Uzbek insurer to increase dividends on common shares

Business Materials 6 July 2012 16:21 (UTC +04:00)

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

Kafolat will direct to the payment of dividends after 2011 some 60.2 percent of its net profits, or 222.264 million soums, the company said on Friday.

In particular, the company will pay for each preferred share (at par value of 1,225 soums) 306.25 soums, amounting to 25 per cent per annum, for each ordinary security of the same nominal value - 33 soums (2.69 percent).

Following 2010, the insurance company paid 306,25 soums per each preferred and 8.63 soums - per ordinary share, at par value of 1,225 soums. Therefore, the dividends on common shares for 2011 increased by 3.8 times.

Net income of Kafolat following 2011 increased by 4.4 times - up to 369.419 million soums.

The company's assets grew by 21.6 percent - to 24.27 billion soums, in particular, fixed assets - by 1.8 percent to 1.67 billion sums, capital and financial investments - by 27.3 percent to 17.13 billion soums , the funds - by 8.9 percent to 1.833 billion soums.

Insurance reserves increased by 43.8 percent to 12.554 billion soums.

Currently, the authorised capital of the insurer is 8.2 billion soums, it is divided into 6.688.882 common and 5,000 preferred shares 1,225 soums each.

Shares of the company are owned by about 500 shareholders, including 12 legal entities. The largest shareholders are the National Bank for Foreign Economic Activity - 32 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 21.2 per cent, public joint stock company Uzagrosugurt" - 12.8, the Ministry of Finance of Uzbekistan - 9.5 percent and Almalyk Steel and Mining plant - 9.1 percent.

Kafolat was founded in 1997 by a decision of the Government of the Republic. The company carries out more than 70 types of insurance, with its 15 branches, 38 divisions and 78 agencies in all regions of the country.