"Adjusted net profit for the reporting period rose by 7% year-on-year to RUB 3.5 billion as the Group achieved higher sales, growth in the overall margin from insurance and investing activities, a lower administrative expenses ratio and rising investment income", the company said in its statement.
The company's GWP for the period reached RUB 74.4 billion, which is 27% more y-o-y thanks to recovery in demand for insurance services both in the life insurance segment and in other types of insurance. Non-life insurance grew by 21% to RUB 32.9 billion, which the insurer associates with both the recovery in demand for insurance products and an increase in the average cost of insurance policies on the market.
"Motor insurance premium increase by 32% during 9M 2021, more than double the 15% rise in new car sales during the same period. Rapid expansion of direct sales was a key driver of this growth (59% growth for non-life insurance products compared to the same period of 2020), while rising online sales via partners (agents, dealers, leasing) also contributed to the result. A substantial boost to sales also came from joining the Mercedes-Benz federal program and gaining a larger share in Volvo and BMW program", the press-release said.
Voluntary medical insurance remains a key strategic focus for the Group, with 15% GWP growth during the reporting period (to RUB 5.8 billion) reflecting a gradual stabilization in this segment in the midst of the pandemic.
* at the following exchange rate:
1 EUR = 84.3050 RUB (01.10.2021)