Uzbek insurance company ups authorized capital by 25 percent
Uzbekistan, Tashkent, March 10 / Trend D. Azizov /
Uzagrosugurta State Joint-Stock Insurance Company, included in the top five largest insurance companies in Uzbekistan, increased its registered capital by 25 percent - up to 2.788 billion soums, the company said.
It was reported that the company's shareholders decided to increase authorized capital by 25 percent in August last year, transferring 557.5 million for these purposes, including 45.7 percent of net profit for 2010 (24.7 million soums) and 532 8 million sums - from undistributed profit of previous years, and increasing the nominal value of each share by 250 sums - up to 1,250 sums.
According to the shareholders' decision, the insurance company issued 2.21 million ordinary and 20,000 preferred shares worth 1,250 soums each.
Uzagrosugurta's biggest shareholders are the Finance Ministry - 75.8 percent in the share capital, the state association "Uzhlopkoprom" - 13.1 percent.
Uzagrosugurta was created in 1997 to provide services for comprehensive insurance of the companies in the Uzbek agricultural sector. The company provides services on more than 70 types of insurance through 13 regional directorates, 173 district and municipal offices, 20 subsidiaries operating throughout the territory of Uzbekistan and 426 offices in remote settlements.
"Uzagrosugurta" increased the collection of the premiums by 29.8 percent - to 37.5 billion soums in 2011, the volume of payments increased by 23.3 percent - to 5.74 billion soums.
At present 37 insurance companies are operating in the country. As many as 2 of them operate in life insurance, one is reinsurance company and 34 insurance companies operate in common insurance.
Besides these companies there are 3 insurance brokers in the insurance market, 2 actuarial organizations, 4 companies, rendering services of insurance assistance and 4 adjusting and survey organizations.
Uzbek insurance companies increased collection of premiums by 36.6 percent up to 231.6 billion soum in 2011 compared to 2010, the total amount of insurance payments on all types of insurance increased by 67 percent to 45.1 billion soums.