In January-June 2024, “Insurance guarantees of Ukraine” PrJSC (SGU) collected UAH 1.4 million of gross premiums, which is 4 times more than a year earlier, according to the information of the rating agency “Expert Rating” on the confirmation of the insurer’s financial strength rating/credit rating on the national scale at the level of “uaAA” based on the results of work for 6 months. 2024.
At the same time, it is noted that in the first half of 2024, the volume of insurance payments and reimbursements made by the insurer amounted to UAH 0.1 million, and the level of payments increased to 7.11%.
The RA notes that during the reporting period, the company’s equity increased by 41.61% and amounted to UAH 54.87 million, mainly due to an increase in equity due to an increase in the amount of retained earnings in its structure as a result of profitable activities in the analyzed period.
During the same period, gross liabilities decreased by 94.53% to UAH 1.03 million. As of June 30, 2024, the amount of cash and cash equivalents on the accounts of “SGU” increased by 1.15% to UAH 47.55 million, the level of cash coverage of the insurer’s liabilities increased to 46.34%.
The company’s financial results improved significantly in the analyzed period. In particular, the insurer’s net profit for the first half of 2024 amounted to UAH 12.11 million, and operating profit – UAH 10.93 million, while in the same period of 2023, the company was unprofitable.
SGU was registered in November 2005. It has licenses for 15 types of insurance activities, including four for compulsory insurance and 11 for voluntary insurance.
