OREANDA-NEWS. November 26, 2010. In the 9 months of 2010, gross premium written by Allianz ROSNO Life equalled 893.6 mln roubles, thus overriding the same period of the previous year by 86%1. Insurance compensations equalled 119 million roubles2, reported the press-centre of ROSNO.

In the 9 months of 2010, gross premium written in life insurance equalled 787.5 million roubles, demonstrating an 88% increase. Life insurance compensations paid to clients during the same period equalled 86 million roubles.

In accident insurance, the insurance premium written equalled 106.1 mln roubles, representing a 72% increase. Insurance compensations equalled 33 million roubles.

At the end of the 9-month period of 2010, the company’s assets equalled 2,390 mln roubles, showing a 74% increase versus the end of the same period of 2009. Reserves of Allianz ROSNO Life reached 1,699.7 mln roubles. Equity is 579 million roubles. The company’s authorized capital is 111 million roubles.

Mr. Maxim Chernin, CEO of Allianz ROSNO Life, commented on the results of the 9 months of 2010 as follows: "Looking at the market overall, we cannot but be pleased with the dynamics shown by all leading life insurers. We also feel positive about the government’s attention to our industry, which was much more intensive in the third quarter. In particular, the Ministry of Finance for the first time mentioned the possibility of introducing tax benefits, which serve as a major driver of growth in the European markets. Allianz ROSNO Life is actively involved in the operation of the VSS Life Insurance Development Committee, and we attach great importance to discussing and explaining the need for the forthcoming changes. In the 9 months of 2010, the market grew primarily due to the notable rise in credit insurance. This is clearly demonstrated by the growth shown by the companies specializing in credit bankassurance. In Q3, the partner channel of Allianz ROSNO Life also demonstrated excellent results, contributing to the company’s overall 86% premium increase. Speaking of development of this business line, the contribution made by our product innovations can hardly be overstated; this year, we launched several business lines totally new to the market. This was very instrumental in expanding cooperation with our partner banks, many of whom are the leaders of the banking industry. Good sales volumes are shown by our agent network — in part, due to the high level of prolongation of insurance contracts. In the corporate segment, Allianz ROSNO Life is keeping to its pace, attracting new corporate clients with the risk-based and accumulative insurance programs, both under direct contracts and via large brokers, the cooperation with whom is quite fruitful. We are certain that the fourth quarter will be no less successful both for our company and for the entire market, which, as we estimate, will show more than 25% growth in 2010".

1 In the 9 months of 2009, gross premium written by Allianz ROSNO Life equalled 480 mln roubles.
1 Under RAS.