Ukraine’s non bank financial sector showed mixed but generally positive dynamics in 2025. The strongest growth was among insurers, which increased assets and substantially improved financial results. Financial companies exceeded pre war volumes of services for the first time since the full scale invasion.
In the fourth quarter of 2025, assets of non bank financial service providers rose 10.1% quarter on quarter, while year on year they decreased 0.2%. The share of institutions under National Bank supervision in total financial sector assets fell to 8.8% at the end of December, the lowest on record.
The insurance segment led results. Assets of non life insurers rose 8% for the quarter and 37.9% year on year, with the share of highly liquid assets reaching 85.1%. Life insurers’ assets increased 4.8% for the quarter and 14.8% year on year, and the share of highly liquid instruments in admissible assets reached 95%.
Premiums in non life insurance dipped 0.2% quarter on quarter but were 36.3% higher than in 2024. Life insurance premiums rose 13.9% for the quarter and 3.6% year on year.
Credit unions were more restrained: assets declined, with the loan portfolio down 5.4% quarter on quarter and 8.5% year on year. The non performing loan ratio remained near 30%. At the start of 2026 only one credit union breached capital adequacy ratios, and liquidity remained sufficient across the segment.
Financial companies were among the main drivers of recovery. Their assets grew 11.5% quarter on quarter, though still 7.1% lower year on year. The volume of services provided exceeded the 2021 level for the first time, while the credit portfolio grew 3.6% in the quarter and 41% over the year to a record. About 90% of financial companies ended 2025 with profit, and more than half of total profit came from the state eOselia operator Ukrfinzhytlo.
In 2026 the market will operate under new rules. The central bank published a list of 53 significant financial companies that must align with enhanced governance, planning and disclosure requirements by July 1, 2026. All non bank participants must also adapt to new information security rules, and from April 1, 2026 insurers will submit certain reports monthly instead of quarterly.
