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Posted On

02
March
2023

Guardian insurer increases gross premiums by 37.4%, net ones by 40.2% in 2022

KYIV. March 2 (Interfax-Ukraine) – The Guardian Insurance Company (Kyiv) collected UAH 922.8 million in gross insurance premiums in 2022, which is 37.4% more than in 2021, the Expert Rating rating agency reported in information on updating the financial strength rating of the insurer at the level of “uaAA” on the national scale based on the results of the analysis of its activities for the specified period.

At the same time, it is noted that the company’s net premiums for the reporting period increased by 40.23%, to UAH 855.98 million. At the same time, the top three types of insurance in terms of premiums in 2022 include Green Card (46.5% of the total amount of insurance premiums), OSAGO (32.1%) and medical expenses insurance (10.2%).

The volume of payments made by the company last year amounted to UAH 169.2 million (16.1% up), the level of payments for the year decreased by 3.37 percentage points compared to 2021 and amounted to 18.33%.

Net profit for 2022 decreased by 54.32%, to UAH 13 million. At the same time, the financial result from the operating activities of the insurer turned out to be negative.

As of December 31, 2022, the insurer’s equity capital increased by 64.63% and amounted to UAH 245.03 million. The growth of the insurer’s own capital occurred due to the increase in the volume of retained earnings and capital in the additional estimates in its structure, which over the analyzed period increased by 35.69% and almost 6 times, respectively.

The company’s gross liabilities for 2022 increased by 69.18%, to UAH 541.70 million, the amount of cash and cash equivalents on the company’s accounts almost tripled, to UAH 249.1 million, and the level of cash coverage of the obligations of Guardian increased by 19.73 percentage points, to 45.98%.

At the same time, the agency notes that as of December 31 last year, the insurer formed a portfolio of current financial investments in the amount of UAH 81.616 million, which consisted entirely of government bonds, which are considered liquid instruments with a low level of credit risk.