Uzbek insurance company Kafolat increases premium collection 1.5-fold

Business Materials 27 May 2013 17:21 (UTC +04:00)

Uzbekistan, Tashkent, May 27 / Trend, Trend D. Azizov /

The Kafolat State Joint-Stock Insurance Company, one of the largest insurers of Uzbekistan, increased its collection of insurance premiums by 48.9 percent - to 7.69 billion soum in 2012, a representative of the insurance company told Trend.

According to the report, of the total amount of premiums, 62.2 percent were collected on compulsory insurance, including compulsory insurance for vehicle owners and compulsory insurance for employers. Voluntary insurance was 37.8 percent of the total amount of premiums received.

Total volume of insurance services rendered by the company in the reporting period amounted to 2,355 trillion soum, which is 85.5 percent more than a year ago.

Payments for the first quarter of this year increased by 66.1 percent to 1.68 billion soum.
Kafolat was founded in 1997 by the Uzbek government. The company renders more than 70 types of insurance through its 15 branches, 38 divisions and 78 agencies throughout the country.

In 2012, Kafolat increased its collection of insurance premiums by 39.7 percent to 20.8 billion soum.

The company's total insurance liabilities as of late 2012 amounted to 6.756.7 trillion soum, which is 38.4 percent more than in 2011. The payments amounted to 2.5 billion soums as of 2012, which corresponds to 2011 levels.

Currently, the authorized capital of the insurer amounts to 8.2 billion soum and is divided into 6.688 million ordinary and 5,000 preferred shares at par value of 1,225 soum each.
The company's shares 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 percent, public joint stock company Uzagrosugurt - 12.8 percent, the Ministry of Finance - 9.5 percent and Almalyk Steel and Mining plant - 9.1 percent.

The official exchange rate on May 27 is 2077.92 soum / $ 1.