RUSSIA: over RUB 120 million paid by SBERBANK Life insurance in 1Q2020 under accumulative life insurance contracts

22 April 2020 — Marina MAGNAVAL
In 1Q2020 SBERBANK Life insurance paid over RUB 120 million (~EUR 1.4 million) under the terminated accumulative life insurance contracts. At the same time, 30% of the total number of payments were made in Moscow, which is also leading among the regions in terms of the amount paid (RUB 27 million or 23%), the insurer reports.

At the end of 2018, investment return rates of the company's accumulative life insurance policies reached 7.1% for ruble policies, and 3.4% for dollar ones. The company's investment strategy "ensures the most efficient placement of insurance reserves in exceptionally reliable, liquid financial instruments - government and corporate bonds denominated in rubles and other currencies. Profitability for 2019 will be announced in June 2020", SBERBANK Life insurance explained.

Olga MONAKHOVA, Executive director, SBERBANK Investment and savings division, says:

"Our clients start to create capital more often for long-terms goals - education of children, new housing, money for retirement. Moreover, if the clients who received their savings in 1Q2020 had been creating them as a rule within five years, the term of new accumulative life insurance contracts is close to ten years. This means that people start to think more and more often about necessary long-term planning of their life goals, and we are pleased to support them in this process, offering convenient saving programs. We are constantly improving the product line for accumulative life insurance and expanding our available services. Given the current situation, we recently transferred all the main after-sales services under accumulative life insurance contracts to online, so that clients can manage their contracts without leaving home. We also provided clients who suffered from coronavirus and due to illness or loss of job can't pay regular premiums under their contracts, a possibility of deferred payments for up to 6 months."

SBERBANK Life insurance has been providing accumulative life insurance since 2012, and first payments under terminated contracts were made at the end of 2017. SBERBANK Life insurance provides risk, accumulative and investment life insurance services. The company is the leader on the Russian life insurance market and has a national rating under RAEX scale (Expert RA)- ruAAA.

* EUR 1 = RUB 85.7389 (30.03.2020, the Central Bank)

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