OREANDA-NEWS. November 15, 2010. According to the preliminary data for the 9 months of 2010 the INGO Group consolidated net profit was 2.1 bln rubles in accordance with international financial reporting standard (IFRS) according to the international financial reporting standard (IFRS).

Selective approach towards risk-taking, which resulted in vehicle insurance, medical insurance and some other insurance types tariffs increase, allowed to increase profitability of insurance operations. Thus, in comparison with the similar period of the last year the loss ratio ** decreased by more than 4.5 points to 64.5% and the combined ratio decreased by 1.9 points to 98.7%.

Professional investment assets management with regard to the conservative policy, aimed, first of all, at the assets reservation and their increased liquidity, made it possible to gain the investment income of 2.6 bln rubles, which is objectively less than the income of the relevant period of the past yeat, characterized by much higher incomes in the entire market, corresponding to the V-type finance market recovery after the crisis of 2008. Balanced policy of payouts and effective assets management allowed retaining the operating ratio, indicating the insurance and investment activity results at the level of 90%. 

Taking into account the selective approach towards risk-taking the consolidated insurance premiums for INGO companies - Ingosstrakh OJSIC (Russia), INGO Ukraine (Ukraine), IngoNord (Finland), Belingostrakh (Republic of Belarus), INGO Armenia (Republic of Armenia), Kyrgyzinstrakh (Kyrgyz Republic), INGO Uzbekistan (Uzbekistan), IC Ingosstrakh-Life (Russia), Emergency Insurance Company OJSC (Russia), Ingosstrakh ONDD Credit Insurance LLC (Russia), INGO Ukraine-Life (Ukraine) JSIC - according to the preliminary data for the 9 months of 2010 make 36.5 bln rubles.

Most of the consolidated insurance premium for INGO companies is formed by Ingosstrakh’s premium – 92%. 56% of Ingosstrakh’s insurance portfolio for the 9 months of 2010 consist of motor vehicle and car owner’s liability insurance; 16% - property insurance against fire and related risks; 13% - personal insurance; 6% - aviation insurance, 9% - other insurance risks.

Indemnity paid to INGO companies during the accounting period amounted to 22.5 bln rubles.

The group’s consolidated assets as of November 1, 2010 were 73.2 bln rubles, against 72.6 bln rubles at the end of 2009 (increase by 1%); insurance reserves increased to 44.4 bln rubles from 43.7 bln rubles at the end of 2009, INGO  Group capital amounted to 19.9 bln rubles. (10% growth as compared to 2009).