RUSSIA: in January-June, GWP of SBERBANK life insurance grew by more than 38% y-o-y

16 August 2021 — Marina MAGNAVAL
In January-June 2021, GWP of SBERBANK life insurance amounted to RUB 64 billion (~EUR 0.74 billion*), which is 38.3% more y-o-y. The largest share in the GWP portfolio still belongs to accumulative life insurance (ALI), however, the highest GWP growth was demonstrated by investment life insurance (ILI), the insurer said.

The insurer's GWP for ALI amounted to RUB 27.2 billion (+44.1% y-o-y), for ILI - RUB 14.7 billion (+66.4%), for risk life insurance, including credit insurance and medical products - RUB 22 billion (+20%).

The company's paid claims for the period reached RUB 35.9 billion, which is 83.7% more than in January-June 2020. At that, the company paid RUB 27.1 billion under ILI contracts, and RUB 3.4 billion - under ALI contracts.

"We look forward to a good result at the end of the year as well, but to a greater extent we will focus not on increasing the GWP volume, but on improving the customer value of products", emphasized Igor KOBZAR, General Director of SBERBANK life insurance.

The assets of SBERBANK life insurance as of June 30, 2021, amounted to RUB 585.5 billion (+18%), insurance reserves - to RUB 509.8 billion (+18%).

SBERBANK life insurance is a subsidiary of Sberbank of Russia, specializing in risk, accumulative and investment life insurance programs. The company is the leader of the Russian life insurance market and has a rating on the RAEX scale (Expert RA) - at ruAAA.

* at the following exchange rate:

1 EUR = 86.5118 RUB (01.07.2021)

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