Uzbek insurance company increases authorized capital over two-fold

Uzbekistan Materials 11 September 2014 16:08 (UTC +04:00)

Tashkent, Uzbekistan, Sept. 11
By Demir Azizov - Trend:

Uzagrosugurta State Joint Stock Insurance Company, one of Uzbekistan's top five largest insurers, increased the authorized capital 2.2 times - up to 23.535 billion soums or 9.345 million euros, the insurance company told Trend Sept. 11.

It was earlier reported that in accordance with the decision of Uzagrosugurta general shareholders' meeting as of 2013, a decision was made to direct some net profit of the insurance company in 2013 to increase the nominal value of shares from 1,330 soums to 2,880 soums.

Some 12.666 billion soums or 86.4 percent of the net profit earned in 2013 (14.66 billion soums) is directed to increase the authorized capital.

Uzagrosugurta issued shares worth 23.535 billion soums in August 2014.

In total, 8.171 million securities with a par value of 2,880 soums each, including 8.151 million ordinary and 20,000 preferred shares were issued.

The shares were placed upon a closed subscription among shareholders by converting old shares into the new ones.

Uzagrosugurta was created in 1997 to provide services for comprehensive insurance of enterprises of the agricultural sector of Uzbek economy.

The company offers over 70 types of insurance through 13 regional directorates, 173 district and municipal offices, 20 subsidiaries operating throughout Uzbekistan, and 426 agency offices in the country's remote areas.

The company's largest shareholders are the Finance Ministry of Uzbekistan (75.8 percent in the share capital), and the state-run association Uzkhlopkoprom (13.1 percent).

Uzagrosugurta increased the collection of insurance premiums by 33.4 percent up to 61.653 billion soums in 2013 compared to 2012. The insurance premiums also increased in 2013 by 9.3 percent up to 8.378 billion soums.

Currently, Uzbekistan has 31 insurance companies - two of them are life insurance companies, one - reinsurance company, and 28 - general insurance companies.

Uzbek insurers increased the collection of insurance premiums by 32.1 percent up to 338.483 billion soums in 2013 compared to 2012.

The total insurance premiums also increased by 53.4 percent up to 66.92 billion soums in 2013.

The official exchange rate is 2355.69 UZS/$1 on Sept. 11.