OREANDA-NEWS. On 10 June 2009 was announced, that according to the preliminary data, the total amount of insurance fees collected by SOGAZ Group’s insurance companies, such as OJSC SOGAZ, OJSC SOGAZ-Med Insurance Company, LLC SOGAZ-Agro Insurance Company and LLC IC SOGAZ-Life, in the first three months of 2009 was equal to RUR 24.7 billion which is a 20% increase year on year (RUR 20.6 billion in 2008). The total amount of insurance payments increased by 26% and amounted to RUR 11.2 billion (in Q1 2008 this amount was RUR 8.9 billion). The Group members’ net profit in the first three months of 2009 amounted to RUR 876 million.

The insurance fees collected by OJSC SOZAZ, the key member of the Group, increased by 14% and amounted to RUR 16.4 billion. The total amount of premiums collected by the company on voluntary types of insurance (except life insurance) for the reporting period was RUR 16.2 billion, and this amount also exceeds the previous year’s figure by 14%. The greatest rate of fee growth was shown in voluntary health insurance – 41% (up to RUR 9.7 billion vs. RUR 6.9 billion in the first quarter of 2008). Property insurance fees increased by 10% and amounted to RUR 5.4 billion, while liability insurance fees grew by 28% (up to RUR 835 million).  Personal insurance fees (except life insurance) collected by OJSC SOGAZ amounted to RUR 10.2 billion (15% growth). The total amount of payments by OJSC SOGAZ in the accounting period grew by 23%, up to RUR 4.0 billion.

SOGAZ Group’s contributions for compulsory health insurance amounted to RUR 8.1 billion (40% more than the amount collected in the first three months of 2008). The amount of payments was RUR 7.2 billion (34% growth).

According to the results of the I quarter of 2009, the assets of SOGAZ Group members grew by 29% as compared to the same period of 2008 and amounted to RUR 77.2 billion.  The Group’s actuarial reserves increased to RUR 55.2 billion (33%). The equity capital grew by 18% and amounted to RUR 12.7 billion (without regard to intra-group elimination).

“Financial status of our clients remains generally stable, and this has helped us retain acceptable rates of growth”, said Vadim Yanov, Chairman of the Management Board of SOGAZ Insurance Group. “Fee targets were hit in all types of insurance except compulsory civil liability motor-vehicle insurance. However, this segment has never been our priority.”