Uzbek insurance company Kafolat to increase authorized capital by 17 percent
Uzbekistan, Tashkent, June 24 / Trend, Trend D. Azizov /
The Kafolat State Joint-Stock Insurance Company, one of the largest insurers of Uzbekistan, plans to increase the authorized capital by 17 percent - to 9.6 billion soums in 2013, a source in the company's management told Trend today.
According to the interlocutor, the shareholders at the annual meeting held on June 19 decided to direct some net income as of 2012 for the capitalization, by increasing the nominal value of each share from 1,225 soums to 1,430 soums.
The insurance company's net income as of 2012 amounted to 1.5 billion soums or 4.1 times more than in 2011.
It was reported that in 2012, Kafolat increased its collection of insurance premiums by 39.6 percent to 20.8 billion soums.
The company's total insurance liabilities as of late 2012 amounted to 6.8 trillion soums, which is 38.4 percent more than in 2011.
The total number of contracts is 635,000. This allowed the company to rank second by this index in the insurance market of the country.
The payments amounted to 2.5 billion soums as of 2012, which corresponds to 2011 levels.
The main part of the payments were made to recover damages on compulsory insurance of civil liability of the employer, the compulsory insurance of civil liability of vehicle owners, insurance of the mortgaged property, vehicle insurance and physical entities' property insurance, as well as personal kinds of insurance.
Kafolat was founded in 1997 upon the Uzbek government's decision. The company renders more than 70 types of insurance through its 15 branches, 38 divisions and 78 agencies throughout the country.
Currently, the authorized capital of the insurer amounts to 8.2 billion soums and is divided into 6.688 million ordinary and 5,000 preferred shares at par value of 1,225 soum each.
The company's shares are owned by about 500 shareholders, including 12 legal entities. 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 Uzagrosugurt - 12.8 percent, the Ministry of Finance - 9.5 percent and Almalyk Steel and Mining plant - 9.1 percent.
The official exchange rate is- 2.090.70 soums / $1 on June 24.