In January-September 2022, PJSC Insurance Guarantees of Ukraine (SGU) collected UAH 339,000 of gross premiums, which is 92.8% less than in the same period in 2021, follows from the information of the Expert Rating rating agency on confirmation financial strength rating of the insurer/credit rating on the national scale at the level of “uaAA” based on the results of its work for the specified response period.
At the same time, it is noted that the decrease in the insurer’s gross premiums in the analyzed period of 2022, among other things, is associated with the specialization of PJSC “SGU” in cargo insurance and with a significant reduction in the transportation of those in need of insurance due to the Russian attack and the introduction of martial law in Ukraine.
As of September 30, 2022, the company’s equity increased by 0.24% to UAH 37.47 million, while its gross liabilities increased by 17.66% to UAH 19.09 million. As a result, there was a decrease in the ratio between equity and liabilities by 34.13 percentage points. up to 196.31%.
The volume of cash and cash equivalents on SGU accounts amounted to UAH 50.03 million, and the level of cash coverage of the insurer’s obligations decreased by 20.23 percentage points. up to 262.15%.
The company’s financial results for the first nine months of 2022 improved compared to the same period in 2021. In particular, for the first three quarters of 2022, the insurer received a net profit of UAH 0.26 million compared to a loss for the nine months of 2021, and the amount of damage from operating activities also decreased.
The RA notes that, according to the reporting provided by the insurer, as of September 30, 2022, the company complied with the criteria and standards established by law for solvency and capital adequacy, liquidity, profitability, asset quality and riskiness of the insurer’s operations.
PrJSC “SGU” was registered in November 2005. It has licenses to carry out 15 types of insurance activities, including four – for the implementation of compulsory types of insurance, 11 – voluntary insurance.
