Uzbekistan, Tashkent, July 12 / Trend D. Azizov /
The Uzagrosugurta State Insurance Company is among the top five largest insurance companies in Uzbekistan. It will increase its registered capital by 3.7 times, up to 10.215 billion soums in 2012. This corresponds to a 5.2 million euro equivalent in national currency, the company told Trend on Thursday.
Uzbek President Islam Karimov's decree on 'Measures on further improvement of the Uzagrosugurta state insurance company's capitalisation level' adopted on July 5 this year envisages measures to increase the authorised capital.
According to the document, the authorised capital will be increased by placing additional shares totalling 7.427 billion soums. It is planned to issue 5.942 million ordinary shares of nominal value of 1,250 soums each.
The securities will be placed through closed subscription among the insurance company's shareholders.
Uzagrosugurta's authorised capital was formed to the amount of 2.788 billion soums. It consists of 2.21 million common shares and 20,000 preferred shares of 1,250 soums each.
Uzagrosugurta's biggest shareholders are the Finance Ministry with 75.8 per cent in the share capital and state association Uzhlopkoprom with 13.1 per cent.
Uzagrosugurta was created in 1997 to provide services for the comprehensive insurance of companies in the Uzbek agricultural sector. The company provides services on more than 70 types of insurance through 13 regional directorates, 174 district and municipal offices, 20 subsidiaries operating throughout the territory of Uzbekistan and 426 offices in remote settlements.
Uzagrosugurta increased its collection of premiums by 29.8 per cent - to 37.5 billion soums in 2011, while the volume of payments increased by 23.3 per cent - to 5.74 billion soums.
At present 37 insurance companies are operating in the country. As many as two of them operate in life insurance, one reinsurance company and 34 insurance companies operate in common insurance.
Besides these companies there are three insurance brokers in the insurance market, two actuarial organisations and four companies rendering services of insurance assistance and four adjusting and survey organisations.
Uzbek insurance companies increased its collection of premiums by 36.6 per cent up to 231.6 billion soum in 2011 compared to 2010. The total amount of insurance payments made on all types of insurance increased by 67 per cent to 45.1 billion soums.
The official exchange rate is 1.892.59 soums per $1 on July 12.