OREANDA-NEWS. February 17, 2011. In accordance with Allianz’s global strategy of standardizing the financial reporting of all Group companies, IC ROSNO has completed its transition to the new software system, SAP. The system is supported and is serviced by Allianz’s corporate operations centre based in Slovakia (ABS), reported the press-centre of ROSNO.

The global strategy of ROSNO’s shareholder, an international financial and insurance conglomerate Allianz SE, aims to simplify and standardize business processes, secure operational transparency of all subsidiaries, as well as guarantee financial reliability and stability of the entire Group. To this end, a decision was made to perform a stage-by-stage transition of the companies based in Central and Eastern Europe to the unified financial system (SAP) in respect of preparing financial reports under the national and international financial reporting standards. To achieve this purpose, in February 2006, an operations centre was established in Slovakia — Allianz Business Service Centre (ABS) — rendering financial and controlling services to the companies based in Central and Eastern Europe. Presently, ABS services Allianz companies in Poland, Romania, Croatia, Czech Republic, Bulgaria, Hungary, Slovakia, and Russia.

"IC ROSNO has become the first insurance company in the Russian market to not only implement SAP, but also use SAP to account receipts and make payments", explains Mr. Stefan Schmid, Deputy COO. "The transition to the new financial platform was performed within the extremely short time period — just nine months. In Russia, SAP’s commercial operation was launched first by Allianz ROSNO Life and later by IC ROSNO. Together with the SAP platform, two additional modules for managing investment and insurance operations were launched".

According to Ms. Olga Krymova, Chief Financial Officer of IC ROSNO, "presently, ROSNO is serviced by ABS in two aspects: entering basic financial documents into SAP and preparing the company’s financial statements for the shareholder. The integration of this new system involved certain innovative solutions, such as, for example, the simultaneous issuance of RAS and IFRS accounts, tax reporting, investment accounting, etc. Along with making our reporting and financial system fully compliant with the shareholder’s requirements, the SAP integration has enabled us to enter a whole new level of business transparency, improve the quality of data contained in the financial statements, and get rid of the costs borne by the company due to supporting several IT systems at once".

IC ROSNO has been consistently pursuing the policy of transparency and openness for its clients, business partners, and shareholders. In 2006, the company became the first Russian insurer to publish its performance results under the international financial reporting standards (IFRS). The quarterly IFRS statements enable proper evaluation of the company’s operations and performance results, and its stability.