Russian insurance company’s Uzbek subsidiary ups net profit
Uzbekistan, Tashkent, May 23 / Trend D. Azizov /
The net profit of Ingo-Uzbekistan, a subsidiary of the Russian Ingosstrakh, was 1.069 billion soums as of 2011, the company said today.
Net revenues from selling goods increased by 6.3 percent to 3.84 billion soums, cost of rendered services - by 27.7 percent to 2.139 billion soums.
Ingo-Uzbekistan reduced the company's costs by 16 percent to 1.58 billion soums last year. The income from financing activities decreased in the reporting period by 9.3 percent.
Ingo-Uzbekistan's assets decreased by 30.6 percent to 11.063 billion soums.
The insurer reduced the amount of insurance reserves by four times to 2.128 billion soums and the amount of liabilities by 3.7 times to 1.638 billion soums.
The amount of the investment portfolio increased by 15.5 percent to 8.63 billion soums compared to 2010.
The Ingosstrakh open insurance joint stock company concluded a contract on the acquisition of a 76-percent share of the authorized capital of the Uzbek SK Standard Insurance Group in April 2008. The company's founders decided to convert SK into a closed joint stock company in August.
Uzbekistan Airways and the Bukhara Oil Refinery are the founders of Ingo-Uzbekistan.
Ingo-Uzbekistan has a license from the Uzbek State Supervisory Commission to issue 17 types of insurance.
The country has 37 insurance companies, including two life insurance and one reinsurance company and 34 insurers operating in the sphere of general insurance, three insurance brokers, two actuarial organizations, four companies rendering insurance assistance, and four adjust and survey organizations.
In 2011, Uzbek insurance companies increased premium collection in Uzbekistan by 36.6 percent, compared to up to 231.6 billion soums as of 2010. The total amount of insurance payments on all types of insurance rose by 67 percent - to 45.1 billion soums.
The official exchange rate is 1.868.65 soums to $1 May 23.