diagnosis with 87% accuracy — matching that of an actual doctor.
"It's a full health insurance experience in your smartphone. In the Arsenal IC app, you can get a diagnosis, pick a hospital on the map, book a doctor, keep your full medical history, and manage your child's insurance," says Maryna Avdeyeva, Chair of the company's Supervisory Board. "We're also rolling out many other digital projects. Last year, for instance, we integrated a remote automated vehicle inspection service — also powered by AI. We're also developing our own IT platform, Business Arsenal, modernizing our website, and automating internal business processes so our clients get even better, faster service online."
"Heading into our 20th anniversary, we feel more confident than ever," says Serhii Avdieiev. "Our key marker of success is how satisfied our clients are with our service. By the end of 2024, our NPS stood at 91 — meaning 9 out of 10 clients recommend us to their friends. But that's no reason to sit back — we face plenty of challenges, there's room to grow, and the company needs to keep moving forward. Our goal is to grow market share and improve our service every day."
