Uzbek insurance company increases premium collection by over 20%
Tashkent, Uzbekistan, May 24
By Demir Azizov - Trend:
The State Joint-Stock Insurance Company Kafolat, which is among the five largest insurers in Uzbekistan, increased the insurance premium collection by 22.7 percent to 9.4 billion soums in January-March 2014 compared to the same period of 2013, a representative of the insurance company told Trend on May 23.
The total amount of the insurance services rendered by the company during the reporting period increased by 1.5 times - up to 3.449 trillion soums, the representative added.
The payments for the first quarter of this year amounted to 1.367 billion soums compared to 1.68 billion soums in the same period of last year (an 18.6 percent decrease).
As of early April 2014, the company's investments amounted to 28.133 billion soums or by 15.8 percent more than last year.
Kafolat's authorized capital increased by 17 percent - to 9.6 billion soums in the first quarter.
The amount of the company's insurance reserves as of late March amounted to 26.6 billion soums.
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 Uzagrosugurta - 12.8 percent, the Ministry of Finance - 9.5 percent and Almalyk Steel and Mining plant - 9.1 percent.
Kafolat was founded in 1997 upon the Uzbek government's decision.
The company renders 80 types of insurance through over 150 branches in all regions of the country.
The insurance company collected premiums amounting to 30.3 billion soums in 2013, up 45.8 percent compared to 2012, whilst the amount of payments increased by 2.5 times up to 6.5 billion soums.
The official exchange rate is 2.292.31 soums/$1 on May 24.