OREANDA-NEWS. September 28, 2010. According to the statistical report, the total fees collected by insurance companies of the SOGAZ Insurance Group (OJSC SOGAZ, LLC Insurance Company SOGAZ-ZHIZN, OJSC Insurance Company SOGAZ-Med, LLC Insurance Company SOGAZ-AGRO, OJSC Insurance Company SOGAZ-SHEKSNA, OJSC Medical Insurance Company Sheksna-M) for the first six months of 2010 amounted to RUB 55.12 billion, 24% up from the same period last year. The total amount of the Group's insurance payments is up 17% and amounts to RUB 32.87 billion.

The greatest rise in fees came in the property insurance sector. Insurance premium received from property insurance during the reporting period reached RUB 14.49 billion, up 37%. Insurance fees in voluntary health insurance reached RUB 13.56 billion, up 11%. Obligatory health insurance fees increased 24% (reaching RUB 23.37 billion).

The total asset value of insurance companies in SOGAZ Group increased to RUB 101.15 billion during the first six months of 2010. Net profit of the Group according to Russian Accounting Standards increased to RUB 3.91 billion, 21% up from the same period last year.

"During the first six month SOGAZ received a record profit on the market, confirming in a most assuring way that the development strategy chosen by SOGAZ is correct", says Vadim Yanov, President of SOGAZ Insurance Group. "We never chased questionable, short-term profits and did not take part in the dumping frenzy which engulfed the market since the onset of the crisis. A balanced insurance portfolio, reasonable underwriting and reinsurance policies, as well as a moderately conservative approach to investment allowed us to demonstrate stable growth and good financial results."