OREANDA-NEWS. April 14, 2014. The company boosted its net premiums from RUB 1.1 billion rising five times to RUB 5.2 billion. The best performing segment was accident and sickness insurance with premiums up 11x to RUB 3.6 billion.

Premiums from the job loss insurance segment doubled to RUB 286.6 million. In thecar insurance segment, net premiums grew 40% to RUB 229 million, while in voluntary health insurance and foreign travel insurance, net premiums increased by 19% to RUB 582.5 million. Insurance underwriting loss totalled RUB 747 million in 2013.

Thus, Otkritie Insurance became a TOP-30 Russian insurer in terms of total income from insurance premiums  in 2013, jumping 42 places and ranking number 29th, according to the Bank of Russia’s Service for Financial Markets.

Otkritie Insurance improved its position in the personal insurance market (excluding life insurance) by 22 places, ranking 12th overall. In the accident and sickness insurance segment, Otkritie now ranks among the TOP-10, up 35 places.

In 2013, the National Rating Agency upgraded Otkritie Insurance’s credit rating to ‘A’ (high reliability, tier 2) while AK&M Rating Agency assigned the company the highest loyalty index of 1,000. In 2013, the company increased its regulatory capital from RUB 650 million to RUB 1,100 million.

“Our strong performance in 2013 confirms that we have chosen the right strategy. We have laid a solid foundation for the future by building up a full-service insurance business with a broad product range and a multi-channel distribution system. Now we are on track to achieve our ambitious targets for strengthening our market position, improving our product quality and operational efficiency”, says Elena Belousenko, Otkritie Insurance CEO.