The KazakhExport EIC JSC received 2.2 billion tenge of net profit in 2022
According to the audited data for 2022, the KazakhExport Export Insurance Company JSC received a net profit of 2 billion 272 million tenge, which is 13% higher than the result of 2021.
The growth in income is due to an increase in the operating activities efficiency, as well as the work done to stimulate the development of non-resource exports through financial and insurance support for export-oriented enterprises in the country.
Thus, over the year, the Company's assets increased from 139.4 billion tenge to 149.8 billion tenge, of which equity capital amounted to 113 billion tenge, liabilities - 36.8 billion tenge.
The volume of support for the Kazakh exporters of the manufacturing sector increased by 27% compared to the previous year and reached a record value for the Company in the amount of 259.1 billion tenge (204.7 billion tenge in 2021).
The volume of provided pre-export and export-trade financing is 20 billion tenge, which is 43% higher than the planned value.
In 2022, support was provided to 80 exporters, including 21 new exporters who have established trade relations with more than 500 foreign importers.
The volume of additional funds raised from financial institutions under the insurance coverage of the KazakhExport to support exports amounted to 166.2 billion tenge.
In the past year, the Company continued to develop and strengthen cooperation with foreign partners, including export credit agencies, commercial insurers and international organizations.
In particular, agreements were signed with the backbone financial institutions of Uzbekistan and Tajikistan on stimulating demand for imports of goods and services from Kazakhstan with the attraction of financing under a letter of credit, with Iran in the field of guarantees and insurance of export credits and investments, with Kyrgyzstan within the framework of reinsurance.
Obligatory reinsurance agreements with one of the largest reinsurance companies in the world – the Swiss Reinsurance Company and the Saudi Export Credit Agency ICIEC. Liabilities under facultative reinsurance contracts were transferred to ICIEC, MS Amlin Syndicate 2001 and Talbot Syndicate 1183 at Lloyd's.
In 2023, the KazakhExport will continue its main activities to support the Kazakh exporters of the manufacturing sector, implement sectoral measures for legislative improvement and present the KazakhExport as a single operator for the promotion of non-commodity exports.
Reference:
The KazakhExport EIC JSC is a subsidiary of the Baiterek NMH JSC. The main task of the Company is to support domestic non-commodity exporters through various financial instruments.
