OREANDA-NEWS. On March 30, 2009 Additional share issue of ASKA insurance company has been completed. The corresponding decision was made by shareholders at the end of 2008, reported the press-centre of SCM.

The emission raised the authorized stock of ASKA by UAH 30m to UAH 174.6m.

Given instable financial situation in Ukraine, the shareholders decided to allocate the funds received as a result of the authorized stock increase, on improving liquidity of company's assets.

President of ASKA Aleksandr Sosis commented to the decision of shareholders: "The crisis in banking has affected insurers much. The primary problem is that they keep their insurance reserves chiefly on bank deposits. Therefore, any delays in repayment of deposited funds can hit the customers of insurances. Amid economic instability and related panic expectations of customers, saving on payments would be an extremely bad idea for insurance companies. Unreasonable denials and delaying payments may undermine the trust not only to a specific insurance company, but also to the insurance in general. For this reason, АSКА is enhancing liquidity of our assets. We meet our obligations on time and in full. We also strive to ensure that no shocks in the financial market can affect this".

Ilya Arkhipov, ASKA Supervisory Board Chairman and Director of Business Development of SCM, said in turn: "SCM's top priorities include ensuring liquidity of the Group and careful observation of all undertaken obligations - obligations to employees, partners, loaners and consumers. Insurance business has been and remains a strategic area of investment for SCM. We are interested in smooth and effective operation of ASKA especially since it has the required resources and support of shareholders. On the part of SCM, the support is expressed, firstly, in our commitment to investing in further development of the company".

"I am positive that effective development strategy, a professional management team and the support of shareholders will help АSКА retain and improve positions in the Ukrainian insurance market. This objective has been set to senior management of the company", added Mr Arkhipov.
Leaders of АSКА believe that it can adapt to new operation conditions. In particular, Aleksandr Sosis described the changes in the marketing policy of ASKA as follows: "Marketing channels are being rapidly cut.

The first here are insurance in car dealers, in consumer and mortgage lending. At the same time, insurance is a very important guarantee tool for ordinary Ukrainians during financial instability. Many people thinking that they belong to the middle-class and having achieved a certain welfare level can’t afford losing what they've earned.

The higher interest of individuals to insurance is evident therefore; ASKA will relocate its major efforts onto this market segment. We've developed programmes to insure personal property, cars, life and health of citizens. The programmes combine a high level of service, especially on the stage of loss settlement, and a reasonable price.

We will never dare to dump through a high-risk price policy, especially in high-loss insurance types. This might result in problems with observing the undertaken obligations. So, we prefer to win favour of customers in another way: service, quality staff and, most importantly, timely and careful fulfilment of undertaken obligations. This is the keystone to our business viability", said President of ASKA.