RUSSIA: GWP of ROSGOSSTRAKH Life doubled y-o-y from January to September

17 November 2020 — Marina MAGNAVAL
For the first nine months of 2020, according to the company, ROSGOSSTRAKH Life doubled its GWP volume y-o-y (in local currency), having collected RUB 14.4 billion (~EUR 0.15 billion*), the insurer reports.

Most of the company's GWP (over RUB 13.8 billion) was generated under investment-accumulative life insurance, which is the target market segment for the insurer.

ROSGOSSTRAKH Life retained its leading positions in terms of premium y-o-y growth rates: compared to the same period in 2019, GWP volume has almost doubled. The company's CFO Valery SMIRNOV noted that the market is recovering after a difficult second quarter. "We also see a revival of competition in the market and strive to distinguish ourselves favorably by offering relevant solutions to our partners: investment life insurance with regular payments, "long" investment life insurance, dual-currency investment products, programs with additional services. In my opinion, by the end of 2020 the market will have results no worse than in 2018, although adjusted for the coronavirus crisis," he said.

The net profit of ROSGOSSTRAKH Life for 9 months of 2020 reached RUB 227.4 million, reserves amounted to RUB 31.6 billion, assets as of September 30, 2020 reached RUB 35.5 billion.

In the first half of 2020, according to the Central Bank, the company ranked fifth in the life insurance market with a share of 5.08%. ROSGOSSTRAKH Life was created in 2019 on the basis of the acquired insurance company. ROSGOSSTRAKH Life is offering investment and accumulative life insurance products, sold through a wide agent network and partner banks.

* at the following exchange rate:
EUR 1 = RUB 92.4302 (as of 01.10.2020)

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