OREANDA-NEWS. November 12, 2010. The financial statements of OJSC Transsiberian Reinsurance Corporation prepared by Russian Accounting Standards (RAS) on the basis of the results of three Quarters 2010 were handed over to the tax authorities. According to data of the income statement, "Transsib Re" collected RUR 536.7 mln of Gross Premium Income for 9 months of current year. The total volume of paid losses of Corporation under treaties accepted under reinsurance for three Quarters of 2010 amounted to RUR 345.6 mln.

According to the data of “No.2-Insurer” form the volume of net-reinsurance for 9 months of current year amounted to RUR 407.9 mln. The Equity of Transsiberian Re at the end of 3d Quarter exceeded the index at the beginning of current year and amounted to RUR 377.7 mln. Moreover the chartered capital consists less than 50% from that amount; the rest of the amount includes retained profit of past years and capital surplus and reserve capital.

The qualitative improvement of structure of Transsiberian Re investments is continued. According to the results of 9 months of current year the most liquid assets – deposits and cash accounts amounts to 27% of total assets. Daily meticulous work with contractors allows Transsiberian Re to have very low accounts receivable under reinsurance contracts for the reinsurer with a large portfolio of obligatory treaties. According to the results of three Quarters 2010 it accounts for 16,4% of total assets (previous year – 15,1%).

The major factor characterizing successful development of Transsiberian Re for 2010 is the balance sheet profit. As a result of 9 months, profit before taxes accounted for RUR 17.4 mln, net profit accounted for RUR 15.9 mln.