IFC to acquire 20% stakes in Kniazha and USG — its first investment in the insurance market
The International Finance Corporation is investing in the equity of two Ukrainian insurers — Knyazha and the Ukrainian Insurance Group (USG), acquiring 20% stakes in each company. This is IFC's first entry into Ukraine’s insurance sector.
By Oleg Bazylewicz
December 10, 2025 · 1 min read
The International Finance Corporation (IFC), a unit of the World Bank Group, is taking equity stakes in two Ukrainian insurance companies — Kniazha and the Ukrainian Insurance Group (USG).
Terms of the investment
IFC will acquire 20% of the shares in each of the mentioned companies. Both firms are among the top ten players on the Ukrainian market and belong to Vienna Insurance Group. The investment aims to support the companies' operations under wartime conditions and to expand access to insurance products.
Investments will help ensure continuity of business operations, broaden access to insurance products, and strengthen Ukraine's insurance market in the face of the Russian invasion
– IFC
This is the first time IFC has taken an equity stake in Ukrainian insurance firms.
Market position
Kniazha and USG are among the country's leading insurers and are part of an international insurance holding. The entry of the IFC changes the ownership structure in a segment where assets remain concentrated among a few large players.
Insurance market indicators
Over the past five years, the number of insurance companies in Ukraine has decreased by approximately 3.5 times, while the market's total assets have grown by 42%.
Governor of the National Bank Andriy Pyshnyi noted that in 2025 the share of insurance services in GDP began to increase after a prolonged decline; the penetration rate as of October 1 stood at 0.84% of GDP.
- At the start of 2025, the European Bank for Reconstruction and Development exited its stake in insurers ARX and Universal.
