OREANDA-NEWS. June 01, 2010. According to the results of Q1 2010, the total insurance fees received by OJSC SOGAZ, the principal member of SOGAZ Insurance Group, were RUB 22.01 billion. It beats the results of the same period of the last year by 35 percent. The total amount of insurance payments also increased by 3 percent and reached RUB 4.08 billion.

The fees received from property insurance brought the company RUB 9.11 billion, which is 70 percent more, compared to last year (RUB 5.4 billion). Payments dropped by 15 percent, from RUB 1.45 billion down to RUB 1.24 billion.

The insurance premium received from voluntary medical insurance (VMI) went up by 17 percent and reached RUB 11.31 billion (last year – RUB 9.67 billion). VMI insurance payments grew by 14 percent and made RUB 2.64 billion.

The liability insurance segment also saw a substantial increase in insurance fees collected by the company. Over the mentioned period, this type of insurance earned the company RUB 813 million - 22 percent more than last year. RUB 28 million was paid out, which is 18 percent less that last year.

In automobile insurance (against all risks) the company experienced a 12 percent drop – from RUB 649 million to RUB 573 million. Insurance payments out also went down by 28 percent and made RUB 344 million. Mandatory automobile  liability insurance (OSAGO) brought the company RUB 216 million (+27 percent) in earnings and RUB 127 million (+6 percent) in payments. In Q1 2010 the company asset value increased by more than RUB 18 billion and reached RUB 80.91 billion. It exceeded the result of Q1 2009 by 30 percent (RUB 62.35 billion). SOGAZ’s insurance reserves increased by 25 percent and reached RUB 53.68 billion. The company’s capital increased by 43 percent, up to RUB 16.21 billion. OJSC SOGAZ’s net profit earned in Q1 2010 increased more than twice and amounted to RUB 2.52 billion versus RUB 1.22 billion earned last year.