OREANDA-NEWS. June 27, 2008. Annual general meeting of OJSC SOGAZ shareholders took place on Wednesday, June 25, 2008 in Moscow.

Chairman of the Board of OJSC SOGAZ Vadim Yanov presented the report on the results of the company’s insurance activity in 2007 and objectives for 2008. The report said, in particular, that the growth rate of insurance premiums for all types of insurance represented in the company’s portfolio has remained rather high, and materially exceeds the market average. With 19% of market growth, the accrued premium of the company increased by 28% and amounted to RUR 30 billion last year. Liability insurance demonstrates the biggest increase of over 44%, which almost twice exceeds the growth rate in this market segment. In 2007, the company concluded 676,000 contracts for RUR 13.8 trillion. According to financial statements of SOGAZ, the company achieved positive financial results in 2007. Profit before taxation amounted to RUR 3.5 billion, while net profit increased by 28% and totaled RUR 2.6 billion.

The shareholders of SOGAZ elected a new Board of Directors composed of seven members. Aleksey Miller, Chairman of Gazprom, was elected Chairman of the Board. The new Board also comprises Nikolay Dubik (Member of the Board – Head of Legal Department of Gazprom), Mikhail Klishin (First Deputy Chairman of the BOD of OJSC Bank Rossiya), Sergey Kolesnikov (Vice-President of Petromed Holding), Andrey Kruglov (Deputy Chairman of the Board of Directors – Head of Corporate Finance Department of Gazprom), Dmitry Lebedev (Chairman of the Board of Directors of OJSC Bank Rossiya), and Vadim Yanov (Chairman of the Board of Directors of SOGAZ).

The shareholders elected the Audit Commission, adopted the 2007 Annual Report, the Balance Sheet, including the Profit and Loss Statement. It was resolved to pay RUR 607.8 million (23% of net profit) as dividend to the shareholders. Dividends withholding tax will amount to RUR 65 per ordinary share. 5% of net profit earned by SOGAZ in 2007 will be allocated to reserve capital. It was resolved to leave the remaining profit at the disposal of the company.

PricewaterhouseCoopers was elected the company’s auditor for 2008.

Besides, the shareholders approved the company’s participation in non-profit organizations Environmental Insurance Association, National Association of Agriculture Insurers, and the Russian-German Forum Association.

The SOGAZ Insurance Group comprises the following companies: OJSC SOGAZ, Neftepolis Insuran