AerCap’s Shannon-based subsidiary, Celestial Aviation Services, received a $501.5m (€404m) cash insurance settlement related to 14 leased aircraft during Russia’s invasion of Ukraine.
The insurance payout fully settled Celestial Aviation Services and its subsidiaries’ claims under Russian airline insurance policies.
Celestial Aviation Services, formerly GE Capital Aviation Services, recorded pre-tax profits of €6.8m in 2022, with reduced revenues of €227m.
The termination of leasing agreements with Russian airlines due to sanctions resulted in reduced revenues and operating cash flows for AerCap Holdings.
Operating profits for AerCap Holdings were $23.47m in the same year, affected by a loss on investments disposal and net interest payments.
The majority of AerCap’s revenues, 94pc or $224.18m, came from Europe. The company specialises in flight equipment leasing, asset management, and aircraft procurement and sales.
