Uzbekistan to sell state shares in major insurance companies to foreign investors

Uzbekistan to sell state shares in major insurance companies to foreign investors

Tashkent, Uzbekistan, Nov. 28

By Demir Azizov- Trend:

The State Committee for Privatization, Demonopolization and Development of Competition of Uzbekistan has put up the packages of state-owned shares of the two largest insurance companies of the country - Uzagrosugurta JSC and Kafolat Insurance Company JSC with total starting price of $10.67 million for sale to foreign investors.

Uzagrosugurta and Kafolat insurance companies were included in the list of 68 companies, state-owned assets of which are intended for sale to strategic foreign investors in accordance with the presidential decree signed in May 2015.

Shares of the enterprises will be put up for sale at the Tashkent Republican Stock Exchange (RSE) December 4, the committee said.

In particular, 24.6 percent of shares of the Uzagrosugurta insurance company with starting price of $7.35 million and 15.5 percent of shares of the Kafolat Insurance Company JSC with starting price of $3.32 million will be put up for sale at the RSE.

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 70 types of insurance through 13 regional directorates, 173 district and municipal offices, 20 subsidiaries operating throughout Uzbekistan and 426 agency company offices in remote areas.

The authorized capital of the insurance company totals 23.535 billion soums. The largest shareholders of Uzagrosugurta are the Ministry of Finance of Uzbekistan with a 75.6 percent share in the authorized capital and the Uzhlopkoprom state association with a 13.2 percent share.

Uzagrosugurta increased the collection of premiums by 34.7 percent in 2014 compared to the same period in 2013 - up to 83.1 billion soums, the total amount of payments for 2014 increased by 62.4 percent to 13.9 billion soums.

Kafolat was created in 1997 by the decision of the government.

The company carries out about 80 types of insurance, having over 150 territorial divisions in all regions of Uzbekistan.

Kafolat's authorized capital is 26.162 billion soums. About 500 shareholders, including 12 legal entities own the company's shares. The largest shareholder is the Ministry of Finance with a share of 67 percent in the authorized capital.

The other major shareholders are the National Bank for Foreign Economic Activity of Uzbekistan (NBU) - 11.8 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 7.9 percent, the state joint-stock company Uzagrosugurta - 4.8 percent, and the Almalyk Mining and Metallurgical Combine - 3.4 percent.

In 2014, the company collected insurance premiums worth 42.1 billion soums (a growth by 38.9 percent compared with 2013), the volume of payments rose by 3.1 percent up to 6.7 billion soums.

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