VTB Group's insurance retail business profit increased by 65.6%

28 February 2018 — Marina MAGNAVAL
Net profit of insurance retail business of VTB Group in 2017 increased by 65.6% and amounted to RUB 20.4 billion (~ EUR 296.22 million) against RUB 12.2 billion in 2016 (~ EUR 191.19 million), as reported by the Group.

The Group's GWP in 2017 increased by 32% to RUB 111 billion (~ EUR 1.61 billion), paid claims increased by 8.8% and amounted to RUB 28.4 billion (~ EUR 412.4 million), according to the report.

Insurance assets increased by 58% to RUB 191.8 billion (~ EUR 2.78 billion), insurance liabilities increased by 59% to RUB 161.1 billion (EUR ~ 2.34 billion). Received agent fees for sales of insurance products increased by 48% to RUB 18.2 billion (~ EUR 0.26 billion).

Profit of the Group's pension insurance line in 2017 amounted to RUB 2.9 billion (~ EUR 42.11 million). Assets of the pension retail business increased by 16% to RUB 151.9 billion (~ EUR 2.2 billion) and liabilities increased by 14.5% to RUB 144 billion (~ EUR 2 million).

VTB Insurance was established in 2000 by VTB Bank and is among the biggest Russian insurers with representative offices in more than 90 cities of Russia with the highest ratings of National agency Expert RA (ruAAA) and of S&P (BB+).

• Exchange rate as at December 31, 2017: 1 EUR = 68.8668 RUB

• Exchange rate as at December 31, 2016: 1 EUR = 63.8111 RUB

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