Uzbekistan’s Uzbekinvest insurance company doubles net profit during 1H2020
BAKU, Azerbaijan, Aug. 18
By Ilkin Seyfaddini - Trend:
Uzbekinvest increased its presence in the international reinsurance market by eight times in the first half of 2020, Trend reports citing the company.
"Uzbekinvest's active participation in Lloyd's and other international markets allowed it to secure commitments on incoming reinsurance in the amount of $345 million in the first half of 2020, which is eight times more compared to the same period in 2019," the message said.
Cardinal expansion of reinsurance operations and geography of reinsurance has been achieved, 279 contracts have been concluded and risks from 36 countries have been accepted.
In this direction the Company cooperates with leading transnational insurance and reinsurance companies, such as Allianz SE (Germany), Zurich Insurance Group (Switzerland), Tokio Marine & Nichido Fire Insurance Co. Ltd. (Japan), AXA (France), People Insurance Company of China (China), Korean Reinsurance Company (Korea) and others.
In the first half of 2020, national exporters were provided with $712.5 million in insurance coverage for exporting their goods and services to foreign countries, with an increase of 178 percent over the same period of 2019.
The size of assumed insurance liabilities on concluded agreements made up 27.7 trillion soum ($2.7 billion).
The customer base of the company increased by 116 percent and made up over 328,000 individuals and legal entities.
As a result of active international insurance activities, the volume of assumed commitments on projects implemented in Uzbekistan by foreign investors from the United States, Japan, Korea, Turkey, Russia, Switzerland and other countries within the framework of state investment programs amounted to $17 billion.
The company's investment portfolio increased by 28.6 percent, gross income increased by 53.7 percent and the volume of formed insurance reserves made up 298.3 billion soum ($29.1 million).
Net profit doubled to 4.5 billion soum ($438,527) due to optimization and reduction of expenses.
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