Kafolat insurance company increases premium collection by over 40 percent in Jan.-June

Uzbekistan, Tashkent, July 29 / 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 45.3 percent - to 16.448 billion soums in January-June 2013 compared to the same period of 2012, a representative of the insurance company told Trend today.

The insurance fees for compulsory insurance of civil liability of vehicle owners totaled 6.011 billion soums (an increase of 32.3 percent), compulsory insurance of civil liability of the employer - 1.626 billion soums (an increase of 52.7 percent), insurance for small businesses and private entrepreneurship - 2.413 billion soums (an increase of 66.5 percent) in the total volume of revenues collected since early 2013.

The insurance premiums from physical entities amounted to 5.428 billion soums (increased by 22.3 percent).

The company's total insurance liabilities as of late June amounted to 6.601 billion soums or 86.7 percent more than last year.

The insurance company paid insurance claims worth 2.964 billion soums for six months (increased by 2.53 times).

The company's total investment volume, mainly presented in investments made in banking instruments - deposits and certificates of banks as of late June amounted to 26.398 billion soums (increased by 44.7 percent compared to the same period of last year).

Kafolat was founded in 1997 upon the Uzbek government's decision. The company renders more than 70 types of insurance through its 15 branches, 38 divisions and 78 agencies throughout the country.

Currently, the authorized capital of the insurer amounts to 8.2 billion soums 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.

It was reported that in 2012 Kafolat increased insurance premium collection by 39.6 percent - to 20.8 billion soums. The company's total insurance liabilities totaled about 6.8 trillion soums as of late 2012 or 38.4 percent more than the same rate in 2011. The payments amounted to 2.5 billion soums as of 2012. The same volume was in the previous year.

Uzbekistan plans to sell 49 percent of the share capital of the National Export-Import Insurance Company UzbekInvest and Kafolat, retaining the state controlling stake of 51 percent, to a strategic foreign investor until 2015.

The official exchange rate is 2.104.62 soums / $1 on July 29.

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