RUSSIA: in 2021, SberLife Insurance had a record amount of paid claims

22 February 2022 —
In 2021, SberLife Insurance generated RUB 155.7 billion (EUR 1.85 billion*) of GWP, which is 46.8% more y-o-y. Accumulative life insurance continues to hold the largest share in the insurer's portfolio (RUB 67.7 billion or 43% of the total volume, +20.4%), according to the insurer's press service.

At the same time, RUB 47.8 billion came from credit life insurance. Investment insurance brought in RUB 38.8 billion. This segment saw the highest growth rate - 222% y-o-y.

SberLife Insurance paid claims in 2021 reached RUB 82.9 billion, which is a record in the entire company's history (vs RUB 47.1 billion in 2020).

"For the first time in the last three years, the company has increased GWP and immediately by 46.8%, to RUB 155.7 billion. Investment life insurance demonstrated the best results: we updated the product line, were the first to implement the Central Bank's recommendations in terms of checking financial literacy of clients, and increased profitability. We see that credibility of this product is growing. The main challenge for us in 2022 is reorientation of the product line in the light of new regulatory requirements. We will focus on products for private clients. This is what the regulator expects from us. At the same time, we will also offer retail investors new simple and understandable products with high customer value", commented Igor KOBZAR, CEO of SberLife Insurance.

As of December 31, 2021, the company's assets amounted to RUB 643.177 billion (an increase of 16%), insurance reserves - RUB 548.623 billion (an increase of 13%).

SberLife Insurance is a subsidiary of Sberbank that specializes in risk, accumulative and investment life insurance programs. The company is the leader of the Russian life insurance market. The rating class according to the RAEX scale (Expert RA) is ruAAA.

* 1 EUR = 84.0695 RUB (01.01.2022)