Capital Management of the Insurance Company (a Case Study of PJSC IC «ASKO DS»)
Students Name: Volynets Pavlo Olehovych
Qualification Level: magister
Speciality: Finance, Banking and Insurance
Institute: Separated Structural Subdivision Educational and Research Institute of Spatial Planning and Advanced Technologies of Lviv Polytechnic National University
Mode of Study: full
Academic Year: 2025-2026 н.р.
Language of Defence: ukrainian
Abstract: The capital of an insurance company is a fundamental determinant of its financial stability, as it defines the limits of risk acceptance, the ability to meet insurance obligations and the overall resilience of the insurer in a volatile market environment. Contemporary capital management relies on a risk-based regulatory approach that focuses on the relationship between capital structure, risk exposure and solvency sustainability. Scientific literature emphasizes that efficient capital management requires not only ensuring capital adequacy but also optimising the balance between equity, attracted capital and insurance reserves to maintain operational stability and reduce vulnerability to external shocks. This thesis examines the financial and economic performance of ASKO DS Insurance Company, one of the key players in the Ukrainian insurance market. The analysis of financial statements for 2021-2024 reveals significant fluctuations in capital structure and asset composition, driven by macroeconomic instability and internal risk-management decisions. The company’s equity demonstrates pronounced volatility, including a substantial increase in 2024 attributable to changes in asset valuation and structural adjustments. The asset analysis indicates a gradual decline in fixed and intangible assets alongside an increase in liquid assets, reflecting a conservative resource management strategy under heightened uncertainty. Despite fluctuations in financial results, the company maintains its ability to generate profit in most reporting periods. Study object – the process of capital management in an insurance company. Scope of research – theoretical and applied aspects of capital formation, structuring and optimisation in risk-driven conditions. Goal of research – to substantiate theoretical foundations of capital management and to conduct an in-depth analysis of the capital management system of ASKO DS Insurance Company, identifying opportunities for its improvement.7 The thesis summarises modern approaches to capital structuring for insurance companies, assesses the dynamics of equity, assets and financial results of ASKO DS, identifies key factors influencing capital changes, performs a SWOT analysis and develops a forecast of capital indicators. Practical recommendations are proposed to improve capital management effectiveness through asset structure optimisation, enhancement of reserve policies and implementation of risk-based capital assessment tools. Keywords – insurance company capital, capital management, insurance reserves, financial stability, risk-based approach, insurance market. References: 1. Finansovi pokaznyky. askods.com. Retrieved September 28, 2025, from https://askods.com/ua/finansovye-pokazateli 2. Opeshko, N. S. (2019). Teoretychni aspekty vyznachennia ekonomichnoho kapitalu strakhovykh kompanii. Finansy, bankivska sprava, strakhuvannia, 14, 7-15. 3. Pavlenko, O. P. (2024). Formuvannia kapitalu ta optymizatsiia yoho struktury yak faktoru finansovoi stiikosti strakhovykh kompanii. In I. V. Andrushchak (Ed.), Innovatsiini tendentsii v ekonomitsi ta upravlinni (pp. 143-150). Boston: Primedia eLaunch. 4. Podra, O. P., & Petryshyn, N. Ya. (2020). Teoretyko-metodychni zasady upravlinnia ryzykamy strakhovykh kompanii. Menedzhment ta pidpryiemnytstvo v Ukraini, 2, 70-78.