Uzbek insurance company increases premium collection by 1.4 times in 2012
Uzbekistan, Tashkent, Feb. 5 / Trend D. Azizov /
Kafolat State Joint-Stock Insurance Company, which is among the Uzbek largest insurers, increased collecting insurance premiums by 39.7 per cent - to 20.8 billion soums in 2012, a representative of the insurance company told Trend on Monday.
The company's total insurance liabilities as of late 2012 amounted to 6.756.7 trillion soums, which is 38.4 per cent more than in 2011.
The payments amounted to 2.5 billion soums as of 2012, which corresponds to the level of last year. Most payments fell to the compensation for compulsory insurance of civil liability of the employer, compulsory insurance of civil liability of vehicle owners, auto insurance and physical entities' property insurance, as well as personal kinds of insurance.
The company increased the volume of its investments by 31.3 per cent - to 22.6 billion soums in 2012.
The volume of insurance reserves increased by 1.4 times - up 18.1 billion soums.
Kafolat was founded in 1997 by a decision of the Uzbek government. 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.
As of 2011, Kafolat ranked fourth in terms of the volume of transactions in the Uzbek insurance market with a share of 7.2 per cent, by collecting 14.9 billion soums of insurance premiums (increased by 26.3 per cent compared to 2010). The volume of payments increased by 32.3 per cent - to 2.508 billion soums.
The volume of commitments increased by 1.4 times - up to 4.9 trillion soums.
Currently, the authorized capital of the insurer is 8.2 billion soums, it is divided into 6.688 million 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 per cent, the Navoi Mining and Metallurgical Combine (NMMC) - 21.2 per cent, public joint stock company Uzagrosugurt - 12.8 per cent, the Ministry of Finance - 9.5 per cent and Almalyk Steel and Mining plant - 9.1 per cent.
The official exchange rate is 1.998.82 / $1 on Feb. 5.