In the final quarter of 2023, the non-banking financial sector recorded positive growth, according to the National Bank of Ukraine. Insurance companies demonstrated stability, and insurance premiums grew by 22%. Credit unions and financial companies also showed positive trends, increasing their assets by 10.7% and 2.7%, respectively.

In its latest quarterly review, the NBU noted an increase in life insurance and lending by financial companies. Despite this, the assets of other financial institutions declined, but the sector remained profitable.

Stability in the insurance companies segment was reflected in the stability of risk insurers' assets. Assets of life insurers grew by 4% for the quarter and by 17% for the year. Life insurance premiums also increased significantly both in the quarter and during the year.

Credit unions showed a slight increase in assets in the fourth quarter, although the overall annual figure showed a 2% decrease. However, credit unions successfully maintained moderate profits due to lower loan loss provisions.

Financial companies also showed positive trends: financial company 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.