RUSSIA: 34% growth in premiums for SOGAZ Group

16 August 2012 — Olesea ADONEV
sogazGross premiums written (excluding mandatory health insurance) by the Russian insurance companies members of the SOGAZ Group in the first six months of 2012 totaled RUB 48.18 billion (EUR 1.16 billion), an increase by 34% compared with the same period in 2011. Total claims paid increased by 24% and reached RUB 16.38 billion (EUR 396 million), states a press release published by SOGAZ Group.

In optional insurance (classic) lines, SOGAZ Group underwritings increased by 29% to RUB 45.96 billion (EUR 1 billion) in 1H/2012 while paid claims reached RUB 16.01 billion (EUR 387 million), 25% up as compared to the previous year.

Property insurance generated RUB 23.8 billion ( EUR 575 million), 36% more than in 1H2011, while losses reached RUB 4.50 billion or EUR 108 million (+12%).

Life insurance GWP increased by 20%, from RUB 1.42 billion (EUR 34 million) to RUB 1.70 billion (EUR 41 million).

Total assets of Russian insurance companies from SOGAZ Group until the end of 1H2012, reached RUB 124.23 billion (EUR 3.0 billion), up by 13% compared with 1H2011.

German insurance company SOVAG, of which the second shareholder is SOGAZ, underwrote EUR 57.67 million in 1H2012, 6% more than in the same period of 2011. According to portal, in late November 2010 SOGAZ Group bought 45.9% stake of SOVAG shares from INGO Group.

Meanwhile the insurance company SOGAZ a.d.o Novi Sad, Serbia, who has started its activity this year, recorded gross written premiums of EUR 1.4 million. We recall that, late last year, SOGAZ Group has established a new insurance company SOGAZ a.d.o Novi Sad in Serbia with a capital of EUR 6.0 million, divided among two main shareholders as follows: 51% of the shares belong to SOGAZ and 49%- SRBIJAGAS.

SOGAZ Insurance Group brings together OJSC SOGAZ, LLC IC SOGAZ-AGRO, OJSC IC SOGAZ-MED, LLC IC SOGAZ-LIFE, SOVAG (Germany), SOGAZ a.d.o. Novi Sad (Serbia), LLC SOGAZ International Medical Center, asset management company CJSC Leader and medical service company LLC GAZPROMMEDSERVICE. Currently the Group's regional network includes over 600 subdivisions and sales outlets across Russia. SOGAZ has been assigned the topmost reliability rating of A++ by Expert RA, as well as international financial stability ratings by A. M. Best («B++», outlook "Stable") and Standard & Poor's ("BBB-", outlook "Stable").

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