Uzbekistan, Tashkent, July 11 / Trend, D. Azizov /
The State Joint Stock Insurance Company Uzagrosugurta, one of the top five largest insurers in Uzbekistan, increased its net profit by 72 percent to 605.5 million soums in 2012 compared to the same period of 2011, the company's annual report said today.
According to the report, the company's net proceeds from the sale of insurance services, increased by 20.6 percent to 33.261 billion soums, the cost of rendered insurance services increased by 24.7 percent up to 18.331 billion soums, the gross income as a result of rendering insurance services increased by 15.9 percent to 14.93 billion soums.
The company's income from financial activity increased by 65.2 percent - to 3.18 billion soums as of 2012.
Uzagrosugurta was established in 1997 to provide comprehensive services to insurance companies in the agricultural sector of the economy of Uzbekistan.
The company offers more than 80 types of insurance through 13 regional directorates, 174 district and municipal offices, 20 subsidiaries operating throughout Uzbekistan and 426 agency company offices in remote areas.
The authorised capital of the insurance company totals 10,215 billion soum.
The largest shareholders of Uzagrosugurta are the Ministry of Finance of Uzbekistan with a 75.6 per cent stake in the authorised capital and the state association Uzhlopkoprom with a 11.2 per cent stake.
As of 2012 Uzagrosugurta increased the collection of premiums by 23.2 per cent to 46.2 billion soum compared with 2011. Premiums increased by 33.5 per cent to 7.66 billion soum.
As of 2012, around 33 participants of the insurance market operated in Uzbekistan. The joint amount of the authorized capital of Uzbek insurers exceeded $150 million. The growth of the insurance service market amounted to 145 percent.
The official exchange rate is 2.098.56 soums/$1 on July 11.