RUSSIA: in 2018 net profit of INGOSSTRAKH dropped by RUB 4 billion

28 February 2019 — Marina MAGNAVAL
In 2018, the net profit of INGOSSTRAKH decreased by 38% (from RUB 10.7 billion to RUB 6.7 billion), according to the company's General Director Mikhail VOLKOV.

However, despite the significant decrease in net profit level, the insurer's GWP last year, based on the preliminary data, went down by 9% to RUB 91.7 billion, from which RUB 86.5 billion were generated by direct insurance and RUB 5.2 billion - by inward reinsurance. The insurer's paid claims decreased by 3% to RUB 44.2 billion. Paid claims of direct insurance saw a decline by 5%, while paid claims of inward reinsurance, on the contrary, added 34%.

The company's assets saw good growth rates in 2018. +8% to RUB 160.8 billion in non-life insurance reserves, and +8% to RUB 76.1 billion, as well as +11% to RUB 68.6 billion in equity.

As Deputy General Director on financial and economic activity of the company, Sergey KOVTUN believes, "due to the improved economic situation, the portfolio will gain back what was lost in 2018. For January, 2019, the company has already received RUB 1 billion of profit."

*EUR 1 = RUB 79.4605 (31.12.2018)

EUR 1 = RUB 68.8668 (31.12.2017)

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