RUSSIA: INGOSSTRAKH 9 months profit decreased 31% amid 28% GWP growth

20 November 2019 — Marina MAGNAVAL
According to INGOSSTRAKH, the insurer's net profit from January to September 2019 decreased by 31% y-o-y in local currency, to RUB 4.47 billion / ~EUR 63.2 million, ASN reports based on the company's information.

The insurer's GWP for the period increased by 28% y-o-y, to RUB 83.9 billion, while paid claims grew by 27.6%, to RUB 39.4 billion. The company's income from insurance decreased by almost RUB 5 billion y-o-y, while, on the contrary, its income from investment activities tripled (to RUB 6.4 billion), assets increased to RUB 182 billion (+13.3%), and insurance obligations jumped to RUB 108.4 billion (+17.5%).

In November 2019, INGOSSTRAKH increased its charter capital by RUB 10 billion (to RUB 27.5 billion), which makes INGOSSTRAKH an insurer with the largest charter capital among Russian insurance companies.

"Today INGOSSTRAKH is one of the leaders in the Russian insurance; we believe that new charter capital should correspond to our market position... An increase in the charter capital demonstrates the high financial reliability of the company and the guarantee of performing our obligations to customers", commented Mikhail VOLKOV, Director General of INGOSSTRAKH.

*EUR 1 = RUB 70.7169 (as of 01.10.2019)

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