Uzbek ALSKOM insurance company to pay dividends for 2011 at 14 percent of annual income
Uzbekistan, Tashkent, April 26 / Trend D. Azizov /
The insurance company ALSKOM, which is among the top ten largest insurance companies in Uzbekistan, will pay dividends for 2011 in the amount of 140 soums for each ordinary, and 800 soums - per privileged share, the company told Trend on Thursday.
In 2010 the company paid dividends at the rate of 80.81 soums each ordinary, and 800 - for each privileged share par value of 1,000 soums each.
According to the decision of the shareholders, the company will direct to pay dividends 539.73 million soums of the total net profit for 2011 of 622.077 million soums. Of these 20 million sums will be paid on privileged shares and 519.73 million soums - on ordinary shares. The total number of shares for which income accrued, is 3,712,358 ordinary and 25,000 privileged shares.
The rest of the net profit (82.35 million soums) and part of the retained earnings of previous years amounting to 112.82 million soums is allocated according to the decision of the shareholders, as follows: 93.92 million soums - on the remuneration of members of the Supervisory Board, Audit Committee and employees, 31.1 million soums - to the reserve fund, 62.21 million sums - to form an insurance fund and 7.93 million sums - to form a fund of labor protection.
The shareholders also agreed to issue additional shares totaling one billion soums, planning to increase its authorized capital by 26.8 per cent - up to 4.737 billion soums. It is planned to place one million shares of common stock par value of 1,000 soums each. The securities will be placed by public subscription.
ALSKOM Insurance Company was established in 1996. Its shareholders are enterprises of the Uzbek Agency for Communication and Information, National Export-Import Insurance Uzbekinvest company, banks of Alokabank and Hamkorbank, Insurance Company Accord (Russia), investment companies Eastinvestor Ltd., Diamond Age Russian Investments Ltd. , Bluecourt Investments LLP, Ansher Investments LLP and individuals.
According to the company's annual report, in 2011 insurance company collected 9.7 billion soums of insurance premiums (an increase by 1.4 times compared to 2010), including 6.5 billion soums for voluntary insurance and 3.2 billion soums - for compulsory insurance. The total amount of insurance payments grew by 51.2 percent - up to 838.9 million soums.
Share of the company in the market in 2011 was 4.2 percent against 4.1 percent a year earlier.
Total revenues of the company in 2011 totaled 7.3 billion soums, of which about 6.8 billion soums - from insurance and 511.5 million soums - from financial activities.
The company's assets have grown by 1.3 times - up to 13.87 billion soums, including long-term - by 42 percent, to 9.66 billion soums, current - by 8.6 percent to 4.22 billion soums. Insurance reserves increased by almost 1.6 times - 6.85 billion soums, the liabilities - by 18.3 percent, to 523.28 million soums. Equity capital of ALSKOM at the beginning of 2012 amounted to 6.5 billion soums against 5.94 billion soums in the previous year (an increase of 9.4 per cent).
At the present time there are 37 insurance companies in the country, two of them - in the life insurance industry, one reinsurance company and 34 insurers - in general insurance. In 2011, insurance companies in Uzbekistan increased premiums by 36.6 percent compared to 2010 - up to 231.6 billion soums, the total amount of insurance payments on all types of insurance rose by 67 percent - to 45.1 billion soums.
The official exchange rate is 1856.15 soums to $ 1 on April 26.