OREANDA-NEWS. June 10, 2010. In Q1 2010, gross premium written by Allianz ROSNO Life equaled 210 mln. roubles, thus overriding the same period of the previous year by 49%1. Insurance compensations equaled 28 million roubles2, reported the press-centre of ROSNO.

In the first 3 months of 2010, gross premium written in life insurance equaled 185 million roubles, demonstrating a 38% increase. Life insurance compensations paid to clients during the same period equaled 21 million roubles.

In accident insurance, gross premium written equaled 25 mln roubles. Insurance compensations equaled 7 million roubles.

At the end of Q1 2010, the company’s assets equaled 1,900 mln roubles, showing a 20% increase versus the end of the same period of 2009. Reserves of Allianz ROSNO Life reached 1,231 mln roubles. Equity is 571 million roubles. The company’s authorized capital is 111 million roubles.

Mr. Maxim Chernin, CEO of Allianz ROSNO Life, commented on the results of Q1 2010 as follows: "Allianz ROSNO Life increased its premium at the rate almost four times higher than the overall market growth rate3. This has become possible thanks to the business diversification strategy and our consistent work aimed at increasing efficiency of the company’s major business lines. A large contribution to the overall result has been traditionally made by our permanently growing agent network. We have also put certain effort to maintain the existing client portfolio, and in Q1 we achieved a high level of contract prolongation. In the corporate segment, where our company kept lower profile just several years ago, the year 2009 update of the corporate product line and our active work with potential corporate clients enabled us to grow premium collected several times. I also positively view the first results achieved through using the bank insurance channel — the premium collected in Q1 amounted to the same figure as the premium collected throughout the entire year 2009 — and it has to be noted that this result has been achieved primarily by selling accumulative life insurance products. The sales of life insurance products via ROSNO’s non-life sales network are also continuing to grow, owing to the use of special products and thanks to certain new technological solutions. An important role for company was played by its improving profitability and operating efficiency — the company’s nominal expenses in Q1 2010 turned out to be even lower than in the same period of the previous year".

1 In Q1 2009, gross premium written by Allianz ROSNO Life equalled 141 mln. roubles.
2 Under RAS, revised data.
3 According to FSSN, in the first 3 months of 2010, the life insurance market grew by 9.4%.