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.
Private JSC “Insurance Guarantees of Ukraine” (SGU) has collected UAH 350 th. of gross premiums in January-June 2023, that is by 23,4% more than in the same period a year earlier, follows from the information of rating agency “Expert Rating” on confirmation of insurer’s financial strength rating/credit rating on national scale at the level “uaAA” following the results of its work for the specified period.
It is noted that insignificant volumes of gross premiums of the insurer in the analyzed period, among other things, are connected with specialization of “SGU” in cargo insurance and with essential reduction of transportation of those in need of insurance due to attack of Russia and introduction of martial law in Ukraine.
The company did not make any payments during this period.
As of June 30, 2023 shareholders’ equity of the company has grown by 6,03% – up to UAH 38,75 mln, gross liabilities – by 17,74%, up to UAH 18,75 mln, that has led to decrease of equity/liabilities ratio by 22,82 p.p. to 206,63%. – to 206,63%. The volume of cash and cash equivalents has grown by 3,46% and has amounted to UAH 47,01 mln, and the level of cash coverage of the insurer’s liabilities has decreased by 34,62 p.p. to 250,68%. – To 250,68%.
“Consequently, as of the beginning of the second half of 2023 Private JSC “SGU” had a very high level of provision with highly liquid assets, the volume of which in 2,51 times exceeded gross liabilities of the insurer”, – stated in the message.
Following the results of the first half of 2023 the activity of Private JSC “SGU” was unprofitable: the insurer received net loss in the amount of UAH 1,399 mln (for 6 months of 2022 – UAH 665 thousand) and operating loss – UAH 2,165 mln (UAH 1,320 mln).
Private JSC “SGU” was registered in November, 2005. It has licenses for 15 types of insurance activities, including four licenses for compulsory insurance and 11 licenses for voluntary insurance.
