RUSSIA: in 1Q2020 over 82% of ROSGOSSTRAKH Life's GWP came from investment life insurance

2 June 2020 — Marina MAGNAVAL
From January to March 2020, the GWP of ROSGOSSTRAKH Life amounted to RUB 5.2 billion (~EUR 60.65 million), which is 354% more y-o-y, according to the insurer's press service.

The achieved GWP volume allowed the company rank 5th among local life insurers in terms of investment and accumulative life insurance, segments which provided 97% of the company's GWP. It's worth noting that in investment life insurance, the insurer collected RUB 4.3 billion of premiums, while in accumulative life insurance RUB 842 million.

The company's market share of investment and accumulative life insurance in 1Q2020 reached 6.7%. According to ROSGOSSTRAKH Life, this premium volume was achieved thanks to a wide distribution network - bancassurance, agents and a corporate channel.

The company's paid claims for the first quarter amounted to RUB 144.5 million, reserves - RUB 23.4 billion, net profit - RUB 122 million and assets - RUB 26 billion (~EUR 0.3 billion).

The general director of ROSGOSSTRAKH Life, Alexey RUDENKO noted:

"We exceeded the target for the first quarter and we remained the market leader in terms of GWP. Although we're under pandemic conditions, adjustments to plans will be needed everywhere: from state budget to everyone's personal finances, now we see new opportunities. First, during the crisis, the main advantage of our products is capital protection. Secondly, right now is the right time to enter investment products: after 3-5 years the stock market will recover and it will be possible to make good money."

* 1 EUR = 85.7389 RUB (April 1st, 2020)

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