Agricultural major Astarta, the largest producer of sugar, engaged in buying out insurance companies in addition to its agricultural assets. Astarta bought 100% shares of PJSC Ukrainian Agrarian Insurance Company for USD 351K, according to the financial report of Astarta for January ─ September, 2017.
The insurance company Ukrainian Agrarian Insurance Company was established in 1995. It was one of four Ukrainian insurance companies that founded Agrarian Insurance Pool.
The insurance company posted a net profit of UAH 10mln in 2016, compared to a net loss of UAH 33mln in 2015. The company's assets amounted to UAH 58mln, while its equity grew by 25% y/y to UAH 51mln for the reporting period.
Notably, Astarta also made an advance payment of UAH 50K over the purchase agreements for two agricultural companies LLC JV Agro-Ka Poltava and LLC Zlagoda Plus, according to the report. Both transactions are expected to be completed before the end of this year.
Astarta arrived at EUR 74mln in net profits for the first nine months of 2017, 6% down y/y.