Tashkent, Uzbekistan, Aug. 7
By Demir Azizov- Trend:
The Ingo-Uzbekistan insurance company, a subsidiary of Russia's Ingosstrakh, has increased its authorized capital by 30 percent to 9.88 billion soums, the company's representative told Trend August 7.
The company clarified that the insurance company has capitalized 93 percent of net profit for 2014 - 1.350 billion soums and 39 percent of the accumulated undistributed profit of previous years - 0.93 billion soums, allocating these funds to increase the nominal value of each share from 1,000 to 1,300 soums. In total, 2.28 billion soums were allocated to capitalization
In late July, Ingo-Uzbekistan has carried out additional issue of shares worth 9.88 billion soums. In total, 7.6 million ordinary registered book-entry shares with a nominal value of 1,300 soums each were issued.
The company said that on Aug.6, all the securities were placed by closed subscription among the shareholders according to the participation shares by conversion of old shares to the new ones.
The main shareholder of Ingo-Uzbekistan is the Russian Joint-Stock Company InVestPolis JSC (a subsidiary of Ingosstrakh), which owns up to 90 percent of the authorized capital. In addition, shareholders of InVestPolis JSC are the Bukhara Oil Refinery and National Airline Uzbekistan Airways, owning shares of 5 percent each.
The company has a license of the Ministry of Finance of Uzbekistan to carry out activities in the general insurance industry in the mandatory and voluntary forms on 14 classes.
In 2014, Ingo-Uzbekistan increased the collection of premiums by 43.9 percent compared with the previous year - up to 13.168 billion soums, the volume of payments - by 19.7 percent to 2.369 billion soums. The net profit of the insurance company rose by 2.1 times compared to the same period of 2013 - up to 1.453 billion soums.
As reported, in accordance with the decision adopted by the country's leadership, the minimum size of authorized capital of insurers operating in the general insurance industry should be brought to 1.5 million euros in the equivalent of the national currency by the start of 2016, in the life insurance industry up to 2 million euros, in compulsory insurance up to 3 million euros and reinsurance companies in turn, have to raise the capital up to 6 million euros.