Photo: depositphotos.com

On July 17, the National Bank of Ukraine (NBU) revoked the license of the insurance company Kredo due to its non-transparent ownership structure, the NBU’s press service reported.

Kredo has nearly two dozen co-owners, each holding between 0.7% and 10% of the company. This structure is often used by financial institutions to circumvent regulatory approval, the NBU explained.

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The decision was based on the Law of Ukraine "On Insurance" and took effect on July 17, 2025, the date it was officially published.

As a result, the company is now prohibited from signing new insurance contracts or extending existing ones.

The NBU has appointed a temporary administrator to manage the company’s liabilities. The previous management team, led by CEO Viktor Kryvtsun, has been suspended.

Kredo is also barred from conducting any expenditure transactions, except those necessary for the functioning of the interim administration. Any transactions involving the company’s assets are likewise prohibited.

  • Founded in 1992 in Zaporizhzhia, Kredo Insurance was one of the first private players in Ukraine’s insurance market.
  • According to Kredo's latest financial statements, in the first quarter of 2025, the company collected UAH 43 million in insurance premiums. Its total assets stood at UAH 235.4 million, and insurance reserves amounted to UAH 96.5 million. Kredo’s market share by insurance premiums was 0.3%.