The Oranta National Joint Stock Insurance Company was founded on 25 November 1921 and had been called Ukrderzhstrakh until 1993. In 1993 the Oranta National Joint Stock Insurance Company open joint stock company was established on the basis of Ukrderzhstrakh, with the state being represented among the founders by the State Property Fund of Ukraine. In 2007 the Oranta National Joint Stock Insurance Company became a private company, continuing to develop as the leader on the Ukrainian insurance market, improving its management system and introducing new business techniques. In its activities, the company is guided by a strategy aimed at increasing its share of the classical market while constantly expanding the range of its insurance products and raising the quality of its services for the clients.
Since 1994 Oranta is the full member of the Motor (Transport) Insurance Bureau of Ukraine, and since 2003 is the member of the Nuclear Insurance Pool. In September 2008 the Ukrainian Insurance Federation (UIF) was founded with the support of Oranta. The Federation united 14 insurance companies with the aim to promote transparent classical insurance in Ukraine, to ensure high level of insurance services rendered by members of the Federation, to integrate Ukrainian and European insurance markets, to protect the Federation members’ interests and to prevent unfair competitive activities. Oranta was one of the initiators and is the active member of the Federation.
In December, 2008 Oranta became a signatory of the United Nation’s Global Compact and publicly proclaimed its commitment to the principles of the responsible business. The company actively cooperates with the Ukrainian and international professional organizations in the sphere of corporate social responsibility. According to the independent rating results, Oranta gained the highest rate A+ among socially responsible companies. Oranta is a member in good standing of the American Chamber of Commerce and the European Business Association.
On April 17, 2009, the shareholders of Oranta National Joint-Stock Insurance Company have approved the decision to increase the company’s statutory capital by UAH 600 million. An additional share issue of Oranta has been conducted in order to strengthen the company’s financial condition and its market position. Such large scale share issue became an unprecedented event for the insurance market of Ukraine and clearly demonstrated the high level of the external support provided to Oranta by its shareholders. In general, over the past five years the statutory fund of Oranta increased more than 16 times and amounted to over 775 million Ukrainian hryvnia. The greater part of the funds obtained in a result of the share issue has been allocated by the management for the re-engineering of the business processes, further development of Oranta’s regional network, improvement of the customer service and IT-infrastructure.
Despite the difficult economic situation in the Ukrainian financial market and, in particular, in the insurance sector, Oranta maintained a leadership position, confirmed by a numerous public awards and titles. According to the results of the first half of 2009 Oranta has been
recognized as the best insurance company of Ukraine in five categories according to a poll of the international economic magazine EUROMONEY;
took the prize in the nomination "The most professional insurance company" of the annual financial rating carried out by the BUSINESS newspaper;
took the top position in the study "Financial navigator: classic voluntary vehicle insurance policy” and was named the best company providing this service;
According to the data of the Motor (Transport) Insurance Bureau of Ukraine, Oranta took the first place among the Ukrainian insurers according to the quantity of the civil liability compulsory insurance polices issued and according to the amount of the insurance payments.
On July 15, 2009, the First Deputy Chairman of the Board of Oranta, Mrs. Olena Bolotova has been named among the best top-managers of Ukraine according to the “TOP-100” rating project.
On September 14, 2009, Oranta took the top position in the fifth annual (Pi) Sustainability Rating of the Ukrainian insurance companies, conducted and published by the rating agency "Expert Rating".
According to the "Largest insurers of Ukraine" rating carried out by DELO newspaper, Oranta took the top position among 50 Ukrainian insurance companies in terms of the insurance premiums collected in the first half of 2009, and traditionally occupied the first place in the nomination "The leader of the civil liability compulsory insurance".
According to another specialized study of the corporate reputation - “The most respected companies of Ukraine in 2009" – conducted and published by the Reputation Capital Ukraine in December 2009, Oranta has been named among the top 20 best trusted companies among the domestic consumers.
In December 2009, Oranta traditionally took the top position in the ranking of the insurance companies, presented by the magazine "TOP-100: the largest companies in Ukraine", annually published by the EKONOMIKA publishing house.
The study "Needs, motivations and preferences of the insurance market employees in 2009”, conducted by the specialized website FORINSURER.com in December, 2009 for the “Strakhova sprava” (Insurance Business) magazine, marked Oranta among the top 20 most attractive insurance companies as the employers. Also, Oranta was once again recognized as the leader of the Ukrainian insurance market by the Incurance Top magazine according to the results of 2009.
On March 12, 2010 for the fourth time in a row Oranta was acknowledged as leader in two nominations of the International Festival-Contest “Choice of the Year”: “Property Insurance Company” and “Motor Transport Insurance Company”.
On March 20, 2010 the Head of the Supervisory Board of Oranta, Mr. Oleg Spilka has been named "The leader of the insurance market of the year" according to the decision of the academic board of the National program "Person of the Year".
On March 22, 2010 the rating agency Credit Rating recognized Oranta as the leader in the category "The most transparent insurance company" of the national competition "Leader of the insurance market of Ukraine’ 2009" by The BANKER magazine.
On March 31, 2010 the Credit-Rating independent rating agency confirmed Oranta’s long-term rating at the level uaA, based on the outcomes of Oranta’s complete financial statements analysis for 2009.
On May 20, 2010, during the honorary reception at the Cabinet of Ministers of Ukraine, Oranta has been awarded the medal “Business leaders: 10 years of the development” according to the findings of the TOP-100 research rating of the same name.
On June 21, 2010 RA Expert-Rating acknowledged Oranta as the most transparent company of the Ukrainian insurance market according to the results of the insurance sector research in 2009. The company was also awarded a diploma for the best Annual Report’ 2009 and the quality of the financial disclosure at the corporate website.
In 2010 Oranta’s management puts emphasis on increasing the property portfolio of the company in line with the planned growth of premiums in other market segments. The main innovation in 2010 will be introduction of versatile “shelf” products for all types of risk insurance. The first launch took place in February with the property insurance product.
In July 2010 Oranta launched a new project aimed at building a diversified network of cross-agents throughout Ukraine via online channel. As of today, Oranta’s agent network consists of more than 7,000 insurance agents. Overall, the company employs nearly 9,000 staff. A Collective Agreement between the staff and the management of Oranta was concluded in 2007. Oranta also actively collaborates with the trade union organizations.
In 2010 the company’s management puts another focus on the service improvement in the framework of the settlement of losses. In this regard, the regional bloc of the loss settlement is undertaking a complete restructuring through the transfer of the settlement function to outsource and the subsequent consolidation of the regional customer support. The assisting company Garant-Assistance is already providing service to Oranta’s customers in 39 regional service points throughout Ukraine. By the end of the year the network will extend to 5 more inter-regional service centers in the cities of over one million people, as well as to 20 provincial and 2 district centers for the customer support.
Overall, Oranta’s performance proves the successful and dynamic development of the company. The diversified structure of sales channels and the effective program of expenditure optimization allow the company to reduce the negative impact of the current economic environment and to maintain stable leadership position.
As a market leader Oranta is working hard to shorten the distance to its potential and permanent clients to be able to deliver the insurance services at its best and sees the company’s mission in providing the highest quality services in line with the principles of the socially-responsible business for the sustainable development of the market and the state.
