DIRECTIONS OF PROFITABILITY MANAGEMENT OF UKRAINIAN INSURANCE COMPANIES IN THE PROCESS OF MINIMISING RISKS AND ENSURING ECONOMIC SECURITY

The article considers various approaches to the definition of the concept of ‘profit of an insurance company. It is determined that profit is the main source of financial stability of a company, allowing it to expand insurance services, invest in development and improve its competitive position in the market. Rational profit management ensures the efficiency of insurance operations, minimization of risks and long-term stability of the company in a changing economic environment. The article proves that the functions of profit of insurance companies are: financial stability, reserve, investment, competitive, motivational, market expansion, social and innovative. The factors affecting the level of profitability of insurance companies include external and internal factors. External factors include the economic situation, legislative regulation of insurance companies, competition in the market, demographic and social factors, technological development, various catastrophes, the political situation in the country, and the level of public confidence in insurance. Internal factors include: effective risk management, pricing and tariff policy, quality of services, quality of investment activities, level of operating expenses; level of automation and digital technologies, marketing strategy, information transparency, staff qualifications, structure of the insurance portfolio of companies, corporate development strategy. Important strategic areas for increasing the profitability of Ukrainian insurance companies include: optimization of insurance products and adaptation to new realities; optimization of financial management and risk management; automation and digitalization of processes; optimization of operating costs; improvement of marketing strategy and expansion of the client base; establishment of international cooperation and attraction of external investments; increase of customer confidence and reputation of the company.