OREANDA-NEWS. June 16, 2011. In the first quarter of 2011 the insurance companies within SOGAZ Insurance Group collected a total of RUB 39.01 billion, a 16% growth year-on-year, with the total amount of insurance indemnity growing by 28% to RUB 18.52 billion.

The property insurance premiums grew by 31% to RUB 12.03 billion. Indemnity rose by 47% to RUB 2.01 billion. The personal insurance premiums (except for life insurance) collected by SOGAZ increased to RUB 13.05 billion (an increment of 3%), with indemnity amounting to RUB 3.96 billion, up by 36% against the previous year. The liability insurance premiums went down by 11% to RUB 915 million. The Group collected 13.02 billion (+19%) in compulsory medical insurance.

The total assets of the insurance companies within SOGAZ Group grew by 12% to RUB 113.37 billion against the first quarter of 2010. The Group’s insurance reserves rose by RUB 72.50 billion (+15%). Its aggregate capital increased by 17% to RUB 22.38 billion. The Group’s ROI in the first three months of 2011 was RUB 924 million (-2%). Its net profits were RUB 1.27 billion (according to the Russian Accounting Standards), or down by 50% year-on-year (RUB 2.54 billion).

“This considerable growth in property and voluntary personal insurance indemnity is due to the growth of our insurance portfolio last year, as premiums were mainly paid under contracts concluded earlier”, says Sergey Ivanov, Chairman of SOGAZ Management Board. “As for the nearly twofold decrease in profit, it is connected with the formation of a greater than usual outstanding claim reserve in one of the accounting groups. This deviation is temporary and technical in nature and will not affect the year-end profit. It is noteworthy that the profit according to IFRS remained almost unchanged. As in last year, it exceeded RUB 2 billion”.