By KYIV. Oct 28 (Interfax-Ukraine) – Guardian Insurance Company (Kyiv) in January-September 2022 collected UAH 629.3 million of gross insurance premiums, which is 23.16% more than in the same period a year earlier, Expert-Rating reported in information on updating the financial strength rating of the insurer at the level of "uaAA" on the national scale.
According to the agency’s website, it made the relevant decision based on the results of an analysis of the insurer’s activities for the nine months of 2022.
The insurer’s net premiums for this period increased by 24.75%, to UAH 574.41 million.
It is also noted that the company paid UAH 111.857 million for the reporting period, which is 6.74% more than in the same period a year earlier. The level of payments following the results of nine months decreased by 2.73 percentage points, to 17.78%.
The equity capital of Guardian from September 30, 2021 to the same date of the current year increased by 51.79% and amounted to UAH 210.728 million. The volume of cash and cash equivalents on the accounts of Guardian increased 2.51 times, to UAH 200 million, and the level of cash coverage of liabilities showed an increase of 18.29 percentage points, to 44.92%. At the same time, the rating agency notes that as of September 30, 2022, the insurer formed a portfolio of current financial investments in the amount of UAH 81.616 million, which consisted entirely of government bonds, which had a positive effect on its provision with liquid assets, which together covered 63.25% of the insurer’s liabilities.
According to the report, the company’s activity in the period under review was profitable. In particular, operating profit for the nine months of 2022 increased by 39.66% compared to the same period in 2021, to UAH 45.1 million, while the company’s net profit increased 3.35 times, to UAH 61.9 million.
According to the reporting provided by the insurer, as of September 30, 2022, Guardian complied with the criteria and standards of solvency and sufficiency established by law.
Guardian is a member of the presidium of the League of Insurance Organizations of Ukraine. Since January 2020, it has received the status of a full member of the MTIBU, has the right to implement Green Card policies.
