RUSSIA: GWP of ROSGOSSTRAKH Life in 1H2020 increased by 2.5 times y-o-y

19 August 2020 — Marina MAGNAVAL
For the first half of 2020, total GWP of ROSGOSSTRAKH Life exceeded RUB 9.5 billion (~EUR 120.3 million*) and the insurer's market share grew by 4.9%, allowing the company to rank 6th (vs. 12th position a year ago) in the local market ranking, as the insurer mentions in its press release.

ROSGOSSTRAKH Life is leading on the market in terms of GWP growth rate (premiums increased 2.5 times y-o-y). In 1H2020, the company's GWP in its target sector (excluding credit insurance types and voluntary health insurance) amounted to RUB 9.3 billion, and based on this, the insurer is one of TOP-5 leaders on the Russian life market. Net profit of ROSGOSSTRAKH Life reached RUB 129.2 million as of 30 June 2020, reserves - RUB 24.2 billion, and assets - RUB 30 billion (an increase of more than 2.3 times).

As the company noted, GWP growth is supported by wide distribution network (bancassurance, agents and corporate sales channels), and improvement of financial results as well as strengthening of market positions contributed to an increase of the company's insurance financial strength rating to ruAA- with stable outlook (according to Expert RA agency; previously the company had the rating at ruA+).

Alexey RUDENKO, general director of the company, said:

"It was a difficult period for the economy in general and for our market in particular. I'm satisfied with how ROSGOSSTRAKH Life managed to cope with this challenge. We have maintained our leadership in terms of growth rates, and this means profitable quality growth. The share of market channels, long-term products, including those with regular premium payments, has increased in our GWP structure. The purpose of such products is to create secure savings. They make the foundation of our business and form the basis of long-term partnerships with our clients. We are already in TOP-4 companies in terms of GWP collection under new regular business."

* for the following exchange rate:
EUR 1 = RUB 78.9929 (as of 01.07.2020)

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