Uzbek insurer retains 95 percent of 2009 net income

Business Materials 6 July 2010 15:42 (UTC +04:00)

Uzbekistan, Tashkent, July 6 / Trend D.Azizov /

The CJSC Ingo-Uzbekistan, which subsidiary of the Russian Ingosstrakh, retained 95 percent of its net income for 2009, the company said in a statement.

As earlier reported, the company's net income fell from 2.009 billion soums in 2008 to 1.179 billion soums in 2009.

The company directed 5 percent of net income for 2009 or 58.984 million soums to form reserve fund of the enterprise.

Other part of net income for 1.12 billion soums, shareholders retained till next meeting of shareholders.

The company said its assets have increased from 7.972 billion soum in 2008 to 12.209 bilion soum in 2009. The volume of collected insurance premiums was 13.7 billion soum.

The company's total revenues increased 15.3 percent to 4.15 billion soum in 2009. Revenues from insurance operations amounted to 62.13 percent and revenues from investing and financing activities hit 37.87 percent.

The company's expenses increased by 56.5 percent to 2.16 billion soum.

The company's aggregate capital reached 6.55 billion soum in 2009. The share of undistributed income in own capital was 18 percent. Its investment portfolio reached 7.79 billion soum.

The company's insurance reserves increased from 3.075 billion soum in 2008 to 6.879 billion soum in 2009. Current assets rose from 1.815 billion to 4.224 billion soum.

The Ingosstrakh open insurance joint stock company concluded a contract on the acquisition of a 76-percent share of the authorized capital of the Uzbek SK Standard Insurance Group in April 2008. The company's founders decided to convert SK into a closed joint stock company in August.

Uzbekistan Airways and the Bukhara Oil Refinery are the founders of Ingo-Uzbekistan.

Ingo-Uzbekistan has a license from the Uzbek State Supervisory Commission to issue 17 types of insurance.

The country has 32 insurance companies, including two life insurance and one reinsurance company, three insurance brokers, one actuarial organization, four companies providing insurance assistance, and four survey organizations.

The official exchange rate is 1597.71 soums to $1 May 17.

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